India Software Body Head Says Won't Review Sales Forecast for Now

Date : 06/14/2012 @ 3:56AM
Source : Dow Jones News
Stock : Wipro Limited (WIT)
Quote : 9.85  0.02 (0.20%) @ 4:02PM

India Software Body Head Says Won't Review Sales Forecast for Now

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By R. Jai Krishna

NEW DELHI--India's main software trade body won't review, at least for now, its forecast that the industry's revenue will grow 11%-14% in the current fiscal year, though some top outsourcing companies have cautioned of persisting demand slowdown, its head said Thursday.

"We don't think there is a need to change," Som Mittal, president of the National Association of Software and Services Companies, told reporters on the sidelines of an industry event. "The fundamentals [of the industry] remain strong."

India is expected to export software and services worth $76 billion to $78 billion in the current fiscal year that began in April.

Mittal's comments come barely a week after the country's second-largest software exporter by sales, Infosys Ltd. (INFY), cautioned of persisting delays in closing software deals because of economic uncertainties in the main outsourcing markets of the U.S. and Europe.

Earlier this week, Wipro Ltd. (WIT) also warned of slower decision-making by clients affecting its business.

-Write to Dhanya Ann Thoppil at dhanya.thoppil@dowjones.com




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