JOIN USMuted Q1 results not a worry: Nasscom
Software industry body Nasscom, on Wednesday, said less-than-expected first quarter results by top IT companies should not be considered as an indicator for the whole industry, whose fundamentals are still “strong”.
Replying to a query on the first quarter results of top companies not meeting industry expectations, Nasscom President Som Mittal said, “I think it is wrong for us to evaluate things based on one quarter’s performance.” He said, “we should look at the general horizon and see what are the opportunities. There would be differentiative performances in certain areas, but I think (in) overall, when you look at the fundamentals of our market, what we offer continues to be strong.” Mittal told reporters at the HR Summit. Besides, small companies which changed their strategy after the 2008-09 crisis, were posting desired results.
Growth opportunities
“In the other way, we are seeing very large influx of new small companies emerging with profits. Because they use the growth opportunities not only traditional services, but also in new age computer technologies”, he said.
Mittal said, “We are carefully monitoring (the situation), I think, by October, we will have the trend analysis. Earlier, we had said that there will be visibility after four or five quarters, but now we are able to see it in two quarters”.