ITC Infotech’s revenue growth may dip in second halfNovember 11th, 2008 - 7:09 pm ICT by IANS
Kolkata, Nov 11 (IANS) The revenue growth of ITC Infotech Ltd, a wholly-owned subsidiary of ITC Ltd, may dip in the second half this fiscal due to the economic meltdown in the US, a top official said here Tuesday.”We grew by 50 percent in 2007-08 and we maintained the trend in the first half of the current year. But the growth rate could dampen in the second half,” ITC Infotech managing director Sanjiv Puri told reporters on the sidelines of a chief executives’ summit, organised by the National Association of Software and Services Companies (Nasscom).
Banking and finance sector contribute one-third of the IT company’s revenues and the company is now looking at European markets following the recent meltdown on the financial markets of the US, he added.
“We are currently focusing on Europe where our growth is significant,” Puri said.
The company is eyeing acquisitions of IT companies in Europe and the US, which have “synergistic” relations with ITC Infotech’s areas of operations.