Indian IT exporters to see pressure on margins
SOURCE: ECONOMICTIMES
DATE: July 9th, 2009
For IT exporters, the June 2009 quarter is expected to present one of the worst report cards in recent times. This is on account of declining volumes, lower billing rates and an appreciating rupee. On the positive side, companies are likely to report more contract wins and a revival in business outlook.
According to the estimates of six broking houses and ET Intelligence Group’s estimates, sales and net profit (PAT) for the top four IT exporters — TCS, Infosys, Wipro and HCL Technologies — are likely to grow by 10% and 8.4% respectively in the June 2009 quarter from the year-ago levels. In the preceding quarter, both sales and PAT had increased at a much faster pace of 21% and 12% respectively. On a sequential basis, sales are likely to drop by 3.4% in the June 2009 quarter, while PAT would decline by 5.4%. Sales had remained flat in the previous quarter whereas PAT had fallen by 4.5%.
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