The Nifty IT index advanced 1.51% to 35,462.45 after US-based IT major Accenture reported a rise in small deals and a rebound in consulting growth.
Among the index constituents, Persistent Systems (up 2.79%), LTIMindtree (up 2.33%), L&T Technology Services (up 1.79%), Coforge (up 1.69%) and Infosys (up 1.64%) were the top gainers.
Further, Wipro (up 1.47%), Tata Consultancy Services (up 1.34%), Mphasis (up 1.2%), Tech Mahindra (up 1.11%) and HCL Technologies (up 1%) edged higher.
Accenture has reported financial results for the third quarter of fiscal 2024 ended 31 May 2024.
The companys revenues for the third quarter of fiscal 2024 were $16.47 billion, compared with $16.56 billion for the third quarter of fiscal 2023, a decrease of 1% in U.S. dollars and an increase of 1.4% in local currency.
Consulting revenues for the quarter were $8.46 billion, a decrease of 3% in U.S. dollars and 1% in local currency compared with the third quarter of fiscal 2023. Managed Services revenues for the quarter were $8.01 billion, an increase of 2% in U.S. dollars and 4% in local currency compared with the third quarter of fiscal 2023.
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GAAP operating income was $2.63 billion, compared to $2.36 billion for the third quarter of fiscal 2023, and operating margin was 16.0%, compared to 14.2% for the third quarter last year.
GAAP net income for the quarter was $1.98 billion, compared with $2.05 billion for the third quarter of fiscal 2023. GAAP diluted earnings per share were $3.04, a decrease of 3% from $3.15 for the third quarter of fiscal 2023.
New bookings for the third quarter of fiscal 2024 were $21.06 billion, a 22% increase in U.S. dollars and a 26% increase in local currency over the third quarter of fiscal 2023. Consulting new bookings were $9.28 billion, or 44% of total new bookings. Managed Services new bookings were $11.78 billion, or 56% of total new bookings.
In its business outlook for the fourth quarter of fiscal 2024, Accenture stated that it expects revenues for the fourth quarter of fiscal 2024 to be in the range of $16.05 billion to $16.65 billion, or 2% to 6% growth in local currency.
For fiscal 2024, the company now expects revenue growth to be in the range of 1.5% to 2.5% in local currency, compared to 1% to 3% previously.
Accenture's earnings are viewed as a performance barometer for Indian IT businesses, and they are closely monitored by IT industry professionals and investors. It also illustrates the global demand for information technology services.
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