Overview Key strengths Key risks Robust business position, given large recurring revenue and healthy deal wins. Slower revenue growth amid lower information technology (IT) spending and budget constraints because of macroeconomic headwinds. Good profitability, given high utilization rates and access to offshore resources. Exposure to foreign-exchange fluctuations, given significant presence in international markets. Strong operating cash flow, low capital spending, and prudent financial policies with zero debt. Smaller scale than major IT service players. We estimate global IT spending will grow at a modest rate of 3.3% in 2023. We expect muted demand for discretionary IT software and services due to slower IT spending by corporates. This is because of delayed decision-making by clients and slow ramp-up of ongoing projects
