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IT sector revenue growth may hit decadal low due to COVID-19: Crisil

India city Mumbai covid-19 pandemic economy growth
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MUMBAI : The Indian IT sector is staring at a revenue growth sliding to a decadal low of up to 2% and an impact on profitability owing to narrowing of margins due to the COVID-19 pandemic, a report said on Friday.

The companies will lose out on new deals, which will compromise future revenues, and also face reverses on the existing ones, which may be renegotiated as their overseas clients face difficulties due to the lockdowns, domestic rating agency Crisil said in the report.

The $97 billion IT sector is one of the largest service exporters and helps the economy also by supporting over 40 lakh jobs if the IT-enabled services are also included.

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Deaths: 141 607
Recovered: 0
Russia
Russia
Cases: 8 494 589
Deaths: 237 619
Recovered: 0
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