the hiring trend of the big IT companies doesn't signal any slowdown. Infosys, TCS, cognizant.. all of them are hiring in big numbers. In fact there was a news piece sometime back that infosys to hire 10k by the end of march 2012.. all these doesn't indicate any slowdown..
it is expected that most of the US based companies will report slower project execution as companies are keen to conserve cash in the backdrop of faltering economic growth. This can lead to drop in revenue or flat revenue for indian IT companies..
IT sector has consolidated now. There was a time around 5-6 years back when IT companies were clocking 30 - 40% growth rates but times has changed. Recently infosys cut its revenue guidance which indicates that all is not well with IT sector.