Indian outsourcing supplier Tata Consultancy Services (TCS) saw
sales slow and profits stagnate during its last quarter.
Tata's experience is now an emerging pattern among Indian
outsourcing suppliers, with the likes of
Infosys also seeing its sales and profits growth slow recently.
Wipro and Satyam have also warned of slowing profits
growth.
Many outsourcing firms in India have been hit by the global
slump in financial services, and the situation is set to worsen as
western economies spiral into recession.
For the quarter ended 30 September, Tata saw sales increase
almost 15% to around £923m. For the same quarter last year the firm
saw sales growth of around 45%.
Profits growth was also well down at just over 3% when compared
to the same quarter last year, at around £168m.
Tata said profits were affected by unsuccessful currency hedging
by the firm.
TCS recently announced it was buying the business process
outsourcing arm of Citigroup.