The Infosys CEO, Mr S.D. Shibulal, said that the company has done fairly well. It has added 51 new clients.
At a press conference after the announcement of its first quarter results, he said hiring will be on track with 35,000 additions in FY13.
Talking about high uncertainty in the macro-economic environment, he said high US unemployment, low consumer confidence and Euro Zone crisis are impacting decision-making in the financial services segment.
“We have a large dependency on discretionary spends which is under pressure,’’ he said.
"IT growth is going to come down to 1.5 per cent. About 35 per cent of projects have been taken out of the table, according to TPI Index. It reflects different things for different people depending on choices made. The company has lost $30 million in hedging and has had one of its clients cancel a project worth $15 million." However, he insisted that this was not a trend.
“Regarding our 5 per cent guidance for FY13, we expect pricing decline due to portfolio change and increasing pricing renegotiations with some of our clients. We consider pricing stable overall,'' he added.
Infosys has 3,500 people working on cloud computing business practice and is seeing growth in enterprise mobility.
“There is no good time for transformation and we are seeing results with regard to our strategic operations,’’ he said.
The company continues to see delays in decision-making that is impacting and, hence, it is not giving guidance for the coming quarters.
“It is a marathon and not a trend and we are seeing results. Change is hard for human beings but it is a must.’’
Talking about discontinuing guidance for the remaining quarters, Mr V. Balakrishnan, CFO & Member of the Board, said: “It is a statement of facts and the Nasscom guidance is ambitious.’’