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Wipro, Infosys March quarter results paint gloomy outlook for FY25
Tata Consultancy Services Ltd (TCS) in dampening the spirits of IT investors, as their results for the March quarter (Q4FY24) offer little reassurance about the sector’s near-term prospects. Like TCS, Infosys, too, reported strong deal wins, marking a record high large deal total contract value (TCV) of $17.7 billion for FY24. However, the glaring gap between these deal wins and actual revenue growth highlights a persistent issue with slow deal conversions.
This complicates forecasting revenue growth for the industry. In Q4, Infosys constant currency (CC) revenue fell by 2.2% sequentially, a steeper decline than anticipated. The villain— muted discretionary IT spending by clients.
This downturn was exacerbated by a one-time event involving contract re-scoping and renegotiation with a major BFSI (banking, financial services, and insurance) client. Despite ongoing signings of new and long-term deals, primarily cost optimization, smaller deal volumes continue to struggle. Moreover, Infosys’ FY25 CC revenue growth guidance of 1-3% is conservative, falling below market expectations and not accounting for the In-tech acquisition.
The management anticipates a stronger first half for FY25, driven by the ramp-up of previously secured deals. Among verticals, the company expects financial services revenues in FY25 to be better year-on-year. On the other hand, it expects manufacturing growth to slow down.
Infosys’ Q4 Ebit (earnings before interest and tax) margin stood at 20.1%, a sequential decline of 40 basis points (bps). The Ebit margin guidance for FY25 is in the range of 20-22%. Wage increases pose challenges, while reductions in subcontracting costs and improvements in utilization offer potential benefits.
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