In its latest report, the Jardine Fleming India Securities Ltd, a subsidiary of JP Morgan, said, "Our feedback from the sales networks of the Indian software companies suggests that we are likely to see lower growth rates for telecom and e-commerce related assignments."

"These assignments bring between 25 per cent to 35 per cent of the revenue of the front line companies."

Telecom and e-commerce account for 10 per cent and 30 per cent of the Satyam Computers, while the biggest customer of HCL Technologies, Cisco has announced major staff cuts recently. Fifty per cent of the revenue of HCL Technologies comes from technology outsourcing, the report said.

In the case of Wipro, its key clients Lucent Technologies and Nortel Networks are expected to see slower growth outlook, it added.

The revised net profit figures of Satyam, HCL Technologies and Wipro were down by 7.6 per cent, 6 per cent and 6.4 per cent to Rs 457.6 crore, Rs 629.7 crore and Rs 9230 crore respectively for the fiscal 2001-02.