Pros
1) On Time Salary 2) Job security is good, even if the project ramps down they tend to move you in other project. 3) Internal Job posting (IJP) opportunities are more (only helps for the position/role only)
Cons
1) Extremely poor salary. 2) Position may change after promotion or IJP but will not see much change in compensation. 3) CTC will look amazing but in hand salary is too low. 4) No team outing (depends on project) 5) Management lags in coordination. 6) All are not treated equally even if the performance is same. 7) No additional benefits like bonus, appraisal even if the project is doing good in revenue generation. 8) Facilities are poor, basic eminities are not provided properly (depends on location) 9) Overall growth is limited.