Bellwether tag still some way off for Infosys

In fiscal 2001, around the time the dust of the dotcom explosion had started to settle, Infosys Ltd reported revenues of $414 million. Tata Consultancy Services, which was then still a division of Tata Sons Ltd, had revenues of around $670 million, or about 60% higher than Infosys.

Both have had their share of ups and downs since. In Nandan Nilekani’s five-year term as CEO, Infosys shrank the gap with TCS considerably. By FY09, TCS’s dollar revenues were only 29% higher than Infosys. TCS’s golden years, on the other hand, started in 2009, when N. Chandrasekaran took over as CEO. By FY15, it had widened the gap, and its revenues were 77% higher than those of Infosys.

Infosys’s market share losses vis-a-vis TCS stopped ever since its founders vacated the CEO chair in 2015, and in the past two years, it has even gained market share at the expense of TCS.