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Revenue growth recovery to be key ahead

  • The management reiterated its guidance of RoCE of 25-30%, stepped up capex of US$300 million (mn) from US$ 200 mn and EBITDA margin range of 23-25%. While the company reemphasised its ambition of double digit growth revenue growth in the data segment, largely driven by digital platforms & services (comprising 21% of data revenues), it refrained from guiding on the timeline or any outlook on the revenue front, given the slower conversion of order book into revenues, citing delays from clients’ decision making due to component supply shortage
  • It highlighted that its “deeper with fewer” strategy resulted in higher contribution from US$1 mn+ accounts [million dollar club (MDC)]. The company has added 33 such accounts over FY19-22 and MDC contributed 75% of revenues in FY22 (vs. 67% in FY19), which was the key driver for 28% CAGR in digital platform and services fixed revenue over FY19-22

Key triggers for future price performance

  • Growth will be driven by platforms viz. a) cloud, edge & security b) next generation connectivity c) NetFoundry d) MOVE & IoT, wherein each having robust market size growth potential of 15-25% CAGR over the next four to five years

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CT Bureau

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