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Quarterly Industry Review – September 2024

Analysis of the Technology industry performance during the quarter ending June 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.

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Key Findings

Global Economy and Technology Spending
  • Global GDP is estimated to increase by 3.2% in 2024 (same as April estimates) and 3.3% projected in 2025 (increase of 0.1% from April estimates).
  • Worldwide software and IT services spending expected to witness a y-o-y increase of 9.2% in 2024, lower as compared with their previous projections of 11.4% (as of April 2024)
Indian Technology Industry Performance
  • Revenues grew 1.3% q-o-q, and 2.3% y-o-y in reported currency.
  • The employee base increased by 0.8% q-o-q in Q1FY25 after dropping for five consecutive quarters.
  • Segments:
    • Pure-play BPM revenues grew at +2.7% q-o-q, with slight growth in net margins.
    • Pure-play ER&D revenues growth declined -1.3% q-o-q with reduced net margins.
Global Technology Companies Trends
  • Revenues for the select set of global companies increased by 1.5% q-o-q and declined 1.4% y-o-y.
  • The employee count increased in Q1FY25.
Start-up Trends
  • Revenues declined by 1.2% q-o-q and increased 23.1% y-o-y.

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