IT earnings: HCLTech boosts revenue per employee with AI help

Business Nov 13, 2025

Indian IT companies had a mixed second quarter. HCLTech came out on top among big players, boosting revenue per employee by 2% with help from AI.
TCS and Tech Mahindra saw small gains, but Infosys slipped due to ongoing AI-related hiring and investment in building its deal pipeline, and Wipro slipped mainly due to fewer billable projects.

Mphasis, Persistent Systems see RPE jump 4%+

Mid-sized IT companies like Mphasis and Persistent Systems did even better, with RPE jumping 8.4% and 4.2%, thanks to handling smaller projects and operating leaner cost structures.
Meanwhile, edtech startup PhysicsWallah's IPO was fully subscribed—lots of buzz from investors—but its gray market premium dropped to zero before its November 18 debut, showing some nerves despite the hype.