Indian IT’s top 5 might end this fiscal year a little better than the last

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Subscribe to enjoy similar stories. India’s largest information technology (IT) services companies are expected to perform marginally better in the current fiscal year compared to the previous one due to higher business from the Americas and growth markets such as Asia, with rise in hiring to match the growth. According to the guidance given by the companies for the three months ended March 2025, the country’s two largest IT services companies—Tata Consultancy Services Ltd (TCS) and Infosys Ltd—are expected to report higher growth than last year.

Growth at third-largest HCL Technologies Ltd is expected to be flat, whereas fourth-largest Wipro Ltd and fifth-largest Tech Mahindra Ltd are both expected to end the fiscal with a second consecutive full-year revenue decline, albeit not as much as last year. The optimism of a better FY25 has been reflecting in the hiring trends of Indian IT’s top five. TCS, Infosys, Wipro and Tech Mahindra increased headcount in April-December 2024, adding a cumulative 17,188 employees.

This comes on the backdrop of the top five IT services companies trimming headcount last fiscal by 57,735 in total. Also read | TCS's outlook lends comfort, but a risk clouds FY26 revenue prospects Among the top five, only HCL Tech cut headcount by 6,726 in the first nine months. In the same period last fiscal, it had cut the least number of jobs at 1,188.

This does not mean Indian IT’s big boys are out of the reflection of last year, when India’s $254 billion industry grew at its slowest pace in more than a quarter of a century. Iin the April-December 2024 period, TCS and Infosys grew 4.6% and 3.9% year-on-year, respectively. For TCS, which reported its worst third-quarter performance in nine years, this growth