Quarterly Report of India’s IT Companies 2022 Q2

By Leena Kanickaraj



 In this Insight, ARC Advisory Group includes the most recent quarterly results for major Indian IT suppliers that publicly report their results.

We translated financials reported in Indian rupees to US dollars using an average exchange rate for the given reporting period.  Owing to this translation, some companies may show negative growth.

Companies have substantially increased the hiring of fresh graduates to expand the talent pool of skilled employees, which should hopefully address the shortage of skilled workers and reduce the cost of delivery.


Financial results during calendar period from  April 1 to June 30.

India’s information technology (IT) services industry continues its upward momentum as major of the IT services companies covered in the report exhibited above-average growth.

In this report, we analyze the revenues of India’s IT services sector for the first quarter of financial year 2022-23 and compare these with the same period the previous year. While the focus will be on the growth outlook, margins are expected to continue to be under pressure for the next two quarters before they start to normalize.  Margins will be under pressure due to higher retention costs, and travel.



India’s IT Companies


Suppliers Analyzed in Report

India’s IT Companies



We expect the companies that we covered to report steady sequential revenue growth

on good demand, healthy deal wins, and active mergers and acquisition activities.

FY23 has started on a strong note with revenue growth in the first quarter (Q1) on a year-on-year basis with cloud and subscription revenues.

The first quarter of the year 2022-23  reports that Tata Consultancy Services (TCS), HCL, Infosys and Wipro maintained their annual revenue and margin guidance.  This quarter margins also would be impacted due to higher retention costs and uptick in travel expenses as the economy opens up.

India’s IT Companies

Quarterly Market Trends


The IT services sector saw an upward momentum compared to the same period last year.  Indian IT & Services industry recorded combined quarterly revenue of $19.8 billion and recorded a 2.1 percent year-over-year (YoY) growth as compared to last year.

The growth of Indian IT companies has picked up in the first quarter, barring weakness in a few companies due to company-specific events. The demand environment is expected to be strong due to continued deal momentum led by sectors like BFSI, insurance, etc.

IT-services firms have reiterated the robust demand environment due to cloud and digital transformation. Supply-side issues continue to impact companies.

India’s IT Companies

ARC Advisory Group clients can view the complete report at  ARC Client Portal

If you would like to buy this report or obtain information about how to become a client, please   Contact Us

Engage with ARC Advisory Group