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IT, telecom Q3 results preview: Demand slowing down, Axis Securities

The IT services sector is expected to report moderate growth in Q3 FY23, primarily on account of the seasonally weak quarter and slowing down growth momentum led by uncertainties in the U.S. and UK.

However, IT spending in North America and Europe has continued to be relatively strong owing to the demand for digital transformation and cloud transformations. We believe it is likely to remain intact, at least for the quarter.

However, at the current juncture, vertical commentary for the quarter stands critically important from major service providers, especially retail vertical, consumer packaged goods, and banking, financial services and insurance.

We expect midcap IT services companies to outperform tier-I IT companies in terms of growth in Q3 FY23. Bloomberg

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