Infosys announced its results yesterday and this morning the company’s European head, BG Srinivas, put it all in a bit of UK and Europe context for me.
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Infosys reported solid results yesterday and said the US is growing faster than Europe.
Srinivas said European revenues if you discount the changes in currency declined 0.8%. So pretty much flat.
He says slower decision making and the fact that the UK was later into recession than the US means deals are not being signed off.
But the pipeline is good in the UK, he says, with financial services, retail, telecom and utilities sectors are all ready to sign off projects.
For example he says the financial services sectors are planning investments to support mergers and demergers as well as to meet new regulations. This means rationalising IT systems, decommissioning and standardising. On a regulatory from it is about ensuring legacy systems comply with new regulations.
The retail sector, according to Srinivas, is a sector focussed on the digital consumer. As such they are building platforms to connect them to consumers online. They are also investing in their business analytics systems and back end ERP systems.