<ul><li>Paytm is the top pick due to its anticipated shift to Adj-Ebitda positivity in Q4 and key growth triggers.</li><li>In Q4, CC revenue growth for tier1 IT companies is expected to be flat to marginally negative.</li><li>Key commentary to watch will be client budgeting and spend outlook for CY25 and readiness against changes led by AI.</li><li>Paytm stands out as the brokerages' top pick, due to its anticipated shift to Adj-Ebitda positivity in Q4 along with several key growth triggers to drive growth/earnings/re-rating.</li></ul>

IT Services, Internet, Software, KPO Q4 Results Preview: Weakening Macro To Curb Growth — Dolat Capital

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