"We are very honestly over-hired," he said.
"There is a very slight blip of activity, but there is nothing to tell me it (a recovery) is secular in nature."
Infosys beat street estimated in April-June earnings announced some large deals in the recent months.
But Infosys officials said that clients decision making continued to be slow.
"The situation is still quite challenging," SD Shibulal said.
"If you look at our customers, they are not really seeing any increase on their revenue side. And because they are not seeing any increase on their revenue side, they will continue to be concerned."