5 Midcap IT Stocks Where Axis Securities Remains Positive
Axis Securities has come out with a report post the quarterly numbers of, . Accenture
Accenture reported robust Q 1 FY 23 numbers which stood in line with the street expectations.
"Revenue for the quarter stood at $15.7 Bn, posting an encouraging growth of 5 % YoY in USD and 15% in local currency despite rising pressures of slowdown and increasing interest rates.
In line with the revenue growth, the company's operating margins grew by 20bps to 16 .5%.
Its EPS for Q1FY23 stood at $3.08, up 17 %, beating analyst estimates of $2.91.
Impact on the Indian IT services sector
Axis Securities maintains a cautiously positive long-term outlook on the sector, supported by strong investments in Digital Technologies, Cloud Transformation, IoT, As- a- Service, and Machine Learning.
"However, due to the challenging macroeconomic events, the company may face difficulty in execution and see delays in automation.
Moreover, the rising attrition rate would continue to remain a key concern which would delay the current automation projects further," the brokerage has said.
Midcap IT Stocks to Buy that Axis Securities has recommended
The Axis Securities picking order from Mid Caps include names like Persistent Systems, LTI Mindtree, LTTS, Cyient & Zensar.
From the largecap space its picking order includes name like Infosys, TCS, HCL with with a Tech Mahindra, Tech, few tailwinds such as the weakening of Rupee may offset some of the higher operating expense," the brokerage has said.
The stock has been picked from the brokerage report of Axis Securities.
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By Sunil Fernandes Goodreturns source: goodreturns.in Dailyhunt