Constant currency growth can be a better indicator of how a company’s core business is faring than its reported numbers. For instance, for software companies constantly answerable to analysts and the media, constant currency growth has been a lot better than their reported fluctuating currency growth in the recent June quarter. Wipro, HCL Technologies, Infosys and TCS reported sequential revenues that grew in the range of minus 1.7 per cent to plus 1.6 per cent in the June quarter. But on a constant currency basis, those figures were much better at 0.2-4.1 per cent, with TCS leading the pack as usual.
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