ICRA says IT services firms may see 3% revenue drop in FY21

As per ICRA, the Credit rating agency, IT and ITes firms in India may see a consolidated drop of 3% in their revenue in FY 21. The financial institution said that earlier it was supply constraints, which was resolved in the quarter, but the pandemic has impacted the overall demand. ICRA, before the pandemic, projected a 6-8% growth for the sector. These IT companies generate 80% of their $190 Bn from the US and Europe.

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