Business Daily from THE HINDU group of publications
Wednesday, Jan 07, 2009
ePaper | Mobile/PDA Version | Audio | Blogs
Business Daily from THE HINDU group of publications Wednesday, Jan 07, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Info-Tech
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Outlook Industry & Economy - Industry Associations Nasscom may announce revised targets today Our Bureau New Delhi, Jan. 6 The National Association of Software and Services Companies (Nasscom) is all set to announce on Wednesday the outcome of its review of the growth targets for FY09. Industry sources said that given the changed scenario and slowdown headwinds, the revised growth rate could hover somewhere between 17-20 per cent. It may be recalled that at the start of the financial year, the apex association had projected a 21-24 per cent growth target for the industry. However, the numbers needed to be reviewed as the global financial crisis spelt gloom for the $40 billion Indian IT/BPO exports industry that derives nearly 80 per cent of its revenue from the US and the UK markets; and nearly 40 per cent from the troubled banking and financial services (BFSI) space. It is pertinent to mention here that with delay in decision-making and ramp-ups, and pressure on discretionary spend hurting business sentiment, leading analysts have already projected a subdued net profit growth for IT firms. In fact, in its recent report brokerage firm CLSA said that large IT firms such as Infosys and Wipro may miss their Q3 earnings forecast, on account of lower volumes and cross currency headwinds. Another report by Angel Broking points out that some of the large clients of Indian software majors have either gone bankrupt, got merged, taken over or received a bail-out package from the Government. In effect, the ‘expected recovery period’ could be pushed back by a year. Earlier, managements of Indian IT majors were initially expecting a recovery in the second half of 2009, it pointed out. More Stories on : Outlook | Industry Associations
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