MUMBAI (NewsRise) -- Tata Consultancy Services, India's largest software exporter, said some of its clients are holding back technology spending, underscoring that customer demand is weakening amid lingering global macroeconomic uncertainties.
TCS is the latest Indian company to issue a lackluster demand outlook. Last month, second-ranked Infosys warned of slowing outsourcing demand from some clients, citing the uncertain global economic climate. Cognizant Technology Solutions, a U.S.-based software exporter that has more than three-fourth of its employees in India, had cut its annual revenue forecast citing macro-economic challenges in the near term. Smaller rival Mindtree issued profit warnings for the second consecutive quarter, citing contract cancellations and slower expansion of projects.
