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Tech Firms May See More Short-Term Contracts, Frequent Renewals
Mint Hyderabad
|January 20, 2025
Indian IT services companies are increasingly seeing shorter-term contracts from clients, driven by economic uncertainty and rapid technological shifts, according to company executives and analysts.
K. Krithivasan, the company's chief executive and managing director, said in a post-earnings interaction with analysts on 9 January.
Pointing out that TCS reported deal cycles shortening in the December quarter compared to the September quarter, Keith Bachman, analyst at BMO Capital Markets, said, "We think this is encouraging with regard to CY25 growth improvement vs CY24." CY refers to calendar year (January-December).
TCS's total contract value or TCV expanded 18.6% sequentially to $10.2 billion for the quarter ended December 2024. This includes existing contracts and new projects.
According to the management of HCL Technologies Ltd and Wipro Ltd—India's third-largest and fourth-largest IT services companies, respectively—several Fortune 500 companies are awarding them work of much shorter tenures.
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