Tier-1 vs Mid-cap: CC QoQ Revenue Growth Estimates
Kotak Institutional Equities estimates (tier-1) vs. Equirus Securities range for mid-caps
Top-6 Large-Cap Range
Equirus Securities: consolidated CC US$ sales, qoq
-1.1%+1.7%
FX headwind: flat to 30bps qoq
Mid-cap Range
Mphasis, Persistent, eClerx
-1.1%+1.7%
2.4% to 3.1% qoq CC growth
Key Factors Impacting Growth
Geopolitical
West Asia crisis — expected to have only a marginal direct and indirect impact on the sector.
Structural
AI deflation — early-stage impact starting to flow through into pricing and deal economics.
"We expect Top-6 large IT companies to report CC US$ consolidated Sales decline of 1.1% to growth of 1.7% qoq with adverse impact from cross-currency headwinds worth flat to 30bps qoq on US$ Sales growth."
— Equirus Securities, Preview Note