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Euro crisis, slowdown to hit Indian IT growth: Infosys
Thursday January 12, 2012 11:31:48 AM,
IANS
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Bangalore: European
debt crisis and slower growth in developed markets could affect
the growth of the Indian IT industry, a top Infosys official said
Thursday.
"The global economy, driven by slower growth in developed markets
and coupled with the European crisis, could impact the growth of
the Indian IT industry," Infosys chief executive S.D. Shibulal
said in a statement here.
Though the country's second IT bellwether posted robust growth in
the third quarter, posting 31 percent year-on-year (YoY) and 15
percent sequential revenue growth on a depreciating rupee, it has
marginally lowered the revenue guidance for this fiscal (2011-12)
in dollar terms to $7.03 billion from $7.14 billion projected a
quarter ago.
"The global currency market continues to be volatile with the
Indian rupee depreciating 11 percent during the quarter
(October-December). Managing extreme currency volatility in an
uncertain economic environment is going to be a challenge for the
industry," said Infosys board member and chief financial executive
V. Balakrishnan.
A depreciating rupee, uncertainty in the global economy and
negative sentiments impacted the blue chip company's scrip on the
Bombay Stock Exchange (BSE), leading to a drastic fall of 6.76
percent to Rs.2,635 per share of Rs.5 on par from the opening
price of Rs.2,744 and Wednesday closing price of Rs.2,826 in the
first hour of trading session.
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