Some of these companies, such as Infosys and Wipro, do not even operate there. While Infosys never had a presence, Wipro’s Venezuelan unit was liquidated many years ago.
For Tata Consultancy Services (TCS), India’s largest IT services player, Latin America is a big focus, but it has no major exposure to Venezuela
“Indian IT services do not generate revenues from this market,” said Gaurav Vasu, chief executive officer and founder, UnearthInsights.
The situation is similar to the one when war broke out between Russia and Ukraine four years ago. Even then, there was less of a concern because the companies had a small presence in Russia and had no problem in winding up whatever operations it had there.
Latin America is still a small revenue contributor for the IT firms. For TCS, the geography contributed 1.9 per cent, or almost $600 million, to the top line last financial year and grew 6 per cent in constant currency.
Infosys does not break up its revenue from Latin America while Wipro reports its revenue under “Americas 1”.
“The current developments do not affect operations, client delivery, or financial performance. More broadly, this does not change the overall demand sentiment for the IT services industry, which continues to be driven by global macro conditions, client budgets, and technology priorities rather than events in markets with no operational or revenue exposure,” added Vasu.
Most of the revenue from the region comes from Mexico, Brazil, and Chile, where these companies have near-shore centres to serve their customers in North America, the biggest market.
For TCS, Latin America is a large base with over 26,000 employees working in nine countries. The firm supports 400 customers in the region.
For HCLTech, Mexico has emerged as an important centre. The company also has a presence in Costa Rica, Peru, Brazil, and Guatemala.
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