Rating: Downgrade to Hold
Target price: Rs 260 from Rs 300 earlier
The downgrade comes on the back of a muted quarterly performance, with IT services revenue at USD 2,597 million, reflecting a 0.8% decline quarter-on-quarter and 1.2% drop year-on-year in constant currency terms — below market expectations.
On the profitability front, the IT services EBIT margin held steady at 17.5% QoQ, but improved by 110 basis points compared to the same period last year.
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