Page 10 - Indian It Firms
Covid-19 crisis: $30-billion deal renewal headache for IT companies
Outsourcing deals are either going to be renewed at a lower price or they will be delayed, say experts.
 "Covid-19 crisis: $30-billion deal renewal headache for IT companies")
US-based Freshworks Inc announces strategic partnership with TCS
TCS will provide its global experience with extensive market presence and deep contextual knowledge of customer engagement, and digital offerings built on its Business 4.0 thought leadership framework
 "US-based Freshworks Inc announces strategic partnership with TCS")
Covid-19 impact: Dividend payout by IT firms likely to dip further in FY21
Payout has fallen for most firms except TCS in FY20 as companies looked at conserving cash
 "Covid-19 impact: Dividend payout by IT firms likely to dip further in FY21")
India IT spending to dip 8% in 2020 amid Covid-19 pandemic, says Gartner
Gartner expects spending on devices and data centre systems in India to see their steepest declines in 2020, at -15.1 per cent and -13.2 per cent, respectively.
 "India IT spending to dip 8% in 2020 amid Covid-19 pandemic, says Gartner")
Wipro's outgoing CEO Abidali Neemuchwala sees 12% rise in pay package
In comparison, Infosys' CEO Salil Parekh drew a pay package of $6.15 million (around Rs 40 crore) in the last financial year, a rise of 27 per cent over the previous fiscal.
 "Wipro's outgoing CEO Abidali Neemuchwala sees 12% rise in pay package")
Covid-19 crisis: Wipro sees short-term impact on gross profit margin
In a filing with the US Securities and Exchange Commission, the Bengaluru-headquartered firm, however, said that the impact couldn't be accurately predicted as the pandemic is yet to recede.
 "Covid-19 crisis: Wipro sees short-term impact on gross profit margin")
IT firms to face heat as global enterprises put digital projects on hold
Digital initiatives of several global enterprises have been cancelled or postponed in the last couple of months as the Covid-19 crisis has prompted firms to halt non-revenue generating ventures
 "IT firms to face heat as global enterprises put digital projects on hold")
Rising bankruptcies among global retailers to hurt Indian IT firms
Retail majors JC Penney, Neiman Marcus and Aldo Group collectively owe $8.7 million to TCS, say bankruptcy filings
 "Rising bankruptcies among global retailers to hurt Indian IT firms")
No layoffs, but will take steps to cut costs, says L&T Infotech's Jalona
We are not looking at any layoffs at present, but we are looking at all ways and means to protect profits and save money to minimise the revenue impact, say Jalona
 "No layoffs, but will take steps to cut costs, says L&T Infotech's Jalona")
L&T Infotech's consolidated net profit rises 13% YoY to Rs 427.5 cr in Q4
Revenue of the Mumbai-headquartered IT services firm rose 21.2 per cent year-on-year to Rs 3,011.9 crore during this period.
 "L&T Infotech's consolidated net profit rises 13% YoY to Rs 427.5 cr in Q4")
Logging in with facemasks: Offices look different as staff returns to work
Office life in these cities resumed on Monday, albeit cautiously and with full knowledge of the need to maintain social distancing.
 "Logging in with facemasks: Offices look different as staff returns to work")
Covid-19 crisis: IT services companies pad up to reopen offices for staff
Apart from issuing guidelines for employees with dos and don'ts, the companies are using technology-led solutions to ensure social distancing at workplaces.
IT firms form teams to chase revenue streams emerging from Covid-19 crisis
Industry observers said the high level of virtualisation across most sectors has led to increased demand for various IT services.
After Covid-19, clients will look at WFH issues: HCL Tech's C Vijayakumar
C Vijayakumar, president and chief executive officer of HCL Tech, tells Neha Alawadhi that though demand has fallen in some sectors, others continue to be strong.
 "After Covid-19, clients will look at WFH issues: HCL Tech's C Vijayakumar")
Both clients & vendors have to think about adoption of WFH model: Infy COO
With relaxations in the nationwide lockdown induced by Covid-19, Infosys plans to adopt a staggered approach in getting back employees to office.
 "Both clients & vendors have to think about adoption of WFH model: Infy COO")
Wipro to repurpose its Pune facility into a 450-bed Covid-19 hospital
The process will be completed in four weeks and the IT firm will hand over the facility to the Maharashtra government by May 30
 "Wipro to repurpose its Pune facility into a 450-bed Covid-19 hospital")
IT firms with higher fixed-price contracts may see lower impact on top line
HCL Tech, Wipro have more than 60% of revenue coming from such contracts, while Infosys has more than 50% share
 "IT firms with higher fixed-price contracts may see lower impact on top line")
Advantage Infosys, HCL as India Inc unlikely to cut spending on IT products
Firms drawing higher revenue from software products and platforms have edge over peers
Employee count shows Indian IT biggies hired fewer people in March quarter
TCS showed marginal rise in their employee count, as Infosys and Wipro witnessed drop in their staff base on sequential basis
Wipro suspends Q1FY21 revenue guidance as coronavirus crisis hits business
The company joined some of its peers to flag the uncertainty arising out of the pandemic and refrained from giving any revenue guidance for the first quarter of FY21
 "Wipro suspends Q1FY21 revenue guidance as coronavirus crisis hits business")