Essar Group's IT arm Black Box has reported a 37.2 per cent increase in consolidated net profit to Rs 56.08 crore for the October-December quarter of 2024-25 compared to Rs 40.87 crore in the same period of the previous fiscal. Revenue from operations for dropped by 9.28 per cent to Rs 1,501.7 crore in the third quarter of FY25 against Rs 1,655.4 crore in the December quarter of FY24. The company said subdued order bookings as a result of delayed decision-making with some of its large customers, coupled with its strategy to exit the tail customers led to a decline in revenue. However, the pipeline continues to remain strong, it said, with the order book standing at USD 465 million. Additionally, the company has already received orders worth USD 80 million in the ongoing quarter. "Positive impact already seen in Q4 FY25 and expected to strengthen from Q1FY26...Pipeline conversion and improved win-rate expected to positively impact the revenues beginning Q2FY26 onwards," the statemen
HCL Infosystems has reported narrowing of losses to Rs 5.25 crore in the December quarter. The IT system integration and solutions company had posted losses of Rs 9.30 crore in the year-ago period, according to a company filing. Revenue from operations tanked 30.14 per cent to Rs 5.70 crore in the third quarter of the ongoing fiscal year, as against Rs 8.16 crore a year earlier. Sequentially, revenue declined 16 per cent. "During this quarter, the company continued to focus on actions and initiatives aimed at realising our long outstanding receivables and minimising operational losses," HCL Infosystems Manager Raj Sachdeva said. The business has continued to face challenges in obtaining timely customer acceptance and sign-offs for completed projects, leading to delays in receiving payments, a company statement said. As a result, though the number of contracts reaching closure has increased, there has been no significant progress in recovering outstanding receivables from ...
Indian-origin tech companies cornered a fifth of all H1B visas issued by the US with Infosys and Tata Consultancy Services leading the pack, an analysis of data from the US immigration department showed. According to data from the US Citizenship and Immigration Services, in April-September 2024 period, out of the total 1.3 lakh H1B visas issued to different employers, about 24,766 visas were issued to Indian-origin companies. Out of these, Infosys took the lead with 8,140 beneficiaries, followed by TCS (5,274), and HCL America (2,953). Infosys came second to only Amazon Com Services LLC, which topped with 9,265 visas. Cognizant, which was founded in Chennai but now has headquarters in New Jersey, ranked third in the list with 6,321 visas. The H1B visa programme allows US companies to temporarily employ foreign workers in specialty occupations. Indian companies have been significant beneficiaries of this programme, particularly in the technology sector. Major Indian IT services fi
The Indian IT industry steps into 2025 with hope and optimism of improved tech spending and stronger deal pipeline as businesses across-the-board take bold AI bets, but all eyes are on global macroeconomic cues as well as the US' stance on trade and high-skilled immigration as President-elect Donald Trump returns to White House next month. With Q2 report card of most IT heavyweights fuelling hopes of an improved client demand over the coming quarters - industry pundits predict a notable rebound in growth and profitability metrics materialising by late 2025 or the second half of FY26, if all goes well. Experts also expect tech M&A counters to buzz right through 2025, with big data, cloud and Gen AI (Generative AI) acting as major draws for companies with takeover appetites. Meanwhile, the IPO market - heady from 2024 highs - seems all primed up for yet another blockbuster year as a slew of tech startups are readying for a market debut to capitalise on euphoria. Sindhu Gangadharan, .
The Indian IT industry steps into 2025 with hope and optimism of improved tech spending and stronger deal pipeline as businesses across-the-board take bold AI bets, but all eyes are on global macroeconomic cues as well as the US' stance on trade and high-skilled immigration as President-elect Donald Trump returns to White House next month. With Q2 report card of most IT heavyweights fuelling hopes of an improved client demand over the coming quarters - industry pundits predict a notable rebound in growth and profitability metrics materialising by late 2025 or the second half of FY26, if all goes well. Experts also expect tech M&A counters to buzz right through 2025, with big data, cloud and Gen AI (Generative AI) acting as major draws for companies with takeover appetites. Meanwhile, the IPO market - heady from 2024 highs - seems all primed up for yet another blockbuster year as a slew of tech startups are readying for a market debut to capitalise on euphoria. Sindhu Gangadharan, .
Europe, despite being Wipro's second-largest market after the United States, has been underperforming in recent years
Ride-hailing platform Rapido has reported narrowing of losses to Rs 370 crore in FY24 from Rs 675 crore a year earlier. This is the third consecutive year the Bengaluru-based unicorn has posted a loss. It incurred a loss of Rs 440 crore in FY22, the company said in a statement. The company's revenue came in at Rs 648 crore in FY24, up 46.3 per cent from Rs 443 crore in FY23. "Last year's performance is underscored by a ~2x increase in Gross Order Value (GOV), which soared to Rs 4,257 crore in FY24 from Rs 2,419 crore in FY23, further demonstrating the platform's expanding market presence. This growth was fuelled by a 1.5x rise in ride orders, reaching nearly half a billion rides in FY24, underscoring Rapido's increasing appeal among India's vast commuter base," the statement said. In the July-September period of FY25, Rapido shrunk losses to Rs 17 crore from Rs 74 crore a year ago. The company reported a 2.5 times year-on-year growth in gross order value (GOV) to Rs 2,461 crore du
As of September, Tech Mahindra's employee count rose to 154,273 from 147,620 last quarter, while attrition slightly increased to 10.6 per cent, with IT attrition at 11 per cent
The IT sector is on the cusp of a mild but possibly sustained recovery in client spending, and the impending rate cut cycle should add to the sector tailwinds, according to MOFSL.
While revenue growth for the companies represented in Nifty IT Index could be at an annual rate of 8.5 per cent over FY24-27
IT company Ahead has launched its new office in Hyderabad, where it plans to onboard 500 people by 2025, the company said on Thursday. It has already set up a delivery office in Gurugram last year, where it has 400 employees. "We are thrilled to announce our expansion into Hyderabad, a city renowned for its dynamic tech ecosystem and exceptional talent pool. "The talent pool located in Hyderabad complements our existing talent base in North India, enabling AHEAD to better meet client needs, especially on larger services engagements," Ahead India, Vice President and Managing Director Praveen Grover said in a statement. The company plans to increase its headcount to 750 this year and complete the hiring of 500 employees in Hyderabad by the end of 2025, Grover said. "By the end of next year, Ahead aims to hire over 500 employees in Hyderabad, leveraging the city's rich pool of skilled professionals and its growing reputation as India's premier IT hub. This strategic move is part of .
As part of this engagement, Wipro FullStride Cloud will extend JLP's current cloud infrastructure, network, and end-user services for another four years
Despite the hype, top IT firms and analysts caution over slow adoption and high abandonment risks in generative AI projects
Weakness in demand evident, discretionary spends similar: IT majors
Wipro joins other large IT services firms, which also announced plans to visit engineering campuses to hire freshers, as utilisation hits an all-time high and demand in some biz shows improvement
For the financial year 2023-24, TCS had reported a total headcount decline of 13,249 compared to FY23
He talks about why he is hesitant to call out on growth, emerging markets driving growth, GenAI projects and other
Instituted in 1802 by Napoleon Bonaparte, the Chevalier de la Legion d'Honneur is the highest civilian award given by the French Republic for outstanding service to France
Going forward, the centre will house specialised labs and centres of excellence to boost HCLTech's technology innovation and will offer a wide range of services to global clients, said the company
What Accenture results mean for Indian IT: Analysts believe FY25 Street estimates for Indian IT companies have been adequately rationalised, implying little downgrade risk from current levels