Cognizant notches highest revenue growth rate among Indian IT firms

US-headquartered firm Cognizant notched the highest growth rate of 20.1 per cent in revenues among the top five India-based IT services providers last year, according to global research firm Gartner.

Gartner said in a statement today that the NASDAQ-listed firm also displaced Infosys as the second-largest IT services provider in 2012 with a  global revenue of $7.1 billion.

Gartner research director Arup Roy said, Cognizant displaced Infosys to emerge the second-largest Indian IT services provider and Cognizant experienced the highest growth rate among the top five providers with an increase of 20.1 per cent in 2012.

The revenues of the top 5 India-based IT services providers worldwide increased by over 13 per cent to $34.3 billion (around Rs1,900 crore) last year from $30.3 billion in 2011.

TCS led the IT services providers with revenue of $10.9 billion, followed by Cognizant at $7.1 billion, Infosys at $6.7 billion, Wipro at $5.7 billion and HCL Technologies at $3.9 billion in 2012.

The top five Indian providers clocked a growth of 13.3 per cent to reach $34.3 billion in 2012, which exceeded the IT services industry growth of 2 per cent, it added.

Gartner views Indian players as those who had an India-based delivery model and management.

Cognizant, which ranked 28 globally in 2011, rose to the 23rd position in 2012 grossing revenues of $7,053 million. Infosys, ranked 27 globally in 2011, also improved its ranking to 26, with revenues of $6,691 million.

Tata Consultancy Services held its position as the highest ranked Indian IT firm globally, at No. 16, the same as in 2011, with revenues of $10,888 million.

"TCS closed in on the top 10 worldwide market share leader, with less than $1.5 billion separating it from the 10th ranked provider, Hitachi," Gartner said in a press statement.

Azim Premji-promoted Wipro retained its global ranking of 31 (revenues of $5,737 million), even as HCL Tech was placed 41, as it jumped six places, with revenues of $3,916 million.

Gartner said the top five Indian providers (TCS, Cognizant, Infosys, Wipro and HCL Tech) grew 13.3 per cent to reach $34.3 billion in 2012, overtaking the IT services industry growth of 2 per cent.

However, both industry groups, saw their growth fall from 21.8 per cent and 7.7 per cent, in 2011. According to Gartner, this was the first time that the top 10 India-based IT services providers' growth slowed considerably in the last five years.