The Indian IT industry recorded 19 per cent growth in revenues in the 2010-11 financial year to Rs 438,296 crore ($96.1 billion).

The growth is a significant recovery for the industry, which recorded just 8 per cent growth in 2009-10 in the wake of the global recession in 2008, which made both global and Indian companies cut back on their IT spending.

The figures were compiled by IT industry magazine Dataquest, the flagship publication of media house CyberMedia, which conducts an annual research study on the state of the industry.

According to the findings, exports accounted for two-thirds (66.4 per cent) of the industry's revenues, while the domestic market accounted for the remaining one-third (33.6 per cent) in 2010-11.

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However, revenues from the domestic market experienced higher growth than exports in the financial year.

Domestic IT revenues grew by 23 per cent to Rs 147,152 crore (Rs 1,471.52 billion) in FY'11, while exports clocked 17 per cent growth to Rs 291,144 crore (Rs 2911.44 billion).

While IT services exports grew by 21 per cent in FY'11 (compared to 6 per cent in FY'10) and engineering services exports grew by 22 per cent (compared to 6 per cent in the previous year), BPO exports growth slowed down to just 7 per cent, compared to 13 per cent in the previous fiscal.

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Total services exports from India stood at $64 billion in FY'11, including IT software/services and BPO.

"The slowdown in 2009 and 2010 made the industry more efficient and mature. With the growth now back, the Indian IT industry can look forward to more depth, innovation and global spread in 2011-12," said Pradeep Gupta, chairman of CyberMedia India.

Hewlett-Packard India was the largest IT player in the domestic market, while TCS was the largest exporter from India and also the largest company across all categories.

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Within the Indian domestic market, computer hardware sales jumped by 28 per cent.

Software and services revenues grew by 19 per cent each, clearly indicating that enterprises have resumed their spend on new infrastructure creation and hardware replacement.

However, certain segments within software, such as business intelligence (BI), did particularly well. BI grew at 38 per cent.

The segment, which had grown by 44 per cent in FY'10, is the new focus for investment among large enterprise CIOs, as top executives are now relying more and more on analytics to take business decisions, Dataquest notes.

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The research also reveals that most of the consumer technology segments, such as laptops, smartphones, and storage devices (MP3 players, digital cameras, consumer storage media), recorded impressive growth in FY'11.

Smartphones (revenues of Rs 8,796 crore (Rs 87.96 billion)) experienced the maximum growth in revenue terms across all categories, at 97 per cent.

Computer hardware sales of Rs 29,151 crore (Rs 291.51 billion) included servers (Rs 2,709 crore), desktop computers (Rs 13,341 crore) and laptop computers (Rs 13,301 crore).

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The Top 7 IT companies notched up revenues of over Rs 10,000 crore (Rs 100 billion) each, namely TCS (Rs 29,801 crore (Rs 298.01 billion)); Infosys (Rs 25,477 crore (Rs 254.77 billion)); Cognizant (Rs 21,393 crore (Rs 213.93 billion)); Wipro (Rs 19,421 crore (Rs 194.21 billion)); Hewlett-Packard (Rs 19,022 crore (Rs 190.22 billion)); HCL Technologies (Rs 13,264 crore (Rs 132.64 billion)) and HCL Infosystems (Rs 11,773 crore (Rs 117.73 billion), totalling Rs 140,151 crore (Rs 1,401.51 billion).