Indian engineering service industry was on a roll and witnessed double-digit revenue growth in the last few years, whereas the Indian IT and BPO industries grew in single digits.
This year the winning streak will be broken. The $15 billion odd questions is by how much?
How will Indian engineering service providers grow in FY 21? I did estimate a few months back about the growth for four different categories of engineering service provides from -10% to 10%
Now nine months’ results are out, and it looks that my estimates were on the higher side. The actual nine-month growth of six large Indian engineering service provider is -5%.
These six service providers cover all four major service provider categories and can be a good sample for the Indian engineering service industry.
All service providers are on a recovery trajectory. Since Q4 will be better than the last nine months, the overall revenue decline of Indian engineering service providers in FY 21 should be about 3 to 4%.
The good news is most service providers are confident of double-digit growth in FY22. Let’s hope FY22 turns out to be a great year for all!