Domestic biz gives hope to IT firms hit by low spends in US
Financial Express Mumbai|February 12, 2024
AS INDIAN IT services firms are increasingly coming under stress in the American market, there was some consolation from an unexpected quarter - a secular spurt in businesses from India and the Rest of the World (RoW) region.
SAMEER RANJAN BAKSHI

From TCS to LTTS, including mid-tier IT firms like Happiest Minds, saw their revenue bump up in India.

For TCS, India geography reported a robust growth of 23.4% year on year (y-o-y) in cc terms. The growth driver was the BSNL deal that was recently bagged by the IT bellwether. This is in sharp contrast to North America, that grew negatively at -3% for TCS.

Similarly, other regions like the Middle East, Africa, Latin America and the UK grew at a much slower rate of 16%, 13.2% and 8.1% respectively. The revenue share of India for TCS was about 4.9% in the September quarter, which grew to 6.1% in the December quarter.

A recent Gartner report said that in 2024, spending on IT services in India is projected to grow 13.4%, up from 10.1% in 2023.

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