Quarterly Industry Review – June 2024

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Analysis of the Technology industry performance during the quarter ending March 2024. This analysis is based on the quarterly financial results declared by the top listed Technology companies. The report covers a brief analysis on the performance of Indian technology companies, pure-play BPM companies, pure-play ER&D companies, Global tech companies and Start-ups.

Key Findings

CY2022 - A Year of Mixed Outcomes

Global Economy and Technology Spending

Global GDP is estimated to increase by 3.2% in 2024 (0.1% higher than January estimates) and 3.2% projected in 2025 (same as January estimates).
Worldwide software and IT services spending expected to witness a y-o-y increase of 11.4% in 2024, higher as compared with their previous projections of 10.3% (as of January 2024)

Indian Technology Industry Performance

Revenues grew 0.2% q-o-q, and 1.2% y-o-y in reported currency.
North America (+0.3%), EMEA (+0.6%), India (+7.2%) grew sequentially, while Rest of the world (-4.5%) witnessed a q-o-q decline. Sequential revenue growth for Telecom, Travel and Hospitality, and Healthcare vertical. On the other hand, BFSI, Manufacturing Energy & Utilities, and Retail vertical declined q-o-q.
The employee base declined by 0.4% q-o-q in Q4FY24 due to ongoing demand contraction, organizational restructuring, and decreased discretionary spending.
Segments:
- Pure-play BPM revenues grew at +1.3% q-o-q, with net margins under pressure.
- Pure-play ER&D revenues grew +3.9% q-o-q while net margins declined slightly.

Global Technology Companies Trends

Revenues for the select set of global companies declined by 4.2% q-o-q and increased 2.7% y-o-y.
The employee count declined in Q4FY24.

Start-up Trends

Revenues declined by 1.5% q-o-q and increased 29.4% y-o-y.
Tracked New Age Listed firms were successful in becoming profitable in Q4FY24

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