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      "text": "Public Markets focus in 2022/23 is shifting towards profitability. Correlation between valuation and EBITDA margin spiked to 0.7 (2022/23) from 0.3 (2021).",
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      "text": "Note: 1. Largecap (Indian): TCS, Infosys, Wipro, HCL, TechM; Largecap (Global): Accenture, Capgemini, Cognizant, Atos, DXC, CGI, NTT Data; Digital: EPAM, Globant, Endava, Thoughtworks, Nagarro, Happiest Minds, Latent View; MSC: Coforge, Mphasis, Persistent, Perficient, Zensar, Kin&Carta, Mastek, Birlasoft, Sonata. Source: S&P Capital IQ and Refinitiv; EY Analysis from Jan-2017 through Mar-2023.",
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      "text": "Select Mid and Small Caps outperformed over a three-year period in public markets",
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