WIPRO and Infy - midlife crisis?

There has been a slew of turbulent news from  WIPRO and Infosys lately. There have been leadership changes in WIPRO and an imminent changes in Infosys . Infosys's results for the quarter ending March 2011 were disappointing .For years, they have had phenomenal growth in revenues and eye popping margins.


At the start of the last decade, competition from non indian IT companies for outsourced work was fairly low. I remember asking the Vice president of company about the threat of western IT companies to the Indian outsourcing model. He pointed at a bunch of us working as consultants in a clients' place in the US . He was of the opinion that we were very successful in bridging the gap in cultural issues and business communication. And that was the biggent weakness of the non Indian multinational setting up shop in India.
That was about 7 years ago.

Now they seem to be catching up:

" This list does not include some companies whose corporate headquarters are located outside India, but have significant India-centric delivery capabilities, and have not shared their India-centric revenue figures. Had they been ranked based on their India revenues, companies such as Accenture, Cognizant, HP India, Syntel, Oracle Financial Services and IBM and would also have appeared in this ranking.  "

On the other hand , some of the erstwhile smaller companies are upping the ante.

Is this is the start of a slow decline or just a blip in their unrelenting growth?