Optimistic Outlook

The first quarter of this fiscal ended on a cheery note for the domestic IT industry's Banking, Financial Services, and Insurance (BFSI) vertical.

By E Kumar Sharma  
Monday, July 23, 2018

The first quarter of this fiscal ended on a cheery note for the domestic IT industry's Banking, Financial Services, and Insurance (BFSI) vertical. Market leaders Tata Consultancy Services and Infosys just announced their Q1 results indicating BFSIs higher business potential. It is incidentally the largest vertical for the domestic IT sector as a whole. For TCS and Infosys, too, it is the biggest, accounting for over 31 per cent of total revenue. After the Q1 FY19 earnings announcement, CEO and Managing Director of TCS, Rajesh Gopinathan, said, "Our optimism on BFSI demand in North America has been vindicated. Our BFSI vertical grew very nicely this quarter, recording strong sequential growth and a year-on-year value of 4.1 per cent. " Infosys CEO and Managing Director, Salil Parekh, meanwhile, said: "Two of the four new clients in the $100 million dollar range are from financial services.. there is an interest now (from clients), specifically in financial services."

E. Kumar Sharma

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