India IT industry
Workers are seen at their workstations on the floor of an outsourcing centre in Bangalore, February 29, 2012.Reuters File

Factoring in the results of the top three IT services companies — Infosys, TCS and Wipro — industry body Nasscom hinted at lowering the FY2017 revenue guidance for the $143 billion sector.

The revised guidance will be released after some of the other companies such as Tech Mahindra also declared their September quarter results.

"We are waiting for some more companies to announce their quarterly results," R Chandrasekhar, president of the body told reporters on the sidelines of the two-day Nasscom Product Council meeting on Wednesday.

The earlier growth projection of 10-12 percent for the current fiscal could be scaled down sharply as indicated by an analyst.

"Looking at the macro-economic factors and the companies' readiness in dealing with this situation, growth could be in single digit," an analyst was quoted as saying by the Hindu BusinessLine.

The Infosys stock was trading at Rs 1,009.60 at around 12.12 pm on Thursday, down 0.52 percent. Similarly, the Wipro and TCS shares were also trading at Rs 462.15 and Rs 2,375.45, around the same time, down 2.17 percent and 0.77 percent from its previous close on the Bombay Stock Exchange (BSE).

Cognizant and Tech Mahindra are yet to announce their September (Q2) quarter results.

Revenue guidance

Infosys, which reported its September quarter results on October 14, had cut its revenue guidance twice in both the quarters of the present financial year. 

Tata Consultancy Services (TCS) posted an increase of 8.37 per cent to Rs 6,603 crore in consolidated net profit for the second quarter (Q2) ended September 2016, in comparison to Rs 6,093 in the corresponding period last fiscal.

In other news, Nasscom said India may see 1,400 new start-ups by the end of 2016, which is 8-10 percent rise from last year, taking the total number of start-ups to 4,750 by December this year.

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