Q4 Results: How India’s Top IT Firms Fared
The final quarter of 2019-20 began on a steady note for the largest Indian information technology companies but lockdowns in various countries to contain the novel coronavirus outbreak in the last two weeks of March weighed down earnings.
Here’s how India’s largest software services providers fared in the quarter ended March.
Earnings before interest and taxes margins remained largely stable. TCS saw a marginal expansion, while Infosys and Wipro saw contraction because of higher expenses from transition to work from home.
Wipro and TCS saw a sharp sequential decline in the sector’s largest business vertical of financial services as lockdowns weighed on sentiment
The three Indian software services providers reported a mixed performance in North America, their largest business geography.
Citing uncertainty because of the new coronavirus pandemic, Infosys and Wipro suspended providing annual guidance. TCS doesn’t provide a forecast. All three suggested that the impact of the outbreak has yet to peak and the next six months are likely to be most challenging.