ALSO READIndia's IT exports revenue to grow 9-10% this financial year: Mohandas Pai Infosys Q3 profits up 7% to Rs 3,708 crore, revenue rises 8.6% Nasscom set to cut growth forecast Infosys hits 52-week low on FY17 revenue guidance cut For the first time in 33 years, Infosys logs drop in employee hiring
Infosys on Thursday said information technology (IT) industry lobby Nasscom deferred guidance for 2017-18 because not much has changed since the last review in November and asserted customers remain "optimistic". "Nasscom had given guidance in November last and between November and now things have not changed.
There was a feeling that let us wait till April when most of the major companies start giving their annual results, that would be the right time," the software exporter's Chief Operating Officer, Pravin Rao, told reporters in Mumbai. He said arriving at the annual target "is a complex exercise" and the industry association has to collate a lot of data before arriving at a number or range for revenue growth. Rao, was, however, quick to add demand environment is "fairly decent" with clients being "optimistic", which points out towards increased spending in the future. Asked about a possible share buyback by the Bengaluru- based IT major, he reiterated the company board will be taking a review of its capital allocation soon and all options will be considered. Nasscom had on Wednesday said the sector will grow at the lower end of its revised target in fiscal 2017, but deferred guidance for the next financial year by a quarter, as the headwinds rise. Nasscom President R Chandrasekhar said the association will come out with its guidance for the IT and the business process management sector in the next quarter, most probably in May, which is an unprecedented move, once it is done with "deeper interactions" with customers and other stakeholders. But he did not quantity the revised number. Nasscom had, it can be noted, revised down its fiscal 2017 revenue growth target to 8-10 per cent from an initial 10-12 per cent as the headwinds started emerging.