IT Riding on multiple growth levers Sector Update

Most Indian IT companies surprised positively by beating estimates (especially operating Q3FY2021 Results Review margins) and reporting healthy cash generation, acceleration in deal wins and a stronger deal pipeline, despite furloughs and lower billing days. Strong q-o-q revenue growth was Sector: IT Services driven by ramp-up of deals won earlier, recovery in impacted verticals, higher spends on digital transformation initiatives and spends to catch up with technological changes. Sector View: Positive The BFSI and retail verticals’ growth remained strong, while impacted verticals such as manufacturing also recovered, which indicated that customers have loosened their purse- strings. Tier-I IT packs delivered constant currency (CC) revenue growth of 2.8-5.3% q-o-q, led by Infosys (5.3% q-o-q CC), followed by TCS (4.1%), HCL Tech (3.5%), Wipro (3.4%) and Tech Mahindra (2.8%). Among mid-tier IT companies, Mastek, Persistent Systems and L&T Our coverage universe Infotech (LTI) delivered strong USD revenue growth of 8.1% q-o-q, 7.4% q-o-q and 5.8% q-o-q respectively. ERD companies (Tata Elxsi and L&T Technology) reported strong recovery in CMP Reco./ PT revenue. EBIT margin improved q-o-q for leading IT companies despite wage revisions, led Companies (Rs) View (Rs) by strong revenue growth, lower travel expenses, higher offshoring, improving utilisation and rationalisation of sub-contractor expenses. Margin expansion y-o-y was led by lower Birlasoft 243 Buy 320 travel and SG&A expenses, lower sub-contractor costs, wage hike deferrals, a hiring freeze, HCL Tech 943 Buy 1,250 and rupee depreciation. Large deal TCVs continued to remain strong on a sequential basis, especially for Infosys & LTI, up 2.3x and 6.8x. Infosys, HCL Tech, and LTTS raised revenue Infosys 1,282 Buy 1,650 growth guidance for FY2021 on account of strong deal flows/pipeline, while Wipro provided Intellect Design 444 Buy 500 marginally better-than-expected revenue growth guidance for Q4FY2021. Outlook: L&T Infotech 3,885 Buy 4,800 Expect strong growth in FY2022E, led by a rise in transformation initiatives and greater L&T Tech 2,660 Buy 3,100 outsourcing: We expect the Indian IT services sector to grow strongly in FY2022/FY2023 led Mastek 1,222 Buy 1,400 by acceleration in digital transformation program and a rising focus on higher outsourcing by global clients (indicated from recent lift, shift and transform deals by TCS, Infosys and Persistent 1,710 Buy 1,770 Wipro). Acceleration in investments on digital transformation initiatives have been driven by Tata Elxsi 2,817 Buy 2,850 (1) emergence of new operating models, (2) building operational resiliency, (3) reimagining customer experience, (4) faster adoption of cloud-related technologies at the workplace and TCS 3,074 Buy 3,590 (5) a focus on core modernisation, Further, some of large enterprises are moving to outsourcing Tech M 981 Buy 1,100 in order to save costs or invest in their core activities, which create significant opportunities for Indian IT vendors to lift (take over operations), shift (moving to a low-cost locations) and Wipro 430 Buy 510 transform (update/re-architect the legacy infrastructure, processes, applications and operations to digital technologies). Most Indian IT companies have indicated double-digit revenue growth in FY2022 on the back of a strong deal pipeline, ramp-up of large deals and higher spends on Cloud-related technologies. A hybrid working model, higher offshoring, continued lower Price chart travel costs and SG&A costs, rationalisation of sub-contractor expenses and a stable pricing environment are expected to maintain margin performance in a narrow band in the medium 180 term. However, we believe that margin performance in Q3FY2021 were at the highest level 160 and could shrink in coming quarters. Margins in coming quarters could be impacted by wage 140 revisions, aggressive hiring, inching-up of attrition rates, an increase in competitive intensity 120 and back of some expenses (travel and marketing costs) with the return of normalcy. Given 100 strong industry tailwinds (acceleration in Cloud-related spending, operational resilience 80 60 and higher offshoring) and anticipated stable margin performance in subsequent years, we maintain a Positive stance on the sector as Indian IT is well-poised to gain market share. Jun 20Jun Oct 20 Feb 21 Feb 20 Valuations: Nifty IT Nifty Set for strong growth in FY2022E: Most managements of Indian IT companies remain confident on delivering strong revenue growth in FY2022E on account of a strong demand environment, ramp-up of large deals, strong conversion of deal pipeline, availability of increasing cost- takeout initiatives and low base of FY2021. The CNX IT index has moved up ~42% in the last six months and outperformed Nifty by 24% in the same period because of faster-than-expected revenue recovery along with impressive margin performance and strong deals wins. Free-cash- flow to net income remained healthy in Q3FY2021 led by improved collection. Given continued improvement in deal TCVs, rising adoption of digital technologies, and higher offshoring, we expect strong revenue growth over the next few years with a stable margin. Though stock prices of IT companies have been trading higher than the historical average multiples, we remain positive as we expect the sector to deliver double-digit revenue growth in the coming years. We have a Buy rating for all the stocks under our coverage, but remain selective in terms of our preferred picks, eyeing companies with industry-leading revenue growth, a long runway for growth, strong business model, high return ratios, a rise in payouts and reasonable valuations. Key risks: 1) Rupee appreciation vis-à-vis US Dollar would affect earnings estimates in FY2022E/FY2023E and stock performance, 2) weaker macros including a potential for slower GDP growth in the US and Europe, and 3) delay in pipeline conversion. Leaders in Q3FY2021: Infosys, TCS, Mastek, Persistent Systems, L&T Infotech and Tata Elxsi Preferred picks: Large-cap: Infosys, HCL Tech, TechM, TCS, Wipro Mid-cap: L&T Tech, L&T Infotech, Mastek, Persistent Systems, Birlasoft, Tata Elxsi

February 17, 2021 1 Sector Update

Sharekhan IT universe: Q3FY2021 results q-o-q y-o-y EBITDA EBITDA Net q-o-q y-o-y q-o-q y-o-y Company name Revenue (%) (%) (Rs cr) margin profit (BPS) (BPS) (%) (%) (%) (Rs cr) Birlasoft 880.8 2.7 5.7 144.4 16.4 246.7 351.0 96.4 39.4 32.8 HCL Technologies 19,302.0 3.8 6.4 5,442.0 28.2 156.7 354.5 3,981.0 26.7 31.1 Infosys 25,927.0 5.5 12.3 7,414.0 28.6 -23.2 347.9 5,197.0 7.3 16.6 Intellect Design 382.2 2.8 19.6 97.4 25.5 149.0 2,462.5 80.3 35.6 - L&T Infotech 3,152.8 5.1 12.2 732.0 23.2 35.2 445.6 519.2 13.7 37.8 L&T Tech 1,400.7 6.6 -1.6 275.6 19.7 195.6 -44.4 186.1 12.4 -8.8 Mastek Limited 442.9 8.1 81.7 103.9 23.5 232.9 965.2 57.4 12.7 88.0 Persistent Systems 1,075.4 6.7 16.5 182.5 17.0 51.9 359.2 120.9 18.6 37.5 Tata Elxsi 477.1 10.9 12.7 143.6 30.1 265.8 785.6 104.9 32.9 39.0 TCS 42,015.0 4.7 5.4 12,207.0 29.1 36.8 177.7 8,701.0 3.2 7.2 Tech Mahindra 9,647.1 2.9 -0.1 1,895.4 19.6 147.6 345.5 1,309.8 23.0 14.3 Wipro 15,670.0 3.4 1.3 4,117.4 26.3 335.9 572.0 2,966.7 20.3 20.8 Source: Company, Sharekhan Research

Our View on the coverage universe PT CMP EPS (Rs) P/E (x) Particulars Reco (Rs) (Rs) FY20 FY21E FY22E FY23E FY20 FY21E FY22E FY23E Birlasoft Buy 320 243 8.1 11.1 14.4 16.9 30.2 22.0 16.9 14.4 HCL Technologies Buy 1,250 943 40.8 49.3 52.1 56.8 23.1 19.1 18.1 16.6 Infosys Buy 1,650 1,282 39.0 45.7 52.3 58.9 32.9 28.1 24.5 21.7 Intellect Design Buy 500 444 1.2 18.4 22.2 29.7 363.9 24.1 20.0 14.9 L&T Infotech Buy 4,800 3,885 86.6 106.0 125.3 149.2 44.9 36.6 31.0 26.0 L&T Tech Buy 3,100 2,660 77.7 63.5 86.7 109.9 34.2 41.9 30.7 24.2 Mastek Buy 1,400 1,222 42.9 78.9 88.3 95.0 28.5 15.5 13.8 12.9 Persistent Systems Buy 1,770 1,710 44.4 56.8 72.5 84.1 38.5 30.1 23.6 20.3 Tata Elxsi Buy 2,850 2,817 41.1 54.8 71.4 89.0 68.5 51.4 39.4 31.6 TCS Buy 3,590 3,074 86.2 90.2 104.7 119.7 35.7 34.1 29.4 25.7 Tech Mahindra* Buy 1,100 981 45.9 52.3 56.3 66.4 21.4 18.8 17.4 14.8 Wipro Buy 510 430 16.6 18.9 20.8 22.3 25.9 22.7 20.7 19.3 Source: Company, Sharekhan Research **EPS of Tech Mahindra excludes treasury shares

February 17, 2021 2 Sector Update

Q3FY2021 snapshot July-September 2020 quarter Target performance Upward/ Reco./ Price Company Reason downward View (Rs.) Revenues Margins Net income

Infosys Above Above Above Upward We have raised our earnings estimates for Buy 1,650 FY2021E-23E, factoring in strong Q3FY2021 results and strong deal wins.

TCS Above Above Above Upward We upgraded our earnings estimates for Buy 3,590 FY2021E-23E, given that both revenue and operating margin exceeded estimates, continued strong deal wins and resilience in IT spending of clients.

Wipro In line Above Above Upward We have raised our earnings estimates for Buy 510 FY2021E-23E factoring in better-than-expected Q3FY2021 results and strong deal wins.

HCL Above Above Above Upward We have raised earnings estimates for FY2021E- Buy 1,250 Technologies 23E, to factor in strong all-round Q3 results, strong deal wins, a robust deal pipeline and improving spends on digital transformation.

Tech Above Above Above Upward We have raised our earnings estimates for Buy 1,100 Mahindra FY2021E-23E, factoring in impressive margin performance in Q3FY2021 and acceleration of deal TCVs going ahead.

L&T Infotech In line Above Above Upward We have raised our earnings estimates for Buy 4,800 FY2021E-23E, factoring in a beat in operating margin, strong deal wins, health deal pipeline and improving demand environment.

L&T Above Above Above Upward We have raised our earnings estimates for Buy 3,100 Technology FY2021E-23E factoring in Q3FY2021 results, solid deal wins and return of spends in R&D works.

Persistent Above Above Above Upward We have raised our earnings estimates for Buy 1,770 Systems FY2021E-23E on account of a strong Q3FY2021, large deal wins, and anticipation of growth in the Alliance business.

Mastek Above Above Above Upward We raise our earnings estimates for FY2021- Buy 1,400 Limited 23E on account of strong beat in revenue and margin, strong client additions and strong traction for cross-selling initiative from Mastek and Evosys.

Birlasoft In line Above Above Upward We have raised earnings estimates for Buy 320 FY2021E-23E on account of impressive margin performance in Q3FY2021E and healthy deal pipeline.

Tata Elxsi Above Above Above Upward We have revised our earnings estimates Buy 2850 upward for FY2021E-23E, factoring in all-round beat in Q3FY2021, sustained recovery in the auto segment, and continued growth in the non-automotive segment. Source: Sharekhan Research

February 17, 2021 3 Sector Update

Highlights of the quarter’s performance

Quarterly revenue of tier-1 IT companies (on reported basis): Strong growth continued across board Quarter Ended Q4FY18 Q1FY19 Q2FY19 Q3FY19 Q4FY19 Q1FY20 Q2FY20 Q3FY20 Q4FY20 Q1FY21 Q2FY21 Q3FY21 Infosys 2,805.0 2,831.0 2,921.0 2,987.0 3,060.0 3,131.0 3,210.0 3,243.0 3,197.0 3,121.0 3,312.0 3,516.0 q-o-q (%) 1.8 0.9 3.2 2.3 2.4 2.3 2.5 1.0 (1.4) (2.4) 6.1 6.2 TCS 4,972.0 5,051.0 5,215.0 5,250.0 5,397.0 5,485.0 5,517.0 5,586.0 5,444.0 5,059.0 5,424.0 5,702.0 q-o-q (%) 3.9 1.6 3.2 0.7 2.8 1.6 0.6 1.3 (2.5) (7.1) 7.2 5.1 Wipro 2,062.0 2,026.5 2,041.2 2,046.5 2,075.5 2,038.8 2,048.9 2,094.8 2,073.7 1,921.6 1,992.4 2,071.0 q-o-q (%) 2.4 (1.7) 0.7 0.3 1.4 (1.8) 0.5 2.2 (1.0) (7.3) 3.7 3.9 HCL Tech 2,038.0 2,054.5 2,098.6 2,201.5 2,277.8 2,363.6 2,485.6 2,543.4 2,543.4 2,355.5 2,506.6 2,616.6 q-o-q (%) 2.5 0.8 2.1 4.9 3.5 3.8 5.2 2.3 0.0 (7.4) 6.4 4.4 Tech M 1,244.3 1,224.1 1,218.2 1,260.8 1,267.5 1,247.1 1,287.2 1,353.0 1,294.6 1,207.5 1,265.4 1,308.7 q-o-q (%) 2.9 (1.6) (0.5) 3.5 0.5 (1.6) 3.2 5.1 (4.3) (6.7) 4.8 3.4 Total 13,121.3 13,187.1 13,494.0 13,745.8 14,077.8 14,265.5 14,548.7 14,820.2 14,552.7 13,664.6 14,500.4 15,214.3 q-o-q (%) 2.9 0.5 2.3 1.9 2.4 1.3 2.0 1.9 (1.8) (6.1) 6.1 4.9 Source: Company, Sharekhan Research

Quarterly USD revenue growth on y-o-y basis (%): Strong growth Quarter Q4FY18 Q1FY19 Q2FY19 Q3FY19 Q4FY19 Q1FY20 Q2FY20 Q3FY20 Q4FY20 Q1FY21 Q2FY21 Q3FY21 Ended Infosys 9.2 6.8 7.1 8.4 9.1 10.6 9.9 8.6 4.5 -0.3 3.2 8.4 TCS 11.7 10.0 10.0 9.7 8.5 8.6 5.8 6.4 0.9 -7.8 -1.7 2.1 Wipro 5.5 2.8 1.4 3.7 2.8 2.5 2.0 2.4 -0.1 -5.7 -2.8 -1.1 HCL Tech 12.2 9.0 8.9 10.8 11.8 15.0 18.4 15.5 11.7 -0.3 0.8 2.9 Tech M 10.0 7.6 3.3 4.3 1.9 1.9 5.7 7.3 2.1 -3.2 -1.7 -3.3 L&T Infotech 21.6 23.4 21.4 18.2 14.5 11.5 10.7 13.7 15.9 9.5 11.2 8.5 Source: Company, Sharekhan Research

Quarterly CC revenue growth on a y-o-y basis (%): Growth accelerated Quarter Q4FY18 Q1FY19 Q2FY19 Q3FY19 Q4FY19 Q1FY20 Q2FY20 Q3FY20 Q4FY20 Q1FY21 Q2FY21 Q3FY21 Ended Infosys 9.2 6.8 8.1 10.1 11.7 12.4 11.4 9.5 6.4 1.5 2.2 6.6 TCS 7.2 9.3 11.5 12.1 12.1 10.6 8.4 6.8 3.0 -6.3 -3.2 0.4 Wipro 2.5 2.4 5.1 7.0 6.9 5.9 3.8 3.3 2.6 -4.4 -3.4 -2.0 HCL Tech 8.2 8.5 10.5 13.0 15.3 17.0 20.5 16.4 13.5 1.0 -0.4 1.1 L&T Infotech 18.7 22.9 22.9 20.6 17.5 12.9 11.9 14.2 17.4 10.6 10.5 7.4 Source: Company, Sharekhan Research

February 17, 2021 4 Sector Update

Revenue growth (%): Strong revenue growth

7.0 6.2 6.0 5.3 5.1 5.0 4.4 4.1 3.9 4.0 3.5 in % 3.4 3.4

3.0 2.8

2.0

1.0

- Infosys TCS Wipro HCL Technologies Tech Mahindra CC QoQ (%) $ revenue QoQ (%)

Source: Company, Sharekhan Research

EBIT margin (%): Impressive margin performance EBIT Margin Q4FY18 Q1FY19 Q2FY19 Q3FY19 Q4FY19 Q1FY20 Q2FY20 Q3FY20 Q4FY20 Q1FY21 Q2FY21 Q3FY21

Infosys 24.7 23.7 23.7 22.6 21.4 20.5 21.7 21.9 21.2 22.7 25.3 25.4 q-o-q (bps) 46 -101 3 -118 -113 -93 120 22 -75 149 268 7

TCS 25.4 25.0 26.5 25.6 25.1 24.2 24.0 25.0 25.1 23.6 26.2 26.6 q-o-q (bps) 22 -36 148 -90 -52 -94 -14 101 7 -149 259 42

Wipro (IT) 16.0 15.6 14.6 19.8 19.2 18.4 18.1 18.4 17.6 19.1 19.2 21.7 q-o-q (bps) -120 125 -107 526 -59 -85 -31 28 -76 146 14 246

HCL Tech 19.6 19.7 20.0 19.7 19.0 17.1 20.0 20.2 20.9 20.5 21.6 22.9 q-o-q (bps) - 6 29 -30 -65 -193 287 29 64 -36 108 127

Tech M 13.8 13.0 15.3 16.1 15.4 11.5 12.8 12.2 10.0 10.1 14.2 15.9 q-o-q (bps) 108 -82 234 75 -70 -391 131 -58 -220 7 413 173

Source: Company, Sharekhan Research

February 17, 2021 5 Sector Update

Vertical-wise revenue: Retail growth remained strong Revenue Contribution $ Growth (%) Dec-2020 ($ mn) (%) q-o-q y-o-y Infosys Financial services 1,164 33.1 9.8 13.9 Retail 517 14.7 4.7 2.6 Communication 436 12.4 4.5 -0.1 Energy, utilities & resources 440 12.5 7.9 5.4 Manufacturing 327 9.3 8.5 5.8 Hi tech 288 8.2 -4.3 7.3 Life sciences 250 7.1 10.8 14.9 Others 95 2.7 -10.4 4.5 Total 3,516 100 6.2 8.4 TCS BFSI 1,751 30.7 1.2 3.1 Retail & CPG 867 15.2 9.4 2.1 Communication & media 393 6.9 11.6 0.6 Manufacturing 570 10 11.8 2.1 Life Science and healthcare 473 8.3 -11.0 2.1 Technology & services 479 8.4 -0.8 2.1 Regional markets and others 1,169 20.5 14.0 1.1 Total 5,702 100 5.1 2.1 Wipro BFSI 632 30.5 1.6 -2.4 Consumer 340 16.4 5.2 -4.1 Technology 261 12.6 4.8 1.3 Healthcare 288 13.9 5.5 4.9 Energy & utilities 271 13.1 5.6 0.4 Manufacturing 172 8.3 5.2 0.1 Communications 108 5.2 2.0 -9.8 Total 2,071 100 3.9 -1.1 HCL Tech Financial services 560 21.4 1.1 1.9 Manufacturing 474 18.1 6.7 -10.9 Technology & services 466 17.8 7.4 21.3 Retail & CPG 275 10.5 5.4 4.9 Telecom, media, 236 10 -9.2 4.9 publishing 217 8.3 12.5 -5.1 Lifesciences & Healthcare 356 13.6 0.7 14.7 Public services 272 10.4 1.5 -1.8 Total 2,619 100 4.4 2.9 Tech M Communication 520 39.7 4.5 -9.8 Manufacturing 213 16.3 4.5 -9.1 Technology, media & entertainment 123 9.4 -1.1 19.2 BFSI 209 16.0 0.6 16.9 Retail, transport and logistics 103 7.9 8.9 6.1 Others 141 10.8 2.4 -14.4 Total 1,309 100 3.4 -3.3 Source: Company, Sharekhan Research

February 17, 2021 6 Sector Update

Service-wise revenue: Strong growth in BPO continued Dec-2020 Revenue Contribution $ Growth (%) ($ mn) (%) q-o-q y-o-y Infosys Service 3,266 92.9 6.6 7.1 Products and platforms 250 7.1 0.5 28.3 Total 3,516 100.0 6.2 8.4 Digital 1,761 50.1 12.3 33.6 Core 1,755 49.9 0.6 -8.8 Total 3,516 100 6.2 8.4 Wipro Application services 920 44.4 3.7 -0.7 Cloud and infrastructure services 530 25.6 3.9 -1.9 BPO 329 15.9 6.6 2.7 Product engineering 149 7.2 1.1 -5.1 Data, analytics and AI 143 6.9 2.5 -5.3 Total 2,071 100 3.9 -1.1 HCL Tech IT and business services 1,842 70.4 3.8 3.2 ERD Services 406 15.5 3.1 -4.5 Products & platforms 369 14.1 9.0 10.7 Total 2,619 100 4.4 2.9 Tech Mahindra IT 1,165 89.0 2.5 -4.5 BPO 143 11.0 11.4 7.8 Total 1,308 100.0 -1.1 19.2 Source: Company, Sharekhan Research

Geography-wise revenue: Strong demand across markets December-2020 Revenue Contribution $ Growth (%) ($ mn) (%) q-o-q y-o-y Infosys North America 2,166 61.6 7.7 8.9 Europe 844 24.0 4.8 6.6 India 91 2.6 -8.0 0.7 Rest of world 415 11.8 4.4 11.2 Total 3,516 100 6.2 8.4 TCS North America 2,857 50.1 5.5 2.1 Latin America 108 1.9 17.5 2.1 UK 907 15.9 7.8 2.1 Continental Europe 850 14.9 -3.9 2.1 India 325 5.7 19.8 2.1 APAC 530 9.3 0.8 2.1 MEA 125 2.2 21.7 2.1 Total 5,702 100 5.1 2.1 Wipro Americas 1,193 57.6 2.5 -3.8 Europe 522 25.2 10.1 5.1 RoW 356 17.2 0.4 -0.6 Total 2,071 100 3.9 -1.1 HCL Tech Americas 1,635 62.5 3.4 2.4 Europe 772 29.5 8.4 3.9 RoW 209 8.0 -1.8 2.9 Total 2,617 100 4.4 2.9 Tech M America 613 46.8 0.0 -6.4 Europe 345 26.4 8.3 -5.5 RoW 351 26.8 4.9 5.3 Total 1,309 100 3.4 -3.3 Source: Company, Sharekhan Research

February 17, 2021 7 Sector Update

Net Hiring and Attrition: Strong net addition of employees, attrition increased 18,000 16% 15,721 16,000 14,000 12,000 12.4% 9,104 12% 10,000 11.0% 10.0% 8,000 6,597 6,000 5,065 10.2% 4,000 7.6% 8% 2,000 - (2,000) -2,357 (4,000) 4% Infosys TCS Wipro HCL Technologies Tech Mahindra Net Addition (LHS) Attrition (RHS) Source: Company, Sharekhan Research

Top five Indian IT companies: Hiring bounced back

40 37.1 32.3 34.1 30 27.3 22.3 19.5 17.9 20 17.3 17.2 12.9 10.1 10 6.2 2.8 2.0 '000 0

-10 (8.1) (11.0) -20 (17.8)

-30 18 19 19 FY FY FY 4 1 3 Q3FY17 Q4FY17 Q1FY18 Q2FY18 Q3FY18 Q Q Q2FY19 Q Q4FY19 Q1FY20 Q2FY20 Q3FY20 Q4FY20 Q1FY21 Q2FY21 Q3FY21 Source: Company, Sharekhan Research

Deal wins ($ million): Strong signings continue

10000 9000 8,900 8600 8000 7129 6900 7000 6800 6000 6000 5000 4000 3145 3000 1813 1744 2000 1,650 1230 1000 500 290 421.2 455 78 113 20 41 278 0 TCS Infosys Tech M LTI Q3FY20 Q4FY20 Q1FY21 Q2FY21 Q3FY21 Source: Company, Sharekhan Research

February 17, 2021 8 Sector Update

US: Revenue growth (%) q-o-q Europe: Revenue growth (%) q-o-q

7.7% 10.1%

8.4% 8.3% 5.5%

3.4% 4.8% 2.5% 1.8%

0.0%

TCS Infosys HCL Tech Wipro Tech M TCS Infosys HCL Tech Wipro Tech M Source: Company, Sharekhan Research Source: Company, Sharekhan Research

BFSI: Revenue growth (%) q-o-q Manufacturing & Hi-tech: Revenue growth (%) q-o-q

9.8% 11.8%

6.7% 5.2% 4.5%

1.6% 2.1% 1.2% 1.1% 0.6%

TCS Infosys HCL Tech Wipro Tech M TCS Infosys HCL Tech Wipro Tech M Source: Company, Sharekhan Research Source: Company, Sharekhan Research

Telecom & media: Revenue growth (%) q-o-q Healthcare & life science: Revenue growth (%) q-o-q

12.5% 10.8% 11.6%

5.5% 2.4% 0.7%

4.5% 4.5%

2.0%

-11.0%

TCS Infosys HCL Tech Wipro Tech M TCS Infosys HCL Tech Wipro Tech M Source: Company, Sharekhan Research Source: Company, Sharekhan Research

Retail, transport, CPG: Revenue growth (%) q-o-q Energy & utilities: Revenue growth (%) q-o-q

9.4% 8.9% 7.9%

5.6% 5.4% 5.2% 4.7%

1.5%

TCS Infosys HCL Tech Wipro Tech M Infosys HCL Tech Wipro Source: Company, Sharekhan Research Source: Company, Sharekhan Research

Sharekhan Limited, its analyst or dependant(s) of the analyst might be holding or having a position in the companies mentioned in the article.

February 17, 2021 9 Know more about our products and services

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