Downturn, wages have hit revenues: Infosys

By siliconindia staff writer   |   Thursday, 20 May 2004, 07:00 Hrs   |    1 Comments
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BANGALORE: Infosys Technologies, in an disclosure to the Securities and Exchange Commission, the US stock market regulator, has maintained that the current economic downturn, pricing pressure and rising wages in India have negatively impacted its revenues and operating results.

Last year too, the company had made a similar statement in its SEC filing.

The company has said that some of its clients have canceled, reduced or deferred expenditures for IT services.

“Pricing pressures from our clients, wage pressures in India and an increase in our sales and marketing expenditures have also negatively impacted our operating results. For example, clients often expect that as we do more business with them, they will receive volume discounts. Additionally, clients may ask for fixed-price arrangements or reduced rates,” Infosys has said.

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