By Nomura
Accenture (ACN) reported Q4FY2023 revenue of $15.99 billion, showing a 4% y-o-y growth in constant currency (cc) terms. This performance falls within the midpoint of the company’s guidance range, which projected a y-o-y growth of 2%-6% for Q4. However, the consulting revenue exhibited weakness, experiencing a 2% y-o-y decline in CC terms. On the other hand, managed services revenue showed robust growth, increasing by 10% y-o-y, also in CC terms. In verticals, the communications, media, and technology (CMT) sector faced significant challenges, with a substantial 12% y-o-y decline in CC terms. In terms of regions, North America emerged as the weakest performer, registering only a modest 1% y-o-y growth in CC terms. Accenture improved its adjusted EBIT margin, which stood at 14.9%, representing a 20 bp y-o-y increase. However, when accounting for restructuring costs, the reported Ebit margin was 12.0%.
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Accenture’s guidance for FY24E revenue indicates an expected growth of 2-5% in CC terms, with no cross-currency impact on reported numbers. This revenue growth projection includes a 2% contribution from inorganic sources, consistent with FY23. In terms of specific business segments, ACN anticipates low- to mid-single digit growth in consulting and mid-to high-single digit growth in managed services for FY24E. For Q1 of FY24E, ACN provides revenue growth guidance ranging from -2% y-o-y to +2% y-o-y in CC terms. Regarding Ebit margins, ACN expects a margin of 15.5-15.7% for FY24E, excluding business optimisation costs of approximately $450 million, representing a 10-30 bps y-o-y improvement. Come from Sports betting site VPbet
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Accenture’s FY24E guidance is more conservative compared to pre-Covid levels (FY17-20), where the company aimed for 5-8% revenue growth. The company attributes this caution to client hesitance driven by macroeconomic uncertainties, which have resulted in a slowdown in technology spending in the short term. Clients are currently prioritising cost reduction projects, and there is limited demand for discretionary services.
Accenture reported a moderation of deal booking momentum in Q4, with new bookings of $16.6billion given continued weakness in the number of smaller-duration projects. Book-to-bill ratio stood at 1.04x in Q4FY23, same as Q3FY23. Consulting order bookings was up 1% y-o-y, while managed services order bookings fell 17% y-o-y in USD terms. ACN expects bookings in Q1FY24 to be higher than Q1FY23’s.
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Accenture has observed that the GenAI opportunity is evolving quickly, but it will take a few quarters before we can fully grasp the scope and speed of GenAI adoption. The company has reported total deal wins amounting to $300 million from 300 enterprises across various industries, reflecting clients’ ongoing experimentation with this innovative technology. Implementing GenAI is a complex process that necessitates a robust digital foundation, including cloud infrastructure, well-established data resources, and up-to-date ERP systems.
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