Sector analysis · India

IT sector earnings growth, Q1 FY25

The 20 largest Information Technology companies by market cap at the end of Q1 FY25 (30 Jun 2024), compared with Q4 FY24.

The top 20 at Q1 FY25

Q1 FY25 vs Q4 FY24: combined net profit ₹30,722 cr (−4%), median EPS −2% (9 of 20 up), market-cap-weighted price +2%. 20 of 20 reported.

Quarter

Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27

Compared with

YoY QoQ

Weight is each company's share of the 20 companies' combined market cap. Contribution is the change in its owners' profit divided by their combined base profit, in percentage points, so the column adds up to the sector's earnings growth. EPS cannot be added across companies, which is why contributions use profit.

#	Company	Weight	EPS ₹, base → now	EPS growth	Contribution	Price
1	Tata Consultancy Services LimitedTCS	39.8%	34.37 → 33.28	−3%	−1.2 pp	+1%
2	InfosysINFY	18.3%	19.20 → 15.34	−20%	−5.0 pp	+5%
3	HCL Technologies LimitedHCLTECH	11.2%	14.72 → 15.69	+7%	+0.8 pp	−5%
4	Wipro LimitedWIPRO	7.6%	2.71 → 2.87	+6%	+0.5 pp	+7%
5	LTM LimitedLTM	4.5%	37.14 → 38.28	+3%	+0.1 pp	+9%
6	Tech Mahindra LimitedTECHM	3.9%	6.77 → 8.96	+32%	+0.7 pp	+15%
7	Oracle Financial Services Software LimitedOFSS	2.4%	64.63 → 71.12	+10%	+0.2 pp	+13%
8	Persistent Systems LimitedPERSISTENT	1.8%	20.47 → 19.89	−3%	0.0 pp	+6%
9	L&T Technology Services LimitedLTTS	1.5%	32.24 → 29.63	−8%	−0.1 pp	−11%
10	MphasiS LimitedMPHASIS	1.3%	20.81 → 21.39	+3%	0.0 pp	+3%
11	KPIT Technologies LimitedKPITTECH	1.3%	6.00 → 7.45	+24%	+0.1 pp	+10%
12	Tata ElxsiTATAELXSI	1.2%	31.62 → 29.56	−7%	0.0 pp	−10%
13	Tata Technologies LimitedTATATECH	1.2%	3.88 → 3.99	+3%	0.0 pp	0%
14	Coforge LimitedCOFORGE	1.0%	7.24 → 3.99	−45%	−0.3 pp	−1%
15	Cyient LimitedCYIENT	0.6%	17.06 → 12.97	−24%	−0.1 pp	−8%
16	Birlasoft LtdBSOFT	0.5%	6.53 → 5.44	−17%	−0.1 pp	−7%
17	Affle 3iAFFLE	0.5%	6.24 → 6.18	−1%	0.0 pp	+29%
18	Zensar Technologies LimitedZENSARTECH	0.5%	7.65 → 6.97	−9%	0.0 pp	+23%
19	Sonata Software LimitedSONATSOFTW	0.5%	3.94 → 3.77	−4%	0.0 pp	−18%
20	Intellect Design Arena LimitedINTELLECT	0.4%	5.36 → 5.43	+1%	0.0 pp	−3%
	Sector earnings growth	100%			−4.5 pp

Who joined and who left

0 joined and 0 left the top 20 since Q4 FY24, as market caps moved.

Joined the top 20 since Q4 FY24 0

Nobody joined.

Left the top 20 since Q4 FY24 0

Nobody left.

EPS growth by company, Q2 FY24 to Q1 FY27

Each company's EPS growth quarter on quarter, every quarter it was in the top 20.

≤ −40%−20%0+20%≥ +40% Blue is growth, red is decline, grey is about zero; the colour stops deepening at ±40%.

turned profitableto loss crossed zero, so there is no growth rate to print
loss, smallerloss, bigger a loss in both quarters
sources disagree our two sources disagree, so the figure is left out of the sector totals
outside not in the sector's top 20 that quarter

EPS growth of each company in the sector's top 20, by quarter
Company	Q2 FY24	Q3 FY24	Q4 FY24	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26	Q3 FY26	Q4 FY26	Q1 FY27
TCS	+2%	−1%	+12%	−3%	−1%	+4%	−1%	+4%	−5%	−12%	+29%	−3%
INFY	+5%	−2%	+31%	−20%	+2%	+5%	+3%	−2%	+6%	−7%	+28%	−9%
HCLTECH	+8%	+14%	−8%	+7%	−1%	+8%	−6%	−11%	+10%	−4%	+10%	+3%
WIPRO	−3%	+2%	+5%	+6%	+7%	+4%	+7%	−7%	−3%	−4%	+12%	+1%
LTM	+1%	+1%	−6%	+3%	+10%	−13%	+4%	+11%	+12%	−31%	+43%	+5%
TECHM	−29%	+3%	+29%	+32%	+43%	−21%	+19%	−2%	+5%	−6%	+21%	+8%
OFSS	−17%	+77%	−24%	+10%	−6%	−6%	+19%	0%	−15%	+12%	+38%	+68%
PERSISTENT	+15%	+9%	+10%	−3%	+5%	+15%	+6%	+7%	+11%	−8%	+20%	−9%
LTTS	+1%	+7%	+1%	−8%	+2%	+1%	−4%	+1%	+4%	−8%	+10%	+7%
MPHASIS	−1%	−5%	+5%	+3%	+5%	+1%	+4%	−1%	+6%	−6%	+15%	−4%
KPITTECH	+5%	+10%	+6%	+24%	0%	−8%	+31%	−30%	−2%	−21%	+22%	−28%
TATAELXSI	+6%	+3%	−5%	−7%	+25%	−13%	−13%	−16%	+7%	−30%	+102%	−23%
TATATECH	outside	+6%	−8%	+3%	−3%	+7%	+12%	−10%	−3%	−96%	+3,044%	−12%
COFORGE	+13%	+36%	−13%	−45%	+52%	+6%	+21%	sources disagree	sources disagree	sources disagree	sources disagree	sources disagree
CYIENT	+6%	−18%	+28%	−24%	+24%	−32%	outside	outside	outside	outside	outside	outside
BSOFT	+5%	+11%	+12%	−17%	−15%	outside	outside	outside	outside	outside	outside	outside
AFFLE	+1%	+9%	+14%	−1%	+6%	+9%	+3%	+2%	+5%	+8%	0%	+7%
ZENSARTECH	outside	outside	+7%	−9%	−2%	+3%	+10%	+3%	0%	+10%	outside	outside
SONATSOFTW	+4%	to loss	turned profitable	−4%	+1%	outside	outside	outside	outside	outside	outside	outside
INTELLECT	outside	outside	−13%	+1%	outside	outside	outside	outside	outside	outside	outside	outside