�Infosys� underperformance has to do with the telecom vertical � it has performed lower than its potential,� Apurva Shah of brokerage firm Prabhudas Lilladher said. Telecom, a distressed sector for the whole IT industry, formed 16% of Infosys� revenues in FY10 and de-grew to 12.9% in FY11. On the other hand, TCS had a smaller exposure to the sector. Telecom formed 12.7% of its revenues in FY10 and made up 12.1% in FY11.

Nevertheless, Apurva Shah also credits TCS� growth to the dynamism the firm has shown over the last two years. �TCS has gone more aggressive. The company has displayed a dynamism in sales while Infosys has become a bit conservative,� he noted. Sanjeev Hota of Sharekhan agreed and noted that TCS has become more aggressive chasing deals. �Under CEO N Chandrasekaran, TCS has chased deals like never before. Infosys may have forgone some volume for margins,� he said.