The country’s second largest software firm Infosys Technologies may have beaten street expectations with its fiscal 2010 results but CEO and MD S Gopalakrishnan believes that recovery from the global slowdown is still not complete. Gopalakrishnan told Hindustan Times that concerns regarding the recovery process in Europe linger. Excerpts:
Which business verticals will drive your future revenues?
The banking, financial services and insurance (BFSI), and retail and manufacturing will continue to be our major revenue grossers but we are also diversifying into energy, pharmaceuticals and utilities. A large portion of our revenues comes from repeat orders, but we are reducing the over-dependence on one client and adding more number of clients in each quarter.
How important is the domestic market for Infosys?
The domestic market in India will be a key focus area for us wherein we are having long-term growth plans. In fact, riding over a low base effect over the nest 3-5 years we see an annual growth of up to 60 per cent.
But revenue contribution from India has declined...
The company is in the process of building its base in the country and it’s only after a time that we start earning revenues. In fact, if you compare with the October-December 2009 period, revenue contribution grew during January-March 2010.
What are your hiring plans?
The company plans to hire 30,000 employees during the next financial year.
Do you expect the attrition rate to remain high?
The attrition rate has increased but again this is a marginal 2 per cent rise. Some more may leave in the current quarter.