Accenture 4QFY24 first take: In-line performance, down-side risk to the upper-end of the FY25 guidance
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Accenture 4QFY24 first take: In-line performance, down-side risk to the upper-end of the FY25 guidance

Read-across for IT services coverage: The print suggests that the momentum within outsourcing growth stood elevated in 4Q both in terms of revenues (+7% YoY CC) and bookings (41% YoY CC). The vertical and geo performance also remained broad-based, while Communications growth improved by 5% YoY CC, after five consecutive quarters of decline. Although the growth of Fin. Services declined YoY in 4Q, the pace of deceleration has moderated to a large extent. However, on the FY25 guidance, we believe the street is over-optimistic and building revenue growth (6% YoY) at the upper-end of the guidance band, hence there is a downside risk to the consensus.

• Revenue at US$ 16.4 bn, up 2.6% YoY (+5.0 CC YoY) vs in line with the estimates and at the mid-range of the guidance

• Outsourcing revenue (50% of mix) came at US$ 8.26 bn, up 1.7% YoY (+7% CC YoY) while Consulting revenue (50% of mix) came at US$ 8.14 bn, down 2.3% YoY (+3% CC YoY)

• FY25 revenue guidance at 3-6% CC YoY, whereas the street the is already at the upper-end of the guidance band

• Q1FY25 revenue guidance of US$ 16.85- 17.45 bn, guidance band of 2-6% YoY growth with 1.5% impact of forex, while the street is tad below the upper-end of the guidance band

• Adj. EBIT margin for Q4 came at 15.0% (+10 bps QoQ) and maintained FY24 EBIT margin at 14.8%. For the FY25, the company expects expansion of 10-30bps (adjusted) YoY GAAP

• New booking grew by strong 21% YoY (+24% CC YoY) to US$ 20.1 bn, outsourcing bookings came at US$ 11.5 bn up 41% YoY growth while consulting business reported weak bookings of US$ 8.6 bn a marginal growth of 1% YoY

• Gen AI booking came at US$ 1bn & full year bookings came at US$ 3 bn,

• Segment wise Health & Public services continued to lead the growth, it grew by 11% YoY CC while CMT reported growth (+5% YoY in CC) after five consecutive quarters of decline, while the pace of deceleration within Financial Services has moderated, declined by 2% YoY CC,

• Geography wise North America continued its growth momentum, grew by 6% YoY CC, while EMEA grew by 2% YoY CC after two consecutive quarters of decline

Bajaj Allianz Life and ICICI Lombard Pioneer Insurance Awareness in Tripura
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Bajaj Allianz Life and ICICI Lombard Pioneer Insurance Awareness in Tripura

Tripura, September 30, 2024: Bajaj Allianz Life Insurance, one of India’s leading private life insurers, and ICICI Lombard General Insurance, one of India’s leading private general insurers, have made notable strides as the lead insurers for life and non-life insurance respectively in Tripura. In a significant step forward, the third meeting of the Tripura State Level Insurance Committee (SLIC) which concluded today, has showcased progress in advancing insurance awareness and coverage across the State. Both insurers reaffirmed their commitment to bring insurance services to the uninsured, as part of their collaborative efforts under the State Insurance Plan.

Bajaj Allianz Life and ICICI Lombard, as the lead life and non-life insurers in the state, are committed to enhancing insurance awareness and access. The State Level Insurance Committee will continue promoting financial literacy through targeted campaigns and various other initiatives. These efforts, which go beyond traditional campaigns and include policy-level interventions, aligned with IRDAI’s vision of ‘Insurance for All by 2047’, aim to create a more inclusive and customer-friendly insurance ecosystem. This collaboration reinforces both companies as trusted partners in safeguarding the financial well-being of individuals and businesses in Tripura.

Commenting on the initiatives, Mr. Anil PM, Head Legal, Compliance & FPU, Bajaj Allianz Life, said, “It’s been over a year since we were entrusted as the lead life insurer for Tripura, and we’ve made significant strides—not only in raising awareness but also in making life insurance more accessible to the people of this region. Our initiatives have focused on educating diverse groups, from school students to local communities, ensuring that everyone understands the value of financial security. I am grateful to the state government for their unwavering support, which has been instrumental in our progress. With this shared vision of helping the people of Tripura achieve their life goals with ease, we will continue driving initiatives that are in line with IRDAI’s vision of ‘Insurance for All by 2047.’”

Mr. Alok Agarwal, Executive Director, ICICI Lombard, said, “Being entrusted as the lead non-life insurer in Tripura has given us the opportunity to make a meaningful impact in the state. Since our appointment, we have been actively working with state authorities and local institutions, on offering the right protection to individuals and families, enhancing risk coverage, and fostering a more resilient and protected community. Under our Insurance Awareness initiative in Tripura we have been reaching out to communities for insurance awareness in the state. Further, we have extended our initiatives to propagate best practices in road safety, health and education initiatives, to reduce the health and accident related financial costs. Our efforts are in line with the IRDAI’s vision of ‘Insurance for All by 2047,’ and we remain committed to ensuring that every individual has access to the protection they deserve.”

Looking ahead, both insurers plan to maintain active participation in upcoming District Level Insurance Committee (DLIC) meetings across Tripura, while continuing their insurance awareness initiatives. Additionally, they will regularly update stakeholders on the progress of their activities, further strengthening their partnership with the state.