These 10 mid-sized IT companies in India are growing very fast

Based on the DQ Top20 revenue growth estimates for FY2015, here is the list of top 10 fastest growing mid-sized Indian IT companies;

1.Ricoh India

In FY15, Ricoh India, the office automation company posted a whopping 56% revenue growth in FY2015. The surge in top line was primarily backed by growth in core products and IT services segment. The company won several high value business contracts during the fiscal, a large part of which came from the government. Major deals bagged in the government sector include a five-year order from the Department of Posts worth about Rs1,370 crore.

Another big win during the year was a Rs200 crore project from the Department of Education, Delhi Government for the implementation and maintenance of ICT solutions in 1,100 schools across Delhi.

Looking ahead, Ricoh is upbeat about its growth and increased visibility in the Indian market, where IT services is expected to be a growth engine in the coming years.

2.Vakrangee

Originally an eGovernance player, Vakrangee has now diversified into financial inclusion. The company has started reaping rich dividends with this business move. With stupendous 41% growth and revenues increasing from 1,965 crore in FY14 to 2,775 crore, the company had a remarkable FY2015.

Also read; DQ Top20: Meet India's top 100 IT companies & 

Top 5 fastest growing large IT Companies in India

Post the launch of Pradhan Mantri Jan Dhan Yojana, there has been a strong push from the banks to expand their business correspondent network not only in rural but also in the urban areas. The company is leveraging this growth opportunity and there has been a strong ramp-up in its urban branches from 15 in March 2014 to 1,253 urban branches in December, 2014.

The company has also received a license from the RBI to set up and manage minimum 15,000 White Labeled ATMs (WLAs) across India over the next three years.

With more and more services coming under the digital agenda, Vakrangee is expected to witness further growth in the near future.

3. Rashi Peripherals

Banking on its strong partner base and product portfolio, the IT distributor delivered a spectacular show again with 36% growth in FY2015 revenues.

In the highly competitive IT distribution space, Rashi has been growing consistently with a CAGR of 29% for the last 10 years. The company’s growth is backed by its network of branches comprising of 51 offices and 56 service centers and billing to almost 10,000 partners in 800 towns of India.

The company is eyeing huge potential in cloud technology and plans to have a separate vertical for cloud. Outlook for FY16 also looks positive, given its strong portfolio and reach.

4. Iris Computers

The IT distributor pulled off a stellar performance with 36% revenue growth in FY2015, backed by expanding partnerships and strong momentum across all brands.

Iris is a distributor of computer systems and peripherals, from leading OEMs like IBM, Lenovo, HP, Canon, Dell, and so on. The good show in FY15 was backed by impressive gains across all the brands. During the year, some large orders ranging from government enterprises to large corporations helped drive growth. Delhi-based IT distributor has formed a strong presence across the country working with more than 2,500 channel partners through its 35 locations.

5. Asus India

In FY15, Asus India continued its growth momentum with substantial 25% increase in revenues. Its revenues zoomed to `2,234 crore from `1,787 crore in the last fiscal.

Its growth was fuelled by a well-diversified product portfolio and strong retail presence across the country.

The company managed to post strong growth despite challenges in the PC market primarily because of its healthy portfolio of devices in India which includes notebook computers, tablets, desktops, etc. Presence in multiple product segments acted as a cushion for Asus.

To increase its market share, Asus has been introducing products relevant to the Indian market.

With its strategy of aggressive retail expansion, the company is aiming to achieve 10% market share in notebooks in India by the end of 2015.

6. Cyient

FY15 proved to be a rewarding year for Cyient (formerly Infotech Enterprise), a provider of engineering, data analytics, network, and operations solutions, as it continued its growth momentum and delivered strong performance with revenue growing 24% and net profit increasing by 33% on a YoY basis.

Backed by strong growth across industry segments and geographies, Cyient demonstrated improvement in all financial metrics.

During the course of the year, Cyient completed three acquisitions, including Softential, Invati Insights, and Rangsons Electronics.

Acquisition of 74% stake in Rangsons Electronics, and its wholly owned subsidiary Techno Tools Precision Engineering was in line with the company’s strategy of addressing the entire product lifecycle needs of its customers.

7. Supertron Electronics

Continuing its double-digit growth spree, Supertron had a rewarding FY15. The company attained revenue of Rs1,948 crore, registering a robust growth of 24%, as compared to the industry standard of 10-12%.

Supertron is very optimistic about the graphic cards business in India and is aiming to tap the market with this alliance. It was also appointed by Genuis, a provider of computer peripherals and smartphone accessories, as its national distributor for the Indian market.

Supertron is already a national distributor for many leading companies, including Dell, Seagate, Acer, IBM, LG, Samsung, Transcend, Digilite, Digisole, Cyber Power, Toshiba, Philips, among others. The company is focusing on opportunities in smaller towns and has opened four branches in cities like Jabalpur, Puducherry, etc. It has also opened satellite branches in Trivandrum and Rajkot.

8. Sify Technologies

Its focus on services under Sify 3.0 gained traction with good contract realizations, as the company registered an impressive 23% in FY15. Sify Technologies bagged some big deals in the year including one from a global automobile company and another from an Indian automotive component manufacturer for WAN outsourcing. The telecom vertical achieved a major milestone by connecting more than 27,000 locations for the Department of Post.

It acquired 52 new clients across verticals including BFSI, ITeS, retail, and manufacturing.

The company was able to synergize its competencies across data and communications and leveraged on hot areas like cloud and morphed into an integrated technology operations provider.

9. Epson India

Epson India clocked a solid 23% top line growth in FY15. At an overall level, Epson is now the #1 brand by value market share in all the key categories it operates in, that is, inkjet printers, projectors, dot matrix printers, and POS printers. The key reason for growth at an overall level is a very strong consumercentric approach pervading through the organization. Moreover, its robust and loyal channel network also helped.

The company also saw extremely strong consumable sales thanks to low cost and high demand for genuine ink bottle for InkTank printers.

As per CMR, Epson’s value market share climbed from 44% to 51% in FY15, whereas HP came down further to 33%. On the projector side, as per CMR, (Value share as per CMR—H1 FY 2014-15), Epson clocked a market share of 23% and remains the #1 projector brand in India.

10. Zicom Electronic Security Systems

During FY15, Zicom scored a number of milestones that helped the company achieve an impressive 20% revenue growth. The fire security business of the company in the Middle East conducted under the two flagship subsidiaries, Unisafe Dubai and Phoenix Qatar, continued with its improved performance, despite slump in the global crude prices.

The Gulf fire safety business contributed 60% to the top line of the company. However, the working capital deployment for the projects still remains a major concern. Zicom SaaS also performed exceedingly well with continued flow of orders from banks for ATM surveillance and housing societies. The company is positive that the segment will further grow in the coming years.

(Note: Includes  companies between Rs 5000 -1000 cr revenues, as per estimates from DQ Top20 Survey)