Poorna Bhattacharjee, New Delhi
The Indian Express
Earnings of frontline information technology companies in the second quarter of 2008-09 are expected to register positive growth, primarily because of a depreciating rupee.
According to an IT earnings preview report prepared by brokerage firm Sharekhan, top IT companies are expected to grow in the range of 5.6-9.3 percent quarter-on-quarter in Q2FY2009.
“Recession would be the main driver of growth,” said Harit Shah, an analyst with Angel Broking Firm. “I don’t expect there to be too much volume growth”. Similar sentiments are echoed by Gaurav Dua, head of research at Sharekhan. “Topline Q2 growth is mainly due to the 4 percent depreciation in the rupee, amidst an environment of modest volume growth and flat pricing,” he explained.
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