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Are IT investors counting chickens before the eggs hatch?
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Wipro, and Mohit Joshi’s strategy to turn around Tech Mahindra Ltd will be closely watched. Also, valuations do not provide comfort as revenue visibility is still bleak, keeping the sector exposed to earnings downgrades.
Tier-1 IT companies are trading at FY25 price-to-earnings multiples of 20-30 times, show Bloomberg data. Some tier-2 stocks are even more expensive.
A weak FY24 exit looks imminent for the Indian IT sector, according to JM Financial Institutional Securities Ltd. “Longer furloughs and absence of budget flush (spending/investments spree) are clear signs of weak demand," it said in a report.
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