Birlasoft - Steady Q1; Growth Now Accelerating To Mid-Teen: Anand Rathi

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Anand Rathi Report

Birlasoft Ltd. had a steady quarter both in growth and margins.

Total contract value was flattish sequentially (on an last twelve months basis) but management commentary was positive regarding client engagements and on resumption of discretionary expenditure.

Healthcare, weak so far, on large deal achieving steady state, is likely to accelerate.

Manufacturing (up 9% QoQ), the largest vertical, grew fast, pulling up company growth.

Birlasoft lost ~1% on supply disruptions, likely to be recouped in Q2.

Margins are likely to inch up further in H2 from Q1, despite wage hikes in Q2.

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