bearish
Indian IT Services: Where Are We in the Growth Cycle?
Wium has highlighted this Insight as a Top Pick
238 Views29 Apr 2024 19:12
SUMMARY
- Fiscal 4Q 2024 results have shown the first signs of a bottoming in y/y constant currency revenue growth rates, leading to expectations for accelerating growth rates over the medium term.
- We have witnessed a steady long-term negative trend in operating margins for most of the industry.
- Forward PE ratios are at, or above, long-term historic average trading levels. We find very little upside for these shares whilst maintaining a relative preference for Infosys Ltd (INFO IN).
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