Mumbai: Infosys Ltd’s year-on-year revenue growth has fallen for each of the past six quarters. The recently concluded June quarter promises to be different. Based on consensus estimates, according to data compiled by Bloomberg, revenue growth is expected to pick up to 3.9% from 3.2% in the March quarter.

The banking and financial services as well as retail sectors are expected to drive growth for the company. Some of the growth will be aided by the acquisition of Panaya Inc. Even excluding it, growth in organic revenues is expected to be slightly higher than the March quarter, which may well turn out to be a nadir as far as year-on-year growth goes.

Of course, even if growth turns out to be in line with estimates, a year-on-year growth in the region of 3.5-4% is hardly anything to get excited about. To be fair to the company, it’s not even a year since its new chief executive officer took charge. It’s too early to measure his success by looking at revenue growth numbers.

Even so, considering that Infosys’s shares have risen by a third since the change in leadership, investors will be disappointed if they discover that the trend of decline in growth rates isn’t over.

The writer does not own shares in the company discussed here.