BENGALURU: Despite fears of an economic slowdown, Indian IT companies have been witnessing deal wins in the second quarter of this fiscal across various segments including digital transformation.
Recently, HCLTech won a $2.1 billion contract from Verizon Business. It expects the deal to have a positive revenue impact over the next six years beginning in November 2023. HCLTech will be Verizon Business’s primary collaborator in all deployments involving MNS (Managed Network Services) globally for enterprise customers.
IT services company Infosys bagged two deals this quarter including a $1.64 billion deal with Liberty Global, a converged video, broadband and communications company. Infosys will provide services to Liberty Global estimated at $1.64 billion over the initial 5-year term and at $2.5 billion if the contract is extended to 8 years. Last month, the company signed a deal with one of its existing clients to provide artificial intelligence (AI) and automation development, modernisation and maintenance services valued at $2 billion. This will spread over the next five years, the company said in an exchange filing.
Commenting on deal wins, Sachin Alug, CEO, NLB Services said IT companies have reportedly won contracts from segments like BFSI, aviation, automotive, green energy, and more.
“As a result of businesses essentially in non-tech domains growing widely ambitious to raise their stakes in various emerging technologies like AI, cloud computing, data science, cybersecurity, etc., IT giants have been on the receiving end of a promising era when it comes to innovation and digital transformation.”
Also, IT hiring over the last few months has witnessed a growth rate of nearly 30% as per estimates. The monthly job growth in this sector has been about 10% which is expected to progress incrementally in the coming time, he added. A recent survey reveals that Indian IT firms will recruit about 50,000 freshers across various job roles between July-December 2023. During the Q1 earnings conference, CEOs of top IT firms said that hiring will depend on the macroeconomic environment.
IT firms grab mega deals
Infosys bags $1.64 bn deal from Liberty Global, a converged video, broadband and communications company
In July, Infosys signed a deal valued at $2 bn with one of its existing clients
Verizon Business inked a $2.1 bn deal with HCLTech
TCS won deal worth $1.1 bn to transform UK’s NEST
Cognizant wins about $92 mn contract from UK’s Defra