The IT and ITES industry accounted for about 8% of India’s GDP in 2021. India is the world’s largest sourcing destination with the largest qualified pool of technical graduates. The IT sector generated a revenue of around USD 194 billion in FY21 and is expected to generate around USD 227 billion in FY22 with a growth rate of around 16%. In 2020, with the advent of enterprise allocation software, the cloud market became larger than the non-cloud market and is expected to double the size of the non-cloud market by 2025. Indian mobile gaming market, Artificial Intelligence, Machine learning, business intelligence and analysis and digital business solutions are expected to give a push to the IT and ITES industry in India. The push towards cloud services has been a major contributor to the growth of the IT sector in India. Industry leaders are expecting 2022 to be a growth year where they will focus on long term initiatives.

Typically the IT/ ITES industry has receivables in foreign currency. While 80% of the revenues are in USD, a part comes in currencies like GBP, EUR, AUD, CAD, etc. Some firms also have receivables in currencies like Korean Won, Japanese Yen, etc. A part of the spending is in foreign currency as well especially on the marketing side and the cost of maintaining offices abroad. Typically the contracts are long-term in nature and hence Fx risk cycles are relatively longer. Fx volatility has a huge impact on profitability. So making a proper budget and managing the Fx effectively remains the key concern.

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Client Scenario

An ITES company now wholly owned by a major international group, earns in USD mostly. They hired QuantArt around three and half years back. Since then QuantArt has provided them every support in the field of forex risk management. Before engaging with QuantArt, It had never hedged its exposure and it had no proper framework for risk management. Their revenue was not insulated from adverse market movement and even worse banks were charging unreasonable markups in conversion. QuantArt has streamlined the process, identified the FX risk, made a risk management policy, negotiated with banks so that it gets the right rate and started hedging systemically to manage the risk. QuantArt has helped them to get hedge lines in favorable terms. Since then it has never lost money on the FX front and has consistently made savings. This performance is achieved due to the signal from QuantArt algorithm, proper market reading and judgement and continuous monitoring of the positions. The algorithm has provided excellent signals on managing the hedge ratio – when to increase or decrease, how much and the possible future movement etc.

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