Accenture’s strong performance gives hope for Indian IT: Analysts

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5 years ago

Bengaluru: Accenture’s optimistic outlook for fiscal 2021 and powerful first quarter efficiency present optimistic indicators for the Indian IT companies corporations, mentioned analysts. Know-how and consulting companies main Accenture reported revised its full-year progress outlook upward to 4 per cent to six per cent for fiscal 12 months 2021 on the again of robust first quarter efficiency.

The corporate beforehand estimated a full-year progress between 2 per cent and 5 per cent.

The corporate reported a 4 per cent progress in income to $11.76 billion in the course of the first quarter ended on November 30, 2020 in US greenback phrases. Revenues had been greater than $200 million above the corporate’s guided vary of $11.15 billion to $11.55 billion.

Julie Candy, chief government officer, Accenture, mentioned the corporate noticed “broad-based enchancment throughout industries and geographic markets”, whereas new bookings, profitability and free money circulation had been robust.

Whereas the corporate’s consulting revenues for the quarter stood at $6.33 billion, down by 1 per cent in US greenback phrases; the corporate reported 9 per cent progress in outsourcing revenues to $5.43 billion.

‘They categorically mentioned they count on a robust quarter of reserving within the second quarter additionally. That’s optimistic. They’d 16 shoppers within the greater than 100 million vary. That’s optimistic from an trade perspective,” mentioned Apurva Prasad, IT analyst at HDFC Securities.

The corporate additionally noticed revival in vitality & utilities, some elements of retail and in journey and hospitality trade sectors, thereby offering hopes for the Indian IT companies corporations and the entire trade, mentioned Prasad.

Accenture’s monetary companies income stood at $2.35 billion, a rise of seven per cent in US greenback phrases; whereas the well being and public service section noticed a 12 per cent soar to $2.21 billion.

“Whereas consulting noticed a decline, outsourcing enterprise noticed robust progress. General optimistic indicators for the Indian IT companies corporations,” mentioned Madhu Babu, IT analyst, at brokerage agency Centrum.

Babu added that there was “fast-paced transformation spend” on the buyer entrance within the retail, banking and monetary companies trade verticals.

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