authentic sports jerseys cheap
cheap authentic stitched nfl jerseys
Friday , 27 March 2020 [prisna-bing-website-translator]
Breaking News

Indian IT growth 1.6x that of their biggest clients

BENGALURU: HDFC Securities has just done an unusual research. It identified IT services companies’ biggest clients based on the number of H-1B visas that were issued for each client. And then it did a number of comparisons.
It found that IT services growth has averaged 1.6x the growth of their client enterprises. It also found that the revenue performance of the clients improved in the Dec quarter, reaching the 3-year average of 4.2% year-on-year. And that of the IT services companies (TCS, Infosys, HCL Tech, Wipro, Tech Mahindra, Accenture and Cognizant) also accelerated mildly, but remained below the 3-year average of 8.2% YoY.
Analyzing some of the top accounts showed that Infosys and TCS account for 46% of total H-1Bs for Apple, followed by Cognizant, Wipro and L&T Infotech. For Citigroup, TCS and L&T Infotech account for 36% of H-1B employees, and for American Express, Infosys and Cognizant make up 31% of total H-1Bs.

Banking customers of TCS and Infosys have recovered from their 2-3 quarter lows, which is a positive read for IT sector growth, the report said. Top banking customers for TCS and Infosys include Citigroup, Bank of America, Charles Schwab, and Wells Fargo.
The report notes two divergent trends in banking, financial services & insurance (BFSI), the mainstay business for Indian IT firms. On the one hand, enterprise revenue growth picked up momentum to 4.3% in the December quarter, from 2.4% in the year-ago period. But BFSI growth for IT services firms sharply declined from 9.7% in the April quarter of 2019 to 3.3% in the December quarter. BFSI growth, it said, was expected to be negatively impacted by interest rate cut and volatility in the capital markets segment.
The report also notes that the recent spate of guidance cuts by multiple enterprises impacted by the Covid-19 virus is likely to alter the near-term trajectory, with pull-back in discretionary IT spend.
Bank of America (BoFA), the report says, completed $3 billion in investments in new technology code in the 2019 calendar year towards improving digital and mobile capabilities. Tech spend was flat for overall spend in the 2020 calendar year.
Citigroup’s tech & communication spend at $7.1 billion in CY2019 was a fall of 1.6% YoY, while JPMorgan’s tech & communication expense at $9.8 billion grew 11.6% YoY. Deutsche Bank’s IT cost has been declining since the 2016 calendar year spend of 3.9 billion euros.

Source link

About editor

Leave a Reply

Your email address will not be published. Required fields are marked *

*