June 10, 2023

All IT Majors Report Excellent Q3 Results

By Ashwini Agarwal
First publised on 2022-01-13 06:03:59

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Wednesday was a red letter day for Indian IT sector. The big shots of IT industry - Infosys, TCS and Wipro - all declared their Q3 results on that day. And all came out with sterling numbers that gladdened the hearts of investors during these troubled times. The share market gave its thumbs up by rallying strongly. To add icing to the cake, TCS announced a whopping Rs 18000cr share buyback offer at Rs 4500 per share which was at 17 percent premium to the closing price on Wednesday.

While Infosys was the star of the pack as it reported sequential growth of 7 percent and year-on-year growth of 21.5 percent, TCS and Wipro lagged at 4 and 15.4 percent and 3 and 28.5 percent respectively. TCS earned the highest revenue of $6.5bn while Infosys earned $4.3bn. Wipro was far behind at $2.6bn.

All the companies reported high attrition rate but higher hiring. Hence, while TCS added 28238 people to the workforce, Infosys and Wipro followed at 12450 and 10306 respectively.

With the pandemic forcing people to adopt the digital route for almost everything from work to play to entertainment, the demand for the services of IT companies is only going to increase in future. As the world seeks solutions to problems generated by the pandemic, these IT giants will also have to come up with newer, betters solutions.

Infosys CEO Salil Parekh was very upbeat. He said that "our pipeline is very strong. The overall demand environment looks very strong beyond March as well." This is happy news for the sector and will confirm the IT sector's eminence as the driver of growth.