The Indian arm of global technology giant IBM that offers technology, business, and cloud services to its parent company and other sister concerns and accounts for one in three of the total workforce globally had been shrinking in size after hitting its peak six years ago.
To be fair, the abnormal growth in the year ended March 2017 was due to an accounting factor. The firm saw nearly 39% jump in revenues after IBM India signed a pricing agreement with the local tax authority covering transactions pertaining to export of IT services and recovery of related reimbursable expenses.
The agreement was applicable for FY14 to FY18 and also applied to consecutive four rollback years (FY10-FY13) and was recognized in this financial statement as revenue from operations.
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