Lakshmikant Reddy`s view on IT space

Lakshmikant Reddy, Sr. VP & Head - Equity, ICICI Prudential shares his view on IT space.

Reddy told CNBC-TV18, “One of the three sectors that we are keenly watching is the IT services, as you know the expectations going into the current quarter and the full year has been that IT services industry while it is going to grow slower than what it has grown last year or the previous year, but the growth would still be close to double digit for most companies and maybe somewhat better than that for some of the companies, which are growing faster.”
He further added, “In the last 2-3 months if you look at the results of the companies that have reported in the US as well as the commentary from the local companies the commentary has been one of moderate in the growth expectations. At this point in time our view is that perhaps at the end of the results season we would expect the IT services companies to grow a tad slower than what we might have begin the year with and that is what our expectation is. Of course, we would be happy to be positively surprised, but the way things are panning out that is what our view is.”