Due to a growth in telecom of 11% YoY and an increase in computer services of 1% YoY, Pakistan’s information technology (IT) exports for August 2023 climbed by 3% on a year-over-year (YoY) basis to $235 million.
On a month-over-month (MoM) basis, the exports for August 2023 are up 10%. Telecom and Computer Services saw segment-level growth of 12% and 9% MoM, respectively.
Topline Securities’ report indicates that August 2023 IT export inflows are higher than the previous 12-month average of $218 million.
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On a month-over-month basis, IT exports in August 2023 increased, primarily as a result of more working days than in July 2023. The realization of revenues was impacted by higher clearing days. Despite this, MoM IT export revenue realization per day in August 2023 was unchanged.
Hardware and software consultancy exports among computer services increased by 21% and 18% MoM, respectively, in August 2023. Due to the aforementioned factor, Pakistan’s services exports (excluding IT) have also increased by 14% MoM.
The amount that technology companies have remitted to Pakistan is shown by the stated IT export figure. Our channel checks reveal that because of the volatile exchange rate and diminishing business confidence, IT companies are keeping a larger amount of their profits outside the nation.
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The IT Minister claims that IT firms have between $1 and $2 billion in assets outside of Pakistan. IT exports reached $449 million in 2MFY24, a 5 percent YoY growth.
The improvement in IT exports is primarily attributable to the rise in global IT spending. Global IT investment is anticipated to reach $4.7 trillion in 2023, up 4.3 percent from 2022, according to Gartner Inc. (Technology Research and Consulting organization).
For August 2023, Net IT Exports (Exports minus Imports) rose to $204 million, up 7% month over month and 3% year over year. In comparison to a growth of 5% YoY in total IT exports, net exports in 2MFY24 increased by 4% YoY to $394 million.
As of August 2023, Net IT Exports on a TTM basis increased by 13% YoY to $2.3 billion. According to Gartner research, spending on software and IT services would rise by 13.7 percent and 8.8 percent, respectively, in 2023.
According to Gartner, the software market will expand by double digits in 2023 as businesses boost usage and reallocate funds to platforms and applications that support productivity gains, like enterprise resource planning (ERP) and customer relationship management (CRM) software. Through this year, vendor pricing rises will also support software investment.
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Systems Limited (SYS) and other businesses have an opportunity as a result of this. The company is now trading at a PE of 13.1 and a PS of 2.6 times in 2023.
Gross IT exports climbed from 7.0 percent in 2MFY23 to 7.9 percent in 2MFY24 as a proportion of all exports.
According to a segment-by-segment breakdown for the month of August 2023, Telecom Services climbed by 11% MoM and 11% YoY to $46 million, while Computer Services increased by 9% MoM and 1% YoY to $189 million.
In August 2023, the total percentage of telecom and computer services exports was 20% and 80%, respectively, up from 18% and 82% in August 2022.
Similar to the same period last year, the telecom/computer sector’s proportion of exports in 2MFY24 was 19 percent and 81 percent, respectively.
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