HDFC Securities expects Tier 1 IT vendors to report a muted growth of 0-3.4% QoQ. Performance would remain vendor specific and we expect HCL Tech and Wipro to deliver higher USD revenue growth for the quarter. ''Average rates of Euro, GBP have appreciated by 0.7/1.9% vs. USD in 4QFY14. However, Australian dollar has depreciated by 3.3% vs. USD for the quarter. Overall, we expect cross-currency movements to have neutral impact on USD revenues for the quarter,'' it said.

''We expect Infosys' USD revenues to decline by 0.3% QoQ in 4QFY14. Weakness in the retail vertical and ramp down in select projects is likely to hurt growth for Infosys. We expect TCS to deliver muted growth of 1.9% QoQ owing to weakness in its India business. Wipro is likely to deliver revenue growth of 3% QoQ which is within its guidance range (2-4% QoQ). Wipro's growth for the quarter would include the impact of Opus CMC acquisition. Robust traction in IMS services is likely to aid HCL Tech's USD revenues to grow by 3.4% sequentially,'' said HDFC Securities.

''We expect Infosys to give a guidance of 6-8% YoY USD revenue growth for FY15. This would represent a 1.8-2.5% CQGR from our 4QFY14 revenue run rate. We expect investors to focus on cost optimization initiatives at Infosys. Commentary on senior level exits, margin trajectory for FY15 would be keenly watched,'' it added.

''We expect Wipro to give a guidance of 2-3% QoQ USD revenue growth for 1QFY15. Wipro has been fumbling in 1Q for the past three consecutive financial years. This has been impacting the overall revenue growth trajectory for the company. We believe 1QFY15 guidance holds the key for building a case for sustainable turnaround at Wipro,'' it said.

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