Q1 results of six largest Indian engineering service providers which declare financials of their engineering services business
Sales, QoQ growth/decline in descending order
Persistent: $131 M, 3.1 %
HCL ERS: $378 M, -9%
LTTS: $171 M, -12.5%
Cyient: $131 M, -12.5%
Tata Elxsi: $53 M, -13%
KPIT: $65 M, -13.8%
Summary of engineering service providers’ industry wise growth trends based on Q1 results and discussion with stakeholders.
- Growth: Software/ ISV, Medical device/ healthcare
- Flat: Telecom/ media
- Decline: Automotive, Aerospace, Industrial/ Oil & Gas
News of large deals/ carve outs in ISV, Automotive and Telecom from Persistent, KPIT, LTTS and HCL.
Bottom Line: Hope Q1 has bottomed out and service providers start showing some QoQ growth in Q2. The deal signing and pipeline is encouraging.
Note: TCS, Wipro, Infosys, Tech Mahindra, QuEST Global, Tata Technologies, Cognizant, and Global Logic will also make in the list of India-centric ESP with quarterly revenue > $50 Million. Their financial details of engineering business are not available.