IT companies | Business Upturn

LTI Mindtree Q1 results exceed expectations: PAT at Rs 1,151 crore; Revenue grows 14% YoY

Viditha Ganji — Mon, 17 Jul 2023 11:24:15 +0000

LTI Mindtree, a prominent IT services company, has impressed the markets with its Q1 results for the fiscal year 2023-24. The company reported a consolidated net profit of Rs 1,151 crore during the first quarter, showcasing a commendable 4% year-on-year (YoY) growth compared to the same period last year when it recorded Rs 1,106 crore. Simultaneously, the revenue from operations witnessed a substantial 14% YoY rise, reaching Rs 8,702 crore.

The solid performance can be attributed to LTI Mindtree’s well-performing key verticals, including BFSI, Manufacturing & Resources, and Hi-Tech, Media, and Entertainment, which collectively constitute 75% of the company’s revenues. Additionally, the order inflow has seen an impressive upward trend, reaching a remarkable USD 1.41 billion in this quarter. These positive indicators underscore the success of the company’s strategic programs and operational rigor.

Despite the challenges posed by the ongoing global scenario, LTI Mindtree’s EBITDA (earnings before interest, tax, depreciation, and amortization) witnessed a 9% YoY growth, reaching Rs 1,635 crore. However, the EBITDA margins experienced a slight shrinkage to 18.8% in the quarter under review, compared to 19.5% in the same period last year.

While the constant currency growth on a sequential basis was a modest 0.1%, the BFSI segment notably recorded a 12% YoY growth, reflecting the company’s strength in the financial sector. However, the hi-tech, media, and entertainment segment registered only a 1% increase in comparison.

Geographically, North America’s revenues surged by 10% YoY during the reporting quarter, while the European region recorded a growth of 7%. On the other hand, revenue from the rest of the world experienced a marginal decline of 2.6%. The company’s commitment to expanding its client base remained evident as it added a total of 19 new clients during the quarter, taking the total number of active clients to 723.

Furthermore, LTI Mindtree achieved remarkable success in securing notable deals across various industries. The wins include strategic partnerships with leading insurance companies, technology giants, and multinational consumer goods firms. These agreements underscore the company’s ability to provide cutting-edge digital transformation solutions and technology services.

Despite a temporary reduction in the headcount during the quarter, the attrition rate experienced a decline to 17.8% in the June quarter, further reinforcing the company’s efforts in maintaining a skilled and dedicated workforce.

LTI Mindtree’s Q1 results present a promising outlook for the company as it continues to leverage its strengths, embrace digital advancements, and solidify its position in the ever-evolving IT services landscape.

Infosys CEO to get Rs 79 crore per annum as salary

News Desk — Thu, 26 May 2022 07:20:26 +0000

Infosys CEO Salil Parekh’s remuneration at has been increased by 88 percent to 79.75 crore each year, according to the company’s latest annual report. Only 11 crore is fixed, while the remaining 68.75 crore is contingent on performance.
In comparison, Tata Consultancy Services Ltd (TCS) CEO Rajesh Gopinathan received a total pay of Rs 25.8 crore in FY22.

Parekh has been reappointed as CEO and MD of the firm. With his term beginning on July 1, 2022, and ending on March 31, 2027. Surprisingly, average raises at Indian IT services companies range from 4 to 8%.

According to Infosys, the company’s total shareholder return (TSR) increased by 314 percent under Salil’s leadership, which was far higher than the TSR (in rupee terms) of benchmark indices Nifty at 77 percent and S&P 500 at 117 percent.

“The company’s market capitalization increased during his tenure by about ₹5,77,000 crore (about $69 billion). In comparison, during the preceding four-year period, prior to the appointment of Salil. The company’s TSR was 30% as compared to the peers’ median TSR of 47%. The revenue growth of the company under Salil’s leadership has accelerated and grown from ₹70,522 crore (fiscal 2018) to ₹1,21,641 crore (fiscal 2022), a CAGR of 15% (prior four years CAGR 9%) and the profits have also increased from ₹16,029 crore to ₹22,110 crore,” Infosys said.

“These results were delivered under the Navigating your Next strategy, led by Salil, comprising scaling digital revenue, accelerating the core, localization and reskilling, which has resulted in an increased market share in a highly competitive environment,” Infosys said.

Infosys ‘s “Market Differentiating” Strategy

Infosys claimed it had executed its “market-differentiating” strategy under Parekh’s leadership by more than doubling the share of digital revenue from 25.5 percent in fiscal 2018 to 57.0 percent in fiscal 2019. (fiscal 2022). For the four-year period from FY 2019 to FY 22 it has inked significant transactions worth almost $39 billion.
“We are starting to see inflation across several markets in the world, interest rate increases. With the European conflict. And continuing COVID-19 impact in some geographies creating supply chain constraints. While our demand outlook is strong. We remain vigilant to ensure we are agile and evolve our approach with the changing dynamics”. Parekh said in a letter to shareholders.

AT&T agrees to sell its advertising platform, Xandr to Microsoft

Malvika Choudhary — Wed, 22 Dec 2021 15:36:44 +0000

AT&T corporation has agreed to the accord of its global programmatic advertising platform, Xandr Inc to Microsoft corporation, ending its bid to become the major force in digital marketing. The companies will abide by the agreement of a decade-long relationship which will help boost the digital advertising and retail media capabilities according to Microsoft. The announcement was made via Twitter by the official handle of Xandr on Tuesday, Dec 21.

The deal marks the end of AT&T’s efforts to crack the online advertising market dominated by Facebook, Google. The customers on Microsoft’s properties, such as MSN, will now have access to Xandr’s marketplace for automated online advertising, the companies conferred in a statement on Tuesday. According to the sources from the insiders, the deal was valued at $1 billion.

We're excited to share that @Microsoft has entered an agreement to acquire Xandr from @ATT. Read more about this announcement in the AT&T newsroom and the Microsoft blog.

AT&T Release: https://t.co/ZL5adgCazz
Microsoft Blog Release: https://t.co/OBAJyOm7Oa pic.twitter.com/28qNDpVEWQ

— Xandr (@xandr) December 21, 2021

Xandr provides a data-enabled technology platform with tools that help power a diverse ecosystem connecting marketers and media owners through first-party, data-led advertising solutions across its network.

“Microsoft can accelerate the delivery of its digital advertising and retail media solutions, shaping tomorrow’s digital ad marketplace into one that respects consumer privacy preferences, understands publishers’ relationships with consumers and helps advertisers meet their goals,” said Mikhail Parakhin, President of Web Experiences at Microsoft.

“With Xandr’s talent and technology, Microsoft can accelerate the delivery of its digital advertising and retail media solutions, shaping tomorrow’s digital ad marketplace into one that respects consumer privacy preferences, understands publishers’ relationships with consumers and helps advertisers meet their goals,“ he added.

AT & T- the world’s largest telecommunication company and the largest provider of mobile telephone services in the U.S, have been in search of Xandr buyers for more than a year since the unit failed to yield explosive revenue growth as it dulled with technical problems.

HCL Technologies acquires Australian IT solutions firm DWS

Arjun Kalia — Tue, 05 Jan 2021 07:37:34 +0000

On Tuesday, 5th January 2021 HCL (an Indian IT company) strengthened its position in the Australia and New Zealand market by acquiring DWS, an Australian IT, business and management consulting group.

The acquisition was planned since the month of September 2020 when HCL had said that the acquisition will enhance its contribution to digital initiatives in Australia and New Zealand.

With FY20 revenue at 167.9 million Australian dollars, DWS provides a wide range of IT services and employs over 700 employees across its offices in Melbourne, Sydney, Brisbane, Canberra and Adelaide. On the other hand, HCL has over 1600 employees in major cities in Australia.

It was in the month of September that HCL Technologies had said the total equity value pay-out will be 158.2 million Australian dollars (about Rs 850.33 crore) after considering a total number of shares at 131.83 million on a fully diluted basis.

HCL Technologies shares were trading at Rs. 977.10 apiece at BSE.

Top 7 IT companies in India

Sanket Kate — Wed, 09 Sep 2020 13:56:34 +0000

IT industry is majorly made from two parts- business process outsourcing and IT services. The sector is contributing to the GDP growth of India. The revenue of the IT sector is increasing day by day. Top IT companies are playing a major role in the growth of the economy.

According to the NASSCOM Report, IT export revenues from India grew by 8.3% to an estimated $136 billion in the fiscal year 2019. Technological innovations are reshaping the world we live in. Exponential advances across technologies like cloud computing, artificial intelligence (AI), machine learning, robotics, IoT, augmented and virtual reality would continue to transform every aspect of human life.

So here is the list of top 7 software companies in India.

1. Tata Consultancy service
Tata Consultancy Services Ltd (TCS) is an Indian multinational information technology (IT) service and consulting company. It is one of the top 10 IT companies in India. The company is headquartered in Mumbai, Maharashtra, India. It is a subsidiary of Tata Group and operates in 149 locations across 46 countries. It is offering IT, Business Consulting and Outsourcing Services Worldwide. It is an Indian MNC company which is a subsidiary of Tata Group. The company was established in the year 1968.

2. Infosys
Established in 1981, Infosys is an NYSE listed global consulting and IT services company with more than 228,000 employees. It is the second largest in the list of top 10 IT companies in India 2020. Over 37 years, the company has catalysed some of the major changes that have led to India’s emergence as the global destination for software services talent. The first IT Company from India to be listed on NASDAQ.

3. HCL Technologies
HCL Technologies Ltd was founded in the year 1976 by Shiv Nadar, and it is headquartered in Noida, India. It is an Indian Multinational IT service company. The company’s segments include software services, infrastructure management services, and business process outsourcing services. HCL Technologies Ltd is offering a wide range of services including enterprise transformation, engineering, remote infrastructure management, business process outsourcing, etc.

4. Wipro
It is one of the Indian IT companies recognized globally for its comprehensive portfolio of services, a strong commitment to sustainability and good corporate citizenship, The Company has over 160,000 dedicated employees serving clients across six continents. Together, one of the best Indian IT companies to discover ideas and connect the dots to build a better and a bold new future.

5. Larsen & Toubro Infotech
The company was established in the year 1997. It is headquartered in Mumbai, Maharashtra. It is offering digital & automation solutions, IT Service Management, and IT Consulting. Its offices are located in top Indian cities as well as North America, Europe, Middle East, South America, Africa, Middle East, Asia Pacific, etc.

6. Tech Mahindra
Tech Mahindra represents the connected world, offering innovative and customer-centric information technology experiences, enabling Enterprises, Associates and the Society to Rise. The Company convergent, digital, design experiences, innovation platforms, and reusable assets connect across a number of technologies to deliver tangible business value and experiences to our stakeholders. Tech Mahindra is the highest ranked Non-U.S. company in the Forbes Global Digital 100 list (2018) and in the Forbes Fab 50 companies in Asia (2018).

7. MindTree
MindTree Ltd was founded in the year 1999 by Subroto Bagchi, Ashok Soota, Namakkal Parthasarathy, Krishnakumar Natarajan. Mindtree Ltd is an Indian multinational information technology and outsourcing company headquartered in Bengaluru, India and New Jersey, USA. It is one of the top 10 IT companies in India.

DoT extendes work from home for BPO & IT companies till December 31

Chittesh Dalmia — Wed, 22 Jul 2020 07:11:25 +0000

DoT extendes work from home for BPO & IT companies till December 31. The government on Tuesday said it has extended connectivity norms for work from home for IT and BPO companies till December 31. The time period for work from home was expiring on July 31.

“DoT has further extended the relaxations in the terms and conditions for other service providers up to 31st December 2020. Also to facilitate work from home in view of the ongoing concern due to COVID-19”. The Department of Telecommunications tweeted.

Currently, around 85% of the IT workforce is working from home. And only those performing critical functions are going to offices. In March, the DoT relaxed certain norms for OSPs till April 30 to facilitate work from home (WFH) amid the Coronavirus pandemic which was further extended till July 31.