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Indian Engineering Service Providers Q1 FY 21

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.

Pareekh Jain

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Gridlove Pareekh Jain Founder of Pareekh Consulting & EIIRTrends