Mumbai: The IT sector is poised to begin its Diwali celebrations ahead of time with the analysts anticipating an impressive second quarter earnings report card on the back of robust business volume growth and a stronger US dollar.
IT bellwether Infosys will kickstart the earnings season with its July-September figures on Wednesday, while other sector majors are scheduled to closely follow with their earnings and revenue spreadsheets.
Wipro on Monday said that it would release its second quarter results on October 18.
A number of brokerage firms and equity research houses have forecast robust earnings and revenue growth for blue-chip IT companies like Infosys, TCS, Satyam, Wipro and HCL Technologies.
The analysts expect an impressive second quarter performance from Infosys on Wednesday which is expected to trigger a renewed uptrend in not only the IT stocks, but also in the broader market indices, as it would be the first major result announcement for the season.
Global financial services giant Citigroup said in an equity research report that the major Indian IT companies are expected to report an average sequential revenue growth of 10 per cent for the quarter.
"Based on the average exchange rate during the quarter, the depreciation of rupee would further aid the overall growth in the revenues of the top five IT companies," Citigroup analyst Surendra Goyal said.
The analysts broadly expect Infosys, Wipro and Satyam to beat their own revenue growth guidance figures for the quarter.
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