IT companies’ forex revenue exceeds earnings of other manufacturers in FY23

Indian information technology (IT) services companies, such as Tata Consultancy Services, Infosys, Wipro, and HCLTech, have emerged as the most consistent baggers of foreign exchange.

For the first time in 2022-23 (FY23), their combined forex revenue surpassed that of listed oil and gas companies, as well as listed non-oil and gas firms in other sectors. The latter category includes industries like pharmaceuticals, automotive and auto ancillaries, industrial metals, capital goods, chemicals, textiles, fast-moving consumer goods, and consumer durables.