The combined forex revenue of IT companies, such as Tata Consultancy Services (TCS), Infosys, Wipro and HCL Tech, in 2022-23 was higher than that of listed oil & gas, and listed non-oil & gas companies in other industries, according to a Business Standard report.
IT companies’ forex revenue stood at Rs 5.14 lakh crore in the financial year 2022-23, up 20.7 per cent year-on-year. It is compared with the total forex earnings of other manufacturing companies (ex-IT and oil & gas) at Rs 5.08 lakh crore during FY23, down 5 per cent year-on-year, said the report.
Industry experts, according to the report, said this is due to a broader slowdown in India’s goods exports, while services exports, particularly in IT, remain robust.
According to the latest official data, India’s foreign exchange (forex) reserves currently stand at $598.897 billion. In October 2021, the country’s forex kitty had reached an all-time high of $645 billion. The reserves took a hit as the central bank deployed the kitty to defend the rupee amid pressures caused majorly by global developments since last year.
In the financial year 2022-23, TCS clocked a net profit of Rs 42,147 crore, up 10 per cent compared to Rs 38,327 in FY22. During the year, Infosys posted a net profit of Rs 24,095 crore, which was up 9 per cent as compared with the previous year.
Wipro earned a net profit of Rs 11,350 crore in FY23, which was 7.1 per cent lower than the previous year.
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