Quarterly Industry Review – November 2023

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Analysis of the Technology industry performance during the quarter ending September 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

Global GDP is expected to increase by 3% in 2023 (same as July estimates) and 2.9% in 2024 (0.1% lower than July estimates).
As of October 2023, global technology spend growth is expected to witness a y-o-y increase of 9.5% in 2023, lower as compared to 10.6% (as of July 2023).

Indian Technology Industry Performance

Revenues grew 0.3% q-o-q, and 2.8% y-o-y in reported currency.
North America (+0.7%) and India (+2.6%) sustained growth sequentially. Revenues grew q-o-q for Healthcare, Retail, Transportation, Travel and Hospitality and Manufacturing verticals. While BFSI and Telecom declined this quarter.
Employee base declined by 0.23% q-o-q in Q2FY24 even as companies focused on improving current utilization levels.
Segments:
- Pure-play BPM revenues grew at +1.1% q-o-q, with growth in margins.
- Pure-play ER&D revenues grew +4.4% q-o-q with net margins under pressure.

Global Technology Companies Trends

Revenues for the select set of global companies declined by 3.4% q-o-q and increased 7.5% y-o-y.
The employee base witnessed a decline of 0.8% q-o-q.

Start-up Trends

Revenues grew by 9.9% q-o-q and 35.4% y-o-y.
New Age Listed firms continue to lower losses with enhanced operational effectiveness.

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