Mumbai, June 20: The global economic slowdown may further hit IT major Infosys in the current fiscal causing three to 6.7 per cent fall in revenue growth, Company Chairman and Chief Mentor N R Narayana Murthy said today.
Delivering his Chairman’s Speech at the 28th Annual General Meeting here, he said ”Many of our clients are reducing their IT budgets. This would impact our growth during the current year.” He said a recent survey of Infosys’ top 135 clients indicated that a majority of them would downsize their IT budgets.
”Consequently our revenue guidance, in Dollar terms indicate a decline of 3.1 per cent to 6.7 per cent fall in revenues in this year from 11.7 per cent registered during the FY09,” he said.
He attributed the fall in revenue growth to volatile currency with the Dollar appreciating against the Euro and the Pound Sterling. He said despite recession, the company has added 156 new clients during the year and there were at present 579 active clients with four of them billing over USD 100 million of business annually.
He said the company’s domestic business unit had performed well. He said the company has taken several steps to mitigate the impact of the current crisis. “We are confident that we will be stronger when the economic uncertainties end,” he added.
Despite down turn in the business, the company has its obligation and has recruited 19,028 engineers during the year against 13,600 recruitment made last year.
—Agencies