IT sector sales up 5.2% in 3rd quarter of 2020-21: RBI data
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. Updated: 05 Mar 2021, 07:19 PM IST PTI
Information technology (IT) sector remained in positive terrain throughout the Covid-19 pandemic period and their sales increased by 5.2% (Y-o-Y) in Q3:2020-21, the RBI said
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MUMBAI :
Information technology (IT) sector remained in the positive terrain throughout the COVID-19 pandemic period and its sales increased by 5.2% year-on-year in the third quarter of 2020-21, according to the RBI data on performance of private sector corporate released on Friday.
The data is drawn from abridged quarterly financial results of 2,692 listed non-government non-financial (NGNF) companies.
The National Association of Software & Services Companies (Nasscom) has projected a 2.3 per cent revenue growth in FY21 for the country’s information technology industry despite the pandemic. Nasscom has pegged the Indian IT industry’s revenue during the current financial year at $194 billion, up from $190 billion in FY20. Compared to previous years when the industry registered a growth of 6 to 7 per cent, the current numbers are subdued. Although several players faced pricing pressure as the global economy contracted, the Indian IT services segment is set to grow 2.7 per cent to $99 billion, according to the latest numbers. Growth was driven by the e-commerce sector that grew 4.8 per cent to $57 billion, followed by a 4.1 per cent growth in the hardware segment that touched a revenue of $16 billion on a year-on-year basis. Exports are expected to touch $150 billion for FY21.
The year 2021 will be good for India s information technology sector and most of the companies in the space are expected to clock high single digit growth, according to IT industry veteran V Balakrishnan. The former Chief Financial Officer of IT major Infosys said Indian IT companies have handled the COVID-19 very well in terms of transitioning to work-from-home and capturing new business opportunities in the wake of the pandemic. All major global companies wanted to move to Cloud and cut costs, the Partner and Chairman of Exfinity Venture Partners said. That s why big deals are coming and Indian companies are getting a fair share of that , Balakrishnan told PTI.