Give us 1 yr more, we'll be back with the biggies: Mah Sat

The IT story is being played down since news of economic slowdown in the US and Europe. While demand is on the wane for IT products from the major markets, spend on IT too is seen declining quarter on quarter. CNBC-TV18 catches up with Vineet Nayyar, chairman of Mahindra Satyam to get his perspective on the business prospects of his company and the sector in the current quarter and the way forward.

He says that discretionary spending by clients is seen declining. While there are job cuts observed across the globe Mahindra Satyam is not embarking on any dramatic changes in the hiring pattern.
On the revenue front, Nayyar says that though some forex losses are likely due to the depreciating rupee, FY12 growth is targeted in the higher teens. Below is the edited transcript of the interview. Also watch the accompanying video. Q: Could you give a quick clarification on the IT claims and where things stand as of now with regard to that?
A: They are in various stages of litigation in various courts, and I think somewhere along the line, we will have a decision coming in. Our plea and our case before the court really is that you cannot levy tax on income which never existed. This is fundamental thread in all civilised societies, and there is no reason why it would now be imposed upon us, especially when we made all the effort, took all the risk in resurrecting this company. Q: There has been so much turbulence in Europe and the US. Any early signs which are propping up from your clients, BFSI or otherwise, that there might be some kind of constriction in order flows?
A: There are various forces at work. Clearly, discretionary spend has come down, there is a huge aura of caution which pervades every business. But is that necessarily a negative for us? I don