Turnaround at least a year away for IT firms
The last couple of months have dealt a severe blow to IT firms, which has even prompted the top listed Indian IT services providers to inform investors that they need to scale down their growth expectations from the sector that, on an average, has been growing almost 30 per cent year-on-year.
The problem is that over 90 per cent of Fortune 500 players have already outsourced their application, development and maintenance (ADM) work to Indian players, say reports and new business is hard to come by. The larger players though have deep pockets that is expected to see them wade through the crisis. The top four IT firms, for instance, have enough cash to pay their employees for 4-10 months even in the unimaginable situation of not getting any additional revenue.
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