"New deal flow into the funnel is slowing ... because the economic situation is becoming worse and worse," HCL Chief Executive Vineet Nayar told a news conference. "Pricing pressure is indeed there."
Revenue at HCL, which counts Deutsche Bank, Microsoft, Xerox and Cisco as clients, rose by a half to 28.62 billion rupees.HCL won 11 contracts worth $250 million in the quarter.
"Today the environment is such that every customer is asking for price reductions," chief financial officer Suresh Senapaty told reporters."We think in the short term the weakness will continue." "We expanded our margins despite the headwinds of reduction in volumes and lower tailwind of forex gains," Senapaty said in a statement. Wipro added 20 new clients in the quarter.
"The amount of uncertainty today is unprecedented. This is probably one of the worst economic environments we have seen in our lifetime," Chief Executive of Infosys S. Gopalakrishnan told reporters.The company said its cash and cash equivalents stood at 109.9 billion rupees as at end March.
Revenue at HCL, which counts Deutsche Bank, Microsoft, Xerox and Cisco as clients, rose by a half to 28.62 billion rupees.HCL won 11 contracts worth $250 million in the quarter.
"Today the environment is such that every customer is asking for price reductions," chief financial officer Suresh Senapaty told reporters."We think in the short term the weakness will continue." "We expanded our margins despite the headwinds of reduction in volumes and lower tailwind of forex gains," Senapaty said in a statement. Wipro added 20 new clients in the quarter.
"The amount of uncertainty today is unprecedented. This is probably one of the worst economic environments we have seen in our lifetime," Chief Executive of Infosys S. Gopalakrishnan told reporters.The company said its cash and cash equivalents stood at 109.9 billion rupees as at end March.
Comments