IT midcaps' focus on sales reaps dividend; L&T Infotech posts 30% growth

L&T Infotech (LTI), which reported 30 per cent growth in revenues on year-on-year basis, added four large clients in the quarter in the $5-20 million range

Midsize IT firms had a good run in the June quarter of FY19, backed by stronger deal wins, reflecting that the investment that these companies had made in recent years, in reinvigorating their sales engines, are starting to pay dividends. Industry experts say that the availability of a large number of smaller size deals and their push towards European markets also aided midcaps such as Mphasis, Mindtree and Persistent to clinch many of those.

Mphasis, the Blackstone-owned IT services company, for example, announced deals with total contract value (TCV) worth $153 million in the June quarter, a jump of 32