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Differing from indications given by some of its competitors, consulting and information technology services major Accenture said it has faced no order deferral or cancellation from its clients despite the general mess surrounding the financial services sector in the US. On his second visit to the country in under two years , and this time with the entire board , chairman and chief executive officer William Green said other sectors and geographies were firing on all cylinders.
He added that the companys exposure to the risky capital market part of banking, financial services and insurance BFSI was in single digit percentage.
What serves us well is the diversity of our business. Our BFSI exposure is under 20 percent, and within that, the capital market is in single digits. Other sectors like telecom, pharma, retail and chemicals are all growing very well. Our businesses in India, Latin America, China, Russia, and Central Europe are all going through the roof, Green said.
Players like Tata Consultancy Services have said some BFSI clients have deferred engagements. Accenture clearly doesnt subscribe to the view. The discretionary part of our business is in single digit. We dont do boutique stuff. We do high performance stuff essential for the company. More often than not this cannot be cut down, he said.
Green said currently the US economy was in a better shape to withstand shocks than it was in previous recessions. Earlier, when the US economy slowed down, we found all players within the same sector slowed their spending. Now they cannot afford to do so since they are competing in the global marketplace and others geographies are growing. So while there are pockets of challenge, there are pockets of demand as well, he said. He forecast US economy recovery by the latter part of the year.
The USD 20 billion company plans to add about 60,000 gross about 40,000 net employees this year to its global network. This would take its India headcount past the 50,000mark this year, from about 37,000 currently.
The company is also betting big on the domestic IT domestic industry. It plans to add strength to its consulting practice in the country and foresees traction from services like merger integration, supply chain, human performance and operating models.
This is the first time that the company has bought its entire board members to India to showcase the countrys strengths.
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