TCS saw project cancellations in past 4 weeks

MUMBAI, India: India's top software services exporter, Tata Consultancy Services, has seen project cancellations in the last four weeks, brokerage CLSA Asia-Pacific Markets said in a client note, citing a senior TCS official.

The company sees the slowdown in demand bottoming out in the March quarter and expects a recovery in the June quarter, the report said, quoting TCS Chief Financial Officer S Mahalingam.

A TCS spokeswoman confirmed Mahalingam spoke at the brokerage's Asia Investors' Forum at Las Vegas on Monday, but declined to comment on the CLSA note.

The company is also confident of growth in fiscal year 2010, said CLSA, which has an "underperform" rating on TCS.