Through the Looking-Glass and What Alice Found There - by Lewis Carroll
The latest quarterly (Oct-Dec'09) results from Tier1 IT companies indicate that demand for offshore IT services is returning. While IT budgets for 2010 are still expected to be flat, Tier1 IT companies are set to grow at least 15-20% (USD revenues) in FY11E. With demand gaining traction, mid/ small cap companies are also likely to benefit from the improving macro-environment. Data points pertaining to TPI index and S&P 500 operating earnings underpin stability in global IT services spend. In this backdrop, the existing users of offshore are opting for accelerated offshoring to get higher 'bang for buck', while several new companies are also looking to adopt offshore.
Conceived in response to a general feedback across several funds seeking to increase weight on IT sector, this conference will provide a platform for investors to meet select mid-cap companies that are well-positioned to benefit as demand gains traction and trickles beyond Tier1. Six companies participating in the conference include MindTree, Polaris Software Labs, Mastek, Allied Digital, KPIT Cummins and eClerx (market capitalization < US$1bn but reasonable daily liquidity).
The interaction, we believe, will prove useful and help investors gauge the potential offered by the IT and BPO services space - particularly the participating companies. Mid-tier stocks are trading at relatively lower valuations and given the buoyant demand environment, we expect them to be re-rated even as Tier1 companies sustain their valuations. This conference booklet includes company profiles assembled as a ready reckoner for you.
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Management lies in dropping the last alphabet: manage – men. still better, drop one more alphabet: manage – me.
Samir Kumar Shah.
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