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How did mid-tier IT firms perform in Q3 FY21?

Just like top IT firms, tier II IT firms too have been among the biggest gainers during the pandemic as their stock prices more than doubled since April 2020.

January 27, 2021 / 05:00 PM IST
4. Hyderabad | Weighted Average Compensation: Rs 8.5 lakh per year (Image: Moneycontrol)

4. Hyderabad | Weighted Average Compensation: Rs 8.5 lakh per year (Image: Moneycontrol)

 
 
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Confounding the naysayers, mid-tier IT firms clocked one of their largest deal wins amid the pandemic during the third quarter of  FY21. With the focus on cloud and large deal pipelines, these companies are now looking at strong growth in Q4, say IT executives and analysts.

This confidence can be attributed to the sharp focus on new age technologies like cloud, client mining and the resulting large deal wins.

Mid-tier IT  companies such as L&T InfotechMphasis and Mindtree have posted strong year-on-year growth for the quarter ending December 2020 ,and have signed some of their largest deal wins during this period.

Larger peers such as TCSInfosysWipro and HCL Tech too have seen large deal momentum coming back with these firms signing large multi-million dollar deals during the third quarter of FY21. Infosys clocked its all-time high deal win of $7.13 billion in a quarter for Q3 FY21.