On the one end, the large players in the Indian IT circuit are growing by leaps and bounds but for the first time in the past two years, second-tier IT vendors are not sharing the same optimism as their larger counterparts about a recovery in demand for IT services.

It is to be mentioned here that country's top technology firms including Tata Consultancy Services, Infosys Technologies and Wipro grew their revenues in double digits.

However, a host of big players are also facing some hurdles in their path. For instance, players like Tech Mahindra and Patni saw their revenues and profits fall sequentially, because of pressure on telecom clients and project delays, and have refrained from giving a robust guidance.

Shashi Bhushan, senior research analyst at brokerage, Prabhudas Lilladher said that the results posted by many small and mid-sized IT companies have not been up to the mark.

Moreover, the analyst also pointed out the fact that the first quarter has been very well for the small and mid-sized IT companies in the Indian market. It may be noted here that Mastek's profits slipped into single digits to Rs 2.5 crore from Rs 35 crore in the comparable quarter of the previous year.