Prabhudas Lilladher has come out with its earnings estimates on IT sector for March quarter FY12. The research firm remains neutral in the near term, but optimistic about the back-ended growth and expects the guidance and outlook to be soft.
Prabhudas Lilladher results estimates on IT sector for Q4FY12: The cautious tone for the near term is likely to be a stance maintained by the management in the commentary. We expects the guidance and outlook to be soft. However, we expect management to highlight no cut in the IT budget, pricing pressure and increased offshoring due to cost take-off to drive the growth. However, the commentary on Europe is likely to be cautious despite good growth in the previous quarter. The seasonality would push growth by ~1% QoQ. Our channel check suggests improving demand scenario. (Rs in million)| Company | Q4FY12E | Q3FY12 | QoQ gr. (%) | Q4FY11 | YoY gr. (%) | |
| TCS | Sales | 132,472 | 132,040 | 0.3 | 101,575 | 30.4 |
| EBITDA | 39,536 | 40,921 | -3.4 | 30,880 | 28 | |
| PAT | 28,461 | 28,866 | -1.4 | 23,809 | 19.5 | |
| Infosys | Sales | 92,337 | 92,980 | -0.7 | 72,500 | 27.4 |
| EBITDA | 30,423 | 31,350 | -3 | 23,240 | 30.9 | |
| PAT | 22,792 | 23,720 | -3.9 | 18,180 | 25.4 | |
| Wipro | Sales | 100,259 | 98,808 | 1.5 | 82,715 | 21.2 |
| EBITDA | 18,666 | 18,678 | -0.1 | 16,759 | 11.4 | |
| PAT | 14,716 | 14,564 | 1 | 13,754 | 7 | |
| HCL Tech | Sales | 53,435 | 52,452 | 1.9 | 41,382 | 29.1 |
| EBITDA | 9,405 | 9,702 | -3.1 | 7,165 | 31.3 | |
| PAT | 5,926 | 5,726 | 3.5 | 4,682 | 26.6 | |
| Tech Mahindra | Sales | 14,242 | 14,449 | -1.4 | 12,615 | 12.9 |
| EBITDA | 2,154 | 2,343 | -8.1 | 2,590 | -16.8 | |
| PAT | 2,587 | 2,760 | -6.3 | 921 | 180.9 | |
| Mphasis | Sales | 13,790 | 13,929 | -1 | 12,461 | 10.7 |
| EBITDA | 2,822 | 2,779 | 1.5 | 2,161 | 30.6 | |
| PAT | 1,993 | 1,848 | 7.9 | 2,038 | -2.2 | |
| eClerx Services | Sales | 1,341 | 1,320 | 1.6 | 955 | 40.3 |
| EBITDA | 586 | 597 | -1.8 | 401 | 46.2 | |
| PAT | 511 | 499 | 2.3 | 295 | 73 | |
| MindTree | Sales | 5,335 | 5,197 | 2.7 | 3,911 | 36.4 |
| EBITDA | 905 | 897 | 0.8 | 442 | 104.6 | |
| PAT | 547 | 606 | -9.7 | 331 | 65.4 | |
| Persistent Sys | Sales | 5,814 | 5,725 | 1.5 | 4,375 | 32.9 |
| EBITDA | 1,008 | 1,055 | -4.4 | 527 | 91.4 | |
| PAT | 685 | 611 | 12.1 | 577 | 18.6 | |
| KPIT Cummins | Sales | 4,834 | 4,717 | 2.5 | 4,603 | 5 |
| EBITDA | 1,919 | 1,898 | 1.1 | 1,832 | 4.7 | |
| PAT | 639 | 652 | -1.9 | 840 | -24 |
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