Quarterly Industry Review – May 2023

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Analysis of the Technology industry performance during the quarter ending March 2023. 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

Global Economy and Technology Spending

As per IMF’s April 2023 estimate, Global GDP is expected to increase by 2.8% in 2023 (0.1% lower than January estimates) indicating cautious outlook and uncertainty across economies.
According to Gartner’s projections (as of April 2023), global technology spend growth is expected to witness a y-o-y growth of 10.3% in 2023, an increase compared with their previous projections of 6.9% (as of January 2023).

Indian Technology Industry Performance

Revenues grew 0.3% q-o-q. On a y-o-y basis, revenue grew around 6.2% in reported currency terms.
Among geographies, EMEA was up 3.7%. Revenues for most verticals grew sequentially. Revenues grew for majority verticals sequentially including BFSI, Retail and Healthcare. While Manufacturing and Telecom witnessed decline this quarter

Indian Pureplay BPM & ER&D Trends

Pure-play BPM revenues grew at +1.4% q-o-q, with growth in digital solutions vertical and acquisitions for select companies.
Attrition dropped further this quarter as prevailing supply side challenges subside.

Global Technology Companies Trends

Revenues for select set of global companies reduced by 0.9% q-o-q and increased 13.7% y-o-y.
Employee additions remained stable with a slight decline of 0.2% q-o-q

Start-up Trends

Revenues have increased significantly, growing by 5.7% q-o-q and 30.1% y-o-y.
Listed firms continue to observe improvement in their losses and are on the path to profitability.

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