India's top four IT services companies have delivered a mixed set of June quarter earnings, with artificial intelligence emerging as the common growth theme. While deal wins remained resilient across the industry, companies differed on hiring, AI infrastructure investments and growth outlook as an uneven macroeconomic environment continued to weigh on client spending.
Here's how Infosys, Tata Consultancy Services (TCS), HCLTech and Wipro compared across key metrics.
Deal Wins: Infosys And HCLTech Lead
Infosys reported large deal total contract value (TCV) of $3.6 billion during the June quarter, up 12.5% from $3.2 billion in the March quarter.
Management said the large deal pipeline remains healthy, although customer decision-making has become slower. It also highlighted healthy momentum in converting the pipeline into signed contracts.
HCLTech delivered one of its strongest quarters on bookings, with TCV of $2.41 billion. Chief Executive Officer C Vijayakumar described it as the company's strongest-ever quarter from a bookings perspective.
Wipro's large deal TCV rose 13% sequentially to $1.63 billion after signing 13 large deals during the quarter.
TCS lagged on this metric, with its order book declining to $9.5 billion from $12 billion in the previous quarter. However, the company secured a marquee AI-led transformation deal with SKF.
Growth: Infosys Outpaces Peers In Constant Currency
Infosys reported constant currency revenue growth of 1% quarter-on-quarter, recovering from a 1.3% decline in the previous quarter. The company said around 1.1 percentage points of growth came from inorganic contributions, while the core business remained broadly flat sequentially.
However, Infosys has trimmed its constant currency revenue forecast for financial year 2027 to between 1.5% and 3% from 1.5-3.5% in the preceding quarter.
TCS reported constant currency revenue growth of 0.4% quarter-on-quarter, broadly in line with market expectations.
ALSO READ: Infosys Trims Growth Guidance; CFO Says Q1 Softness To Have 'Cascading Effect'
On the other hand, HCLTech's constant currency revenue declined 0.5% sequentially to $3.65 billion, although the company retained its fiscal 2027 constant currency revenue growth guidance of 1-4%.
Wipro remained the weakest performer, with IT services revenue declining 1.4% sequentially to $2.62 billion. The company has guided for a further sequential decline of up to 1.5% in the September quarter.
Hiring Trends Remain Mixed
Hiring trends diverged sharply across the four companies.
Infosys reported a marginal decline in employee headcount by 532 during the quarter to around 3.28 lakh employees. Voluntary attrition over the last twelve months increased to 13% from 12.6% in the previous quarter, although it improved from 14.4% a year ago.
Despite AI-led productivity gains, Infosys reaffirmed plans to hire 20,000 fresh graduates during fiscal 2027. The company has already recruited more than 4,000 freshers in the first quarter.
TCS significantly accelerated hiring, adding over 9,000 employees during the quarter to take its workforce to 5,93,798. It also onboarded around 14,000 campus graduates during the period.
Wipro added 888 employees during the quarter, taking its workforce to around 2.43 lakh.
HCLTech was the only company to report a notable workforce reduction, with headcount falling to around 2.24 lakh from 2.27 lakh in the previous quarter.
AI Emerges As The Biggest Growth Engine
Artificial intelligence continued to dominate management commentary across all four companies.
Infosys disclosed that AI services contributed 8.2% of June quarter revenue, equivalent to approximately $417 million. The company said AI services have delivered double-digit growth over several quarters, reflecting rising enterprise adoption.
TCS said its AI business has reached an annualised revenue run rate of $2.6 billion, representing around 8.5% of annualised revenue.
ALSO READ: AI Isn't Killing Entry-Level IT Jobs Yet: Infosys To Hire 20,000 Freshers In FY27
HCLTech reported AI revenue at 4.6% of quarterly revenue, while its last twelve months AI revenue accounted for 12.2% of total revenue.
Wipro did not disclose AI revenue but said clients continue to reallocate technology budgets towards AI initiatives. Management also acknowledged that investments in AI weighed on margins during the quarter.
AI Infrastructure Strategy Sets Infosys Apart
One of the biggest strategic differences emerged around AI infrastructure.
Infosys ruled out entering the AI infrastructure and data centre business for now. Chief Executive Officer Salil Parekh said the company had reviewed the opportunity internally with both management and the board but had decided against investing in the segment at this stage.
That contrasts with HCLTech, which has identified AI infrastructure and data centres as a strategic opportunity. The company believes owning AI compute infrastructure will become increasingly important as enterprise demand accelerates.
HCLTech also acknowledged that AI-driven productivity improvements could create a 2-3% revenue deflation impact, although it expects stronger business growth to offset that headwind.
TCS continues to focus on expanding AI-led transformation, cybersecurity, sovereign cloud and modernisation services, with Chief Executive Officer K Krithivasan saying strong deal conversion and expanding ecosystem partnerships position the company well for long-term AI-led growth.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.