It's time for TCS, Wipro, and Infosys to say goodbye to double-digit growth forever

A couple of days ago, we looked at NASSCOM''s forecast of "Indian IT sector to see up to 38% fewer jobs this fiscal"

This week, ZDNet posted an analysis "It's time for TCS, Wipro, and Infosys to say goodbye to double-digit growth forever"

The results from the most recent quarter that ended in June 2017 are just in and there are no surprises here amongst the big three in Indian IT.

Using this impetus to wean themselves off of low-end work and gravitate towards more value-added assignments could save Indian IT.

TCS, India's largest IT services company, posted a 5.2-percent growth in revenues (in dollar terms versus a year ago) as well as a 7-percent drop in net profit. Mint newspaper, observing that it was the company's "11th consecutive quarter when the company has either under-performed or at best managed to match analysts estimates" called it a result of "unimaginative leadership" in a separate piece, which is an understatement considering TCS hasn't engineered even one acquisition in recent memory to get itself a leg up in acquiring digital clients.

Infosys you may argue is stewarded by someone with, by comparison, a little more imagination, in the guise of former SAP wunderkind Vishal Sikka, and the firm did do better by growing its dollar revenue by 6 percent from a year ago. However, the company elicited unnecessary excitement mainly because of its revised revenue outlook for 2017 to 2018 (7.1 to 9.1 percent), which was in direct contrast to the three consecutive quarters that it has reduced its full-year revenue forecast.

Things have been so bleak for the industry this year that Wipro fans seemed happy with the 3.4-percent growth (in constant currency) for the year despite coming in at around half of its other two rivals numbers.

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