Accenture Q3FY21 earnings: Indian IT firms may surprise D-St in Q1 earnings season
Published On: Friday, June 25, 2021 | By: Team KnowMyStock
Accenture reported a 21 percent growth in revenues at $13.26 billion for the quarter ended May 31, beating its own guidance of $12.55 billion-$12.95 billion in revenues. The performance and revenue guidance of Accenture is typically seen as a barometer for the performance of Indian technology companies. While the Nifty IT index was trading over half a percent higher in early deals today, most stocks, barring Wipro, gained up to 2 percent. Shares of TCS, Infosys, Tech Mahindra, Mindtree, and Coforge even logged fresh 52-week highs. Analysts at Edelweiss Research said, a strong operational performance by Accenture during Q3FY21 in its outsourcing vertical sets the tone for an upcoming earnings season for the Indian IT service companies. "We reiterate that a robust tech upcycle or 'techolution' is in its starting phase and may continue for 4–5 years," they added.
"Accenture’s Q3Y21 performance reinforces our confidence in continued spend on accelerated digital transformation which is a key medium-term growth driver. Management commentary not only indicates a robust demand environment but also more sustained investment in technology, which should drive strong growth for Indian Tier1 IT services firms," said analysts.
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