rupee impact on IT companies: How rupee depreciation impacts performance of top 4 IT giants
Synopsis
Most of the revenues of the Indian IT sector comes from the US, followed by Europe. Hence, we will analyse the impact of the currency on the results of the top 4 IT companies based on market capitalisation — Tata Consultancy Services (TCS), Infosys, HCL Technologies (HCL Tech) and Wipro — both on the revenue and margins.
The Indian IT industry has been a beneficiary of the rupee depreciation. Over the years, the rupee has been depreciating against both the dollar and the euro. Most of the revenues of Indian IT companies come from these two geographies. How has the rupee depreciation impacted the performance of these firms in the first quarter of FY 23?The rupee has been tumbling from Rs 75.8 to nearly Rs 80 per USD (United States dollar) in the last 3 months
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