Accenture's (ACN: NYSE) performance in Q3 came above consensus estimates and at top end of the guidance despite the underlying challenges. The growth was driven by managed services, attributed to FS & Americas, a positive read through for Indian IT companies. However, revenue guidance for Q4 (USD 1717.6 bn) implies softness on account of caution among enterprise clients along with Federal mandates to prioritize spending. We believe the degree of intensity is more noticeable in the former than the latter, as the bookings growth on outsourcing decelerated further (down 10% YoY), while Public Service and Americas are growing at Consol business growth. For the Indian...