It is 'Persistent' as India gets a new ninth-largest IT firm

This is the fourth instance of a change in pecking order of the country's IT industry in a year

- Jas Bardia

Persistent Systems Ltd got more revenue than Hexaware Technologies Ltd in the January-March 2025 period, making it the country's ninth-largest information technology (IT) services company. This marks the fourth instance of a change in the pecking order of the country's $283 billion IT industry in a year.

The big four—Tata Consultancy Services Ltd, Infosys Ltd, HCL Technologies Ltd and Wipro Ltd—accounted for 26% of the country's IT industry. Tech Mahindra Ltd and LTIMindtree Ltd are the fifth and sixth-largest IT outsourcers, followed by Mphasis Ltd and Coforge Ltd.

For the three months ended March 2025, Persistent Systems recorded a 4.16% jump in revenue to $375.2 billion. During this time, Hexaware, relisted on the stock exchanges in February, saw its revenue shrink 0.21% sequentially to $371.5 million.

For now, Persistent gets bragging rights among investors, shareholders and clients for going up a notch, but this is not the first time there has been a shuffle at the top.

Since HCLTech overtook Wipro as the country's third-largest IT outsourcer in 2018, there has hardly been another change in the revenue ranks. But something appears to have changed in the last eight months.