Motilal Oswal - MOSL: TECHNOLOGY-A snapshot of convergent and divergent trends; and reading into Cognizantâ€™s comments and CY19 guidance

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MOSL: TECHNOLOGY-A snapshot of convergent and divergent trends; and reading into Cognizantâ€™s comments and CY19 guidance

Technology: A snapshot of convergent and divergent trends; and reading into Cognizant’s comments and CY19 guidance

Key themes across top-5 players

In line with expectations, organic constant currency (CC) revenue growth in 3QFY19 continued accelerating on an aggregate level across the top-5 IT companies - up from 9.3% in 2QFY19 to 10% in 3QFY19. With the exception of Cognizant (CTSH), growth accelerated for all other companies in the set. This marked the fifth straight quarter of revenue acceleration, after bottoming in 2QFY18.
Europe was the star across the board, with the exception of WPRO. Even North America has been contributing secularly to this trend, with YoY growth ranging from 7-13% YoY
Among verticals, the common themes of growth have been that of Retail and Energy & Utilities - faring well for companies across the board (CTSH does not break-out revenues from these segments).
YoY growth in BFSI has been the most polarized across players, ranging from 0-17.5% YoY - the least for HCLT and the highest at WPRO. CTSH, too, continues lagging in this segment.

07/02/2019 6 EN

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MOSL: TECHNOLOGY-A snapshot of convergent and divergent trends; and reading into Cognizantâ€™s comments and CY19 guidance

MOSL : HOME FIRST FINANCE COMPANY: Earnings in-line with sustained improvement in asset quality

MOSL : SHOPPERS STOP: Ticking the right boxes

MOSL : ERIS LIFESCIENCES: Enhanced efforts toward product launch-related activities

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