Constant currency growth

Revenue growth with exchange rate movements removed, so the underlying business is visible.

An exporter reporting 12% growth in rupees when the rupee depreciated 4% has grown about 8% in constant currency.

For Indian information technology services this is the number that matters, because most revenue is earned in dollars and reported in rupees, and a currency move can create or destroy several points of apparent growth without a single additional contract.

Decelerating constant-currency growth while headcount additions turn negative is the sector's clearest early warning.

Read growth in the currency the customers pay in.