Bangalore: Indian outsourcer Wipro Ltd sees demand picking up in the second half of 2009/10 and some stability is returning to the nervous business environment, the joint-CEO of its IT business said on Thursday.
“The panic that was there seems to be abating. We are seeing some stability,” Girish Paranjpe told reporters. “Hopefully we should see some upturn in the second half.”
He hoped most of the price cut negotiations with clients would end by June.
Last month, Wipro beat expectations with a 4% rise in quarterly net profit, but forecast a fall in June quarter information technology revenue as the global downturn hits outsourcing demand.
Wipro, which offers IT solutions such as system integration, software application and back-office services, counts Citigroup, telecoms gear makers Cisco, Nokia Siemens Networks and Credit Suisse as clients.