Two Indian IT giants, TCS and Infosys, dominate the race with a combined client base of over $100 million.

Pandemic-era giant deals have returned to the Indian IT sector, with TCS and Infosys onboarding 12 clients worth $100 million or more each. Wipro and HCLTech have seen slower growth, adding 7 clients in this category. By the end of the 2023-24 fiscal year, TCS will have 62 clients in this category, while Infosys will have 40, and Wipro and HCLTech will have 22 each. Industry analysts attribute this growth to the consolidation of competitor projects and the need to win over existing clients. However, winning these large deals remains a challenge, with companies like Wipro and HCLTech struggling to replicate their pre-pandemic success. IT firms have acknowledged a deceleration in large deals, citing limited discretionary spending due to the Russia-Ukraine conflict and potential recession concerns. While TCS, Infosys, and Wipro gained numerous clients in this segment during the pandemic, growth slowed subsequently, with revenue growth declining before stabilizing in the latter part of the 2023-24 financial year.