Page 5 - Indian It Services Firms
Infosys Finacle inducted in IFSCA regulatory plan for blockchain finance
Six leading banks are collaborating with trade finance solution for short-term credit, import payments
 "Infosys Finacle inducted in IFSCA regulatory plan for blockchain finance")
Attrition continues to hit margins at top-tier IT companies in Q1FY23
Talent retention has eroded not only their margins but also any gains they may have made from rupee depreciation
 "Attrition continues to hit margins at top-tier IT companies in Q1FY23")
Happiest Minds profit rises 58% to Rs 56.34 crore in June quarter
IT company Happiest Minds on Friday posted a 57.7 per cent increase in consolidated profit after tax at Rs 56.34 crore in the June quarter. The company had reported a profit of Rs 35.73 crore in the year-ago period. The consolidated revenues from contracts with customers of the company grew 34.5 per cent to Rs 328.92 crore during the quarter under review. The same stood at Rs 244.61 crore in the year-ago period. "We have started fiscal year 2023 showing industry leading performance. Our 10-year vision statement is to be a billion-dollar company by 2031. "In line with this goal, based on the growth we are experiencing and continued demand for digital services, we are increasing our revenue guidance for FY23 to 25 per cent while targeting to grow at a CAGR (Compound Annual Growth Rate) of 25 per cent over the next 5 years," Happiest Minds Executive Chairman Ashok Soota said in a statement.
 "Happiest Minds profit rises 58% to Rs 56.34 crore in June quarter")
'Have enough headroom to improve margins going ahead,' says Wipro CFO
The margin for India's fourth-largest IT services firm declined 200 basis points over the previous quarter.
 "'Have enough headroom to improve margins going ahead,' says Wipro CFO")
Maharashtra leads states with 13,541 govt-recognised startups: DPIIT data
Total number of approved startups at 73,205; Maharashtra's share is 18%
 "Maharashtra leads states with 13,541 govt-recognised startups: DPIIT data")
No signs of slowdown in attrition at TCS; firm says it has enough hands
TCS which had shared in Q4 of FY22 the hiring target of 40,000 for FY23, said the target remains
 "No signs of slowdown in attrition at TCS; firm says it has enough hands")
IT analysts in wait-and-watch mode as experts see mild recession in the US
Analysts predict that if a slowdown does happen by 2022-end, the impact will be seen only in second half of FY23
 "IT analysts in wait-and-watch mode as experts see mild recession in the US")
Tech funds run into rough weather in CY22, IT firms' stocks do well
Indian IT services sector is expected to benefit from digital transformation, particularly aided by cloud adoption.
 "Tech funds run into rough weather in CY22, IT firms' stocks do well")
Wipro shares decline nearly 3% after Q4 earnings announcement
IT company Wipro on Friday posted a 4 per cent increase in its consolidated profit to Rs 3,092.5 crore in the fourth quarter ended March 31, 2022, on account of continued demand for IT services
 "Wipro shares decline nearly 3% after Q4 earnings announcement")
HCL Technologies net profit surges 4.38% to Rs 3,593 crore in Q4
HCL Tech expects revenue to grow between 12-14 per cent in constant currency for fiscal 2023
 "HCL Technologies net profit surges 4.38% to Rs 3,593 crore in Q4")
India Inc busy with back-to-office drill as Covid-19 cases decline
Employees are returning to offices, but many companies are continuing to offer the remote, flexi-work option
 "India Inc busy with back-to-office drill as Covid-19 cases decline")
Nagarro to expand global workforce by 4,500 in coming months
In a statement, the company announced that the size of its workforce has crossed the 15,000 mark
 "Nagarro to expand global workforce by 4,500 in coming months")
From Infosys to HCL Tech, Indian IT giants play catch-up in consultancy
Indian software service giants have been slow to move up the value stream so far but they need to increase the pace to stay relevant
 "From Infosys to HCL Tech, Indian IT giants play catch-up in consultancy")
India IT services market grows by 7.3% in first half of 2021: Report
The Indian IT services market grew by 7.3 per cent in the first half of 2021, compared to the 5.7 per cent growth in the same period last year
 "India IT services market grows by 7.3% in first half of 2021: Report")
Q2 results: Digital fuels double-digit growth in IT services companies
Analysts expect growth momentum in the industry to continue for the next two quarters.
 "Q2 results: Digital fuels double-digit growth in IT services companies")
Accenture's Q4 numbers augur well for Indian IT services sector: Analysts
Outsourcing growth could get back to pre-Covid levels for the IT services sector
 "Accenture's Q4 numbers augur well for Indian IT services sector: Analysts")
IT firm Birlasoft first quarter profit doubles to Rs 113.6 crore
The company had posted a profit of Rs 56.3 crore for April-June 2020
 "IT firm Birlasoft first quarter profit doubles to Rs 113.6 crore")
TCS to hire over 40,000 freshers from Indian campuses in FY22
The company's chief operating officer N Ganapathy Subramaniam said there is no dearth of talent supply in India
 "TCS to hire over 40,000 freshers from Indian campuses in FY22")
Strong deal pipeline may boost Q1 show of IT companies: Analysts
Margins will be a concern with salary hikes and attrition taking centre-stage
 "Strong deal pipeline may boost Q1 show of IT companies: Analysts")
Accenture Q3FY21 earnings: Five key takeaways for Indian IT companies
A strong operational performance by Accenture during Q3FY21 in its outsourcing vertical sets the tone for an upcoming earnings season for the Indian IT service companies, Edelweiss Research said