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IT exports may witness double-digit growth in FY22
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SME Times News Bureau | 25 Jun, 2021
As Indian IT majors adapt to the post-Covid business dynamics and spend
heavily on several aspects, IT exports from the country are expected to
witnessed a healthy double-digit growth in the ongoing financial year,
according to a report prepared by Kotak Institutional Equities.
Noting
that there has been strong spending across companies in the IT sector,
the report said that the strength in spending will show in the strong
growth of IT services companies.
The compressed timelines have
forced the companies to simultaneously transform multiple parts of their
enterprise and reskill people instead of a sequential approach, it
said, adding that the opportunities created in the process are many,
including replatform businesses in the Cloud, address cost pressures,
build resilience and security, adjust operations and customer
experiences and find new sources of growth.
"We expect IT exports
out of India to grow in healthy double digit in FY2022 and close to
double digits in the subsequent years, helped by accelerated digital
shift and core transformation spends," it said.
The report noted
that select large players such as Infosys and TCS could grow in
mid-teens driven by share gains and capabilities to drive full stack
transformation.
It, however said: "We are wary of supply-side pressures seeping through elevated wage revisions and impacting profitability.
"Large
companies (specifically Infosys and TCS) have strong training
infrastructure and depth to create talent pools. They are in a position
to contain the impact from wage revision. Mid-tier companies may be
vulnerable. We are constructive on Tier-1 IT names led by Infosys, Tech
Mahindra and HCLT."
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