Page 10 - It Companies

IT cos to log muted Q1 as macro woes persist; recovery to be slow: Analysts

Indian IT services companies are expected to log a muted show in June quarter with wage hikes keeping margins under pressure amid weak macro overhang, cuts in discretionary spends, and project delays, say analysts. Some brokerages, in fact, have cautioned that pain will continue for the tech pack up ahead, as recovery is likely to be more gradual, only around Q4 FY24 or in FY25. As tech companies head into Q1 earnings season this week, experts will also be keeping a close watch on any management commentary on the revision of the growth outlook for FY24, the spread of demand deterioration beyond BFSI (banking, financial services and insurance), hi-tech, telecom and retail verticals, net hiring, project ramp downs and pricing pressures, as key monitorables. Tata Consultancy Services (TCS) and HCL Tech are scheduled to declare their results on July 12, followed by Wipro's report card a day later (July 13). Infosys will announce its Q1 numbers on July 20, while LTIMindtree is slated to

Microsoft India prez Anant Maheshwari steps down, COO Irina Ghose elevated

Maheshwari's exit comes amidst the rejig among top-level executives at the software company; COO Irina Ghose has been promoted to managing director of India

Mumbai-based investment firm A91 Partners invests $30 million in KaarTech

IT consulting company KaarTech on Monday said it raised USD 30 million, about Rs 245 crore, from Mumbai-based investment firm A91 Partners. Gautam Mago and Kaushik Anand from A91 Partners will join the board of KaarTech. "The partnership with A91 will catapult KaarTech into an unprecedented era of expansion, propelling us towards our aspiration of going public, despite our humble bootstrapped origins. This association will bolster our ability to expand geographically and augment our services portfolio in-organically," KaarTech CEO Maran Nagarajan said. The partnership aims to fuel Chennai-based KaarTech's organic and inorganic growth across existing markets in the Middle East, the European Union and North America Founded in 2006, KaarTech specialises in digital services with expertise in discrete manufacturing, professional services automation, process manufacturing and consumer packaged goods. With a team of over 2,000 employees, KaarTech has doubled its revenue in the last 24

Accenture forecasts fourth-quarter revenue below Wall Street estimates

Shares of the company were down 2% in trading before the bell

ESG metrics of IT services companies turn crucial in winning deals

In a recent Gartner survey, more than half of the end users indicated that sustainability is a "must-have criterion" in the selection of service providers

More mid-senior level exits seen with change of leadership at IT companies

This is because a CEO's departure can disrupt ongoing projects and initiatives, causing delays and impacting employee morale, say experts

Top-deck Indian IT companies need to rightsize bench size: Experts

To address this challenge, IT services companies can prioritise rightsizing their bench strength

TCS records higher attrition rate among women than male colleagues in FY23

Lack of caregiving duties has impacted female workers during the Covid-19 pandemic, but with companies such as TCS, returning to work-from-office culture, many have chosen to opt out of the workforce

Course5 Intelligence announces second close of $53 million funding round

Investment was led by Nuvama Asset Management, with participation from Carnelian Asset Advisors

IT cos need to rightsize bench to boost efficiency, stop layoffs: Experts

While other industries have single-digit bench sizes, tech firms typically have a larger bench size of as much as 30%, they say

Top 4 IT companies see 40% drop in large client additions in FY23

Infosys is the only IT firm whose net client addition remained flat at 23 in FY23. All the other firms added fewer clients

IT firms hired more women in 2022-23, 6.5% growth registered: Survey

A survey conducted by staffing firm Xpheno found that the proportion of women employees increased 6.5% at the top IT companies in FY23

Cognizant rejig to cost $400 mn over 2 years, to lay off 3,500 employees

The company's bookings for the quarter stood at $25.6 billion on a trailing 12-month basis, up from $24.1 billion in the fourth quarter (Q4) of 2022

Cognizant to focus on increasing presence in smaller Indian cities

International IT services company says it will lay off 3,500 employees and redistribute physical workplaces

Cognizant to lay off 3,500 employees in 2023 amid declining revenue

In the quarter ended March 31, the company reported a margin of 14.6%, among the lowest in the industry

IT firms give staffing companies a miss, fill vacancies internally

Companies were doling out up to 100 per cent hikes to hire top IT talent only a year ago, the situation has completely changed today

IT firm Coforge actively scouting for acquisition in data, cloud: CEO

IT company Coforge is actively scouting for acquisition in areas such as data, cloud, healthcare and 'low-code no-code' space, according to its Chief Executive Officer Sudhir Singh. The company "has a few conversations going on right now", Singh said adding both financial and cultural match will be an important consideration. "We are actively looking for assets in the data space, cloud space, Salesforce space or the healthcare space...We are also looking for acquisitions in the low-code, no-code space, so these four or five areas are important for us," Singh told PTI. It is pertinent to mention that low-code and no-code are alternative app development methods that use intuitive, graphical interface and pre-configured templates to give users power and flexibility to create applications and automate processes without having to write line-after-line of codes. The company is "very keen" on buyouts, but will not rush into it. Coforge is not under any pressure and if the valuations are n

Uncertainties significant, but order book at record high: Coforge CEO

'Macroeconomic environment 'significantly uncertain, but varies across industries: Sudhir Singh

Wipro Q4 net profit dips 0.4% to Rs 3,074.5 crore; revenue rises 11.7%

The IT major also approved a share buyback for 2.69 crore shares at Rs 445 per share

Coforge net profit falls 44.7%; IT firm declares dividend of Rs 19/share

On the milestone of crossing the revenue mark of $ 1 billion, the company will gift an Apple iPad to each of its employees