BENGALURU: The initial excitement around Infosys ’s results on Friday waned subsequently as investors noted that its new deal signings had fallen, and the organic revenue growth slowed compared to the previous quarter.Infosys clocked $2.8 billion in total contract value (TCV) in the September quarter, its highest ever. But its new deal signings touched a seven-quarter low, at $285 million. It’s almost 80% down from the year-ago quarter, when it was $1.2 billion. The TCV was high because there was $2.5 billion worth of renewals.Investors also noted that in the September quarter, Infosys benefitted from the acquisition of Stater, a subsidiary of ABN Amro Bank, which it had announced in March. Excluding the revenue contribution from that, Infosys’s constant currency growth decelerated from 11.4% in the June quarter to 9.7% in the September quarter.Infosys’s stock price on the BSE dropped 3.6% to Rs 785 a piece on Monday.The company’s performance is still better than that of TCS. But the IT sector in general is now seen to be weakening.“The overall IT services space will continue to see gradual deceleration throughout FY20, from tougher compensations (FY19 saw some upcycle) and macro related headwinds,” said Peter Bendor-Samuel, CEO of US-based Everest Group.Nitin Padmanabhan, analyst with Investec, said Infosys’s organic revenue growth sequentially was at 1.6% in dollar terms and 2.4% QoQ in constant currency – “the weakest growth in a Q2 in many years.” He said that while this does not impact the revenue guidance negatively, the results are directionally weaker. “Deal wins in the first half of the 2020 fiscal on a net new basis are lower by 51% excluding the deal related to Stater, which is an acquired entity. Management commentary on BFSI and retail also suggests weakness for the next couple of quarters,” he wrote in a report.Hansa Iyengar, IT analyst in London-based Ovum Research said, there is an overall weakening on contract activity due to the uncertainties about Brexit and the chaos with the US trade and political issues. "Infosys still had 90% of contracts renewed which in itself is an important thing given the volatility around renewals. Infosys is indeed on the growth track if you look at its performance over the last few quarters."