The declining trend in demand for outsourcing IT services has been arrested and conditions for recovery are clearer, a senior official of IT bellwether TCS said.
“We feel the conditions are little clearer in the sense demand for outsourcing in terms of decline arising out of global meltdown seems to have been arrested,” TCS chief financial officer S. Mahalingam told reporters.
“At that point of time, many clients across industrial verticals, including the banking, insurance and financial services (BFSI) had slashed their IT budgets resulting in demand crunch and pricing pressure,” Mahalingam said.
“We have to see whether the demand will reach a plateau or take a ‘v’ shape in the near future, as discretionary spending on new projects or contracts had declined over the last two-three quarters. Diversification has paid off in terms of growth element and currency effect despite exchange volatility. We also expect to see growth in emerging markets”.
Source: Indo-Asian News Service
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