The top 200 IT companies in India logged a combined revenue of $84 billion (Rs 384,250 crore) to achieve an average growth rate of 25 per cent in 2010-11, the highest in the past four years, according to a survey.
The revenues of these companies stood at Rs 307,126 crore in 2009-10 and Rs 289,093 crore in 2008-09.
The combined revenue of the top 20 IT companies was $54 billion (Rs 247,808 crore) in 2010-11, also representing a growth of 25 per cent. This is significantly higher than the 8 per cent growth recorded in 2009-10 on the back of revenues of Rs 198,017 crore.
The 2010-11 growth surpasses the 24 per cent growth witnessed in 2007-08, the year before the slowdown, according to the annual research findings on the Indian IT industry by Dataquest, the flagship journal of specialty publishers CyberMedia.
Each of the top 20 IT companies earned over $1 billion in 2010-11, together posting revenues of $54 billion (Rs 247,808 crore), contributing 64 per cent to the top 200 companies' revenue.
According to the findings, the top five Indian IT companies in 2010-11 were TCS, Infosys, Wipro, HP and Cognizant, with revenues of Rs 33,112 crore (25 per cent growth over last year), Rs 25,997 crore (22 per cent), Rs 24,899 crore (13 per cent), Rs 23,227 crore (30 per cent) and Rs 21,393 crore (37 per cent), respectively.
Wipro, which recorded the slowest growth in the top five, surrendered the number two slot to Infosys after six years, the findings said.
The number six slot went to the Indian subsidiary of 100-year-old global tech behemoth IBM (revenues Rs 14,132 crore, year-on-year growth of 14 per cent).
The two companies founded by Shiv Nadar -- software major HCL Technologies and hardware firm HCL Infosystems -- posted revenues of Rs 14,111 crore (28 per cent growth) and Rs 12,137 crore (2 per cent), respectively, to bag the number seven and number eight slots in the list.
Two product distribution companies, Ingram Micro and Redington, with revenues of Rs 9,766 crore (35 per cent) and Rs 9,274 crore (32 per cent), bagged the number 9 and number 10 slots.
The survey notes that significant leadership changes have taken place at the senior levels in nearly one-third of the top 200 IT companies.
"Very rarely has a more fundamental change swept across the Indian IT industry in the past," Dataquest Editor Shyamanuja Das observed.
As many as seven of the Top 20 companies -- TCS, Wipro, Cognizant, HCL Infosystems, Accenture, Microsoft and Oracle -- effected changes in their top leadership, while a leadership change at Infosys would come through this month.
While Mahindra Satyam has made a re-entry in the list after two years, it hasn't changed the ranking of the top 20 companies significantly. However, the revenues of the next 30 companies (ranked 21-50) grew at 29 per cent, faster than the top 20 companies.
Four companies recorded triple-digit growth, while 150 of the 200 companies (129 Indian companies and 71 foreign ones, who are active players in the Indian market) recorded double-digit growth.
In 2009-10, only one company grew at a rate over 100 per cent, while 78 recorded double-digit growth. In general, companies focused on the domestic market have grown faster than those focused on exports. As many as 18 of the 20 fastest growing companies are focused on the India market.
Coincidentally, the top company, TCS, with a revenue of Rs 33,112 crore (minus BPO), was over 200 times the size of the two companies at the 200th rank -- Aftek Limited and Datamatics Global Services -- which posted revenues of Rs 155 crore each in 2010-11, the survey said.