CAP expects double-digit revenue growth in CY24 once macro weakness is behind; we reiterate BUY on INFY, TCS
CAP’s revenue grew 10.9% (10.7% organic) YoY CC in Q1CY23. It reported healthy bookings of EUR5,867mn (+6.5% YoY CC) in a weak macro environment resulting in a book-to-bill ratio of 1.02x. Headcount addition slowed down with net reduction of 2,600 employees, -0.7% QoQ, +5% YoY (similar to peers).