Should Indian IT companies worry after Accenture's 2023 growth guidance? These 2 tech stocks are top picks
For 2023, Accenture expects revenue growth to be in the range of 8% to 10% in local currency, compared to 8% to 11% previously. Also, the company trimmed its GAAP operating margin outlook for fiscal 2023 to be in the range of 14.1% to 14.3%, compared to 15.3% to 15.5% previously.
Irish-American professional services company, Accenture posted healthy quarterly earnings, however, the limelight would be its fractional cut in revenue guidance. However, experts believe that there is no significant cut to Accenture's organic growth guidance and along with its robust bookings, hints for a largely stable demand ahead. Testing period awaits for the IT sector, especially due to banking systems turmoil in the US and Europe. Accenture is likely to face the heat at a certain degree over the lost confidence in banks. However, the brokerage expects Indian IT companies likely to bode well. At home, tech giants such as TCS and Infosys are top picks.