Incremental work from top clients is a bigger deal for IT
Indian IT firms leveraged their partnerships with top clients to put up a strong show. From generating revenue from additional demands of existing clients, and restarting clients’ backlog projects to harvesting top clients, IT firms lapped up these incremental works with finesse.
Top IT firms saw their top clients’ contribution to their total revenue jumping in the second quarter. HCLTech’s top 20 clients that contributed 27.3% of its revenue in Q2 of last fiscal, are now contributing 350 bps (100 basis points is 1%) more currently (at 30.8%). Infosys’ top 10 clients are contributing 100 bps more today than what they were contributing to the corresponding period of last year. Similarly, Wipro’s top 10 clients are contributing 230 bps more today (at 22.9%) than what they were contributing (20.6%) in the corresponding period of last year.
C Vijayakumar, chief executive at HCLTech, said at a Q2 earnings call that the firm has a lot of existing clients and “it is really additional demand which is coming based on the rate cuts.”
CEO of the largest Indian IT firm, TCS, K Krithivasan said the optimism comes from the backlog of work, “which some of our customers have not been able to carry forward because of the current environment they are in.”
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