Software industry body Nasscom today said less-than-expected first quarter results (Q1) 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”.
Noting that Nasscom does not look at performances of individual companies,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 was speaking to reporters after inaugurating the annual HR Summit organised by Nasscom.
Besides,small companies which changed their strategy after the 2008-09 crisis,were posting desired results.
“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.
When asked if Nasscom needed to review current market conditions,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”.