Thanks for sharing the link! It’s good to see companies starting to highlight ER&D as something separate from traditional IT services.
Within the IT and ER&D universe, we have relatively pure-play companies that are primarily IT services providers, or ER&D companies (ASM Technologies, Tata Elxsi, etc.).
However, the confusion arises when there’s a good mix of IT and ER&D under one roof. However, as the sector matures, I think research analysts and other market observers will start separating these two separate businesses when analyzing a company.