Citigroup 花旗：印度 IT 服务业深度研究

7 February 2007 | 52 pages

Citigroup Global Markets | Equity Research

Contents
Pricing in focus in 3QFY07 3
Divergent pricing trends – "trickle down" not yet visible 3
Reported vs. real pricing 3
Onsite pricing – Correlated to US IT wages 4
Importantly, it’s not just about pricing 5
Other key trends for the quarter 5
Margin levers – Tier I players still better placed 7
Appendix 8
Tata Consultancy Services (TCS.BO) 9
Infosys Technologies (INFY.BO) 15
Wipro (WIPR.BO) 22
Satyam Computers Services (SATY.BO) 30
HCL Technologies (HCLT.BO) 37
I-Flex Solutions (IFLX.BO) 42
Appendix A-1 50