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: Europe from where it gets 30% of its revenue compared to 60% from the US.

Worry lines can already be seen as IT companies have all admitted that IT budget decisions have been delayed, especially in the banking, financial services and insurance segment. National Association of Software and Services companies (Nasscom) has also said that crisis in the US financial services sector will have an impact in the short term on Indian outsourcers, though it has not yet decided if they will revise the target of $60 billion in IT and BPO exports by 2010.

For the current quarter, analysts expect to see a cut in dollar guidance and a rise in rupee guidance, as rupee continues to slide against the dollar. Most brokerage houses are talking of a revenue growth between 5% and 9%.

Amidst this uncertainty, enterprise applications (EAS) space seems to be reassuring. As demand softens globally, consumer sentiment is expected to dip faster than the enterprise, which typically work on long term contracts.

Axon specialises in rapidly growing EAS space and boasts of several big clients that Indian firms would be keen to have. Defensive sectors like public sector and utilities are seen to be a big plus in a tough economic environment.

There’s a catch though. SAP, this week, announced that its revenues for the third quarter of 2008 fell below expectations, largely due to the credit crunch spreading to global markets.