It Firms

Small & medium IT firms hit by high attrition rate after lockdown: Survey

Small and medium IT companies are yet to recover from the impact of the Covid-19 induced lockdown because of the high attrition rate of their employees after upskilling, according to a survey. According to the survey by Micro Small and Medium Enterprises -Export Promotion Council (MSME-EPC), the highest attrition rate of 35 per cent is being seen in small and medium sector technology companies after the lockdown, in which skilled employees leave their companies for higher wages. After this, the attrition rate is 27 per cent in the services sector. Due to this, the hopes of returning to normalcy after the epidemic in these areas have been hit. Releasing the report of this survey of 700 IT units on Wednesday, D S Rawat, Chairman, MSME-EPC, said that a large number of employees in MSME sector companies are going to other companies for higher salaries after learning the work. Due to this, these companies are still not able to recover from the shock of the lockdown. Companies in the ...

Comviva appoints new senior executives to drive growth in Western markets

IT company Comviva on Monday announced the appointment of three new senior executives to drive its growth in the US and Europe. The company has roped in former Syniverse Americas sales head Paul Barowsky as Chief Growth Officer with the primary responsibility for driving expansion in North America and European markets, Comviva said in a statement. Paul has experience in scaling up businesses in North America. The company has onboarded Vineeth Rajagopal from its parent firm Tech Mahindra to drive the North American strategy and head the global Partner and Alliances Programme. Rajagopal was the Global Cloud Transformation head at Tech Mahindra. Parashar Vijaybhai has also joined Comviva leadership from Tech Mahindra to lead the Customer Success Manager organization (CSM) for North America. Comviva recently unveiled its new centre of excellence in the Netherlands which shall be the delivery hub for European markets, the statement said.

Revenue growth of IT firms in FY24 to be 7-9% lower than FY23: CRISIL

The key reason for the sharp fall in revenues is the slowdown in the BFSI segment, which accounts for 30% of the sector's revenues

Badri Srinivasan to lead Wipro's India, Southeast Asia businesses

IT services company Wipro on Thursday announced that Badri Srinivasan will lead its India and Southeast Asia businesses. Wipro, in a statement, said Srinivasan will be taking over the leadership of these two regions to drive deeper synergies, facilitate sharing of best practices, deliver consistent and exceptional client experiences, and scale Wipro's ability to capitalise on the emerging growth opportunities. "Wipro Limited announced that Badri Srinivasan will lead the India and Southeast Asia businesses under the company's APMEA (Asia Pacific, Middle East, India and Africa) Strategic Market Unit," the statement said. Srinivasan joined Wipro in January 2022 as the Managing Director for Southeast Asia, where he led the consolidation of strategic transformational engagements with clients while strengthening the company's talent base and brand presence. The initiatives under his leadership helped accelerate Wipro's business growth and revenue expansion across key markets in the ...

A quarter or two might be tough, but growth will be back: TCS CEO designate

Rajesh Gopinathan, the outgoing TCS CEO, said that Krithivasan was chosen by the board and Tata Group chairman N Chandrasekaran

Indian shares slide as IT firms fear high interest ahead of US jobs data

IT stocks lost 0.66%, falling for the third session in a row due to worries about rate hikes in the United States and Europe, where a majority of their clients are based

Private consumption likely to take a hit on India's IT sector squeeze

In all, listed IT companies accounted for 47 per cent of incremental growth in India Inc's salary and wages bill in the last 12 months

Wipro President Rajan Kohli resigns after nearly three decades: Report

Kohli was the president of Wipro's Integrated Digital, Engineering, and Application Services Business Line (iDEAS), and led a team of over 100,000 employees

Baring Private Equity Asia sells 10% stake in Coforge through a block deal

According to bulk details data available with the National Stock Exchange, Baring PE sold a total of 6 million shares at a price of Rs 4,050 apiece

IT firm Info Edge reports loss of Rs 116.5 crore in December quarter

IT firm Info Edge on Friday posted a consolidated loss of Rs 116.5 crore in the third quarter ended December 31, 2022 mainly on account of write-off investment in property tech start-up 4B Networks, dip in valuation of some investments and slowing down of the job market. The company had posted a profit of Rs 4,601.87 crore in the same period a year ago. According to the company filing, Info Edge wrote off Rs 519.93 crore in property tech start-up 4B Networks, led by former Housing.com founder Rahul Yadav. "Investment in 4B Networks Pvt Ltd... amounting to Rs 5,199.31 million, (consisting of Rs 7,194.35 million Goodwill, Rs 807.73 million for net assets and reduced by non controlling interest payable of Rs 2802.77 million...) has been fully impaired," the filing said. The filing showed fair valuation of Info Edge investments in Zomato recorded a negative value of Rs 365.87 crore from Rs 95.96 crore in the December 2021 quarter. The September 2022 quarter, the fair valuation in Zomat

CAMS profit after tax down 4.6% to Rs 74 cr for quarter ending Dec

Registrar and transfer agent of mutual funds Computer Age Management Services Ltd (CAMS) on Tuesday reported 4.6 per cent drop in profit after tax to Rs 73.72 crore for the three months ended December 2022. In comparison, the company had posted a profit after tax (PAT) of Rs 77.31 crore in the year-ago period, CAMS said in a regulatory filing. The company's revenue grew 2.5 per cent to Rs 243.57 crore in the quarter under review from Rs 237.71 crore in the year-ago period. Sequentially, the PAT climbed 2.2 per cent and revenue was up 0.5 per cent. "Our AIF (alternative investment fund) and PMS (portfolio management service) offering...continued to be on an encouraging trajectory with over 17 new client wins. The Account aggregator business is gaining momentum with expanded outreach and superior product positioning," company's Managing Director Anuj Kumar said. In addition, the company has recommended an interim dividend of Rs 10.5 per share. The company is the country's largest .

HCLTech Q3 results: Profit rises 18.8%, FY23 revenue guidance trimmed

Deal pipeline remains strong, may see a moderation in Europe next quarter, says CEO

Better bench strength: IT hirings seen at pre-Covid levels in FY24

So far the top three IT firms have announced their third quarter numbers and the dip in attrition rates and a higher bench strength seems to be signalling towards a normal year for hiring in FY24

HCL Tech reports revenue growth of 19.6%; announces Rs 10 dividend

HCL Q3 results: The company added 2,945 new employees during the quarter, and the closing headcount was 222,270. The attrition rate in Q3FY23 stood at 21.7%

Q3 earnings season kicks off: TCS revenue rises 19%, net profit up 11%

Revenue beat estimates in Q3, profit falls short; N America demand 'vibrant' but challenges remain in Europe

India's fallen tech darlings value buys for Franklin after $20 bn wipeout

Funds managed by Franklin Templeton bought at least 3.3 million shares of e-commerce logistics provider Delhivery Ltd. and more than 2 million shares of PB Fintech Ltd

Big Tech and 'sideloading' debate; IT firms fear security, privacy breaches

Sideloading is a way for app developers to load their applications without going through formal stores such as Google Play for Android phones or the Apple App Store for iPhones

TMS Ep328: GST Council meeting, vacation trends, IT performance, GM crops

What changed at last week's GST Council meeting? Are Indians more holiday-prone? Does Accenture's Q1 result spell more pain for IT firms? What are GM crops? All answers here

I'm last of the jokers left; no plan B after I leave Infosys: Nilekani

'I was completely wrong,' Murthy rues not allowing founders' children to join the company

Mondelez Intl expands multi-year cybersecurity contract with HCLTech

HCL will also use its automation and AI capabilities to help Mondelez provide on-demand personalised user experience and accelerated issue resolution to 110,000 employees in 79 countries