Page 9 - It Companies

Expleo to double workforce in India, hire 5,000 people in 2.5 years: MD

French IT company Expleo's Indian arm plans to more than double its workforce in the country by hiring around 5,000 people over a period of two-and-a-half years, a senior official of the company said. Expleo Solutions CEO and MD Balaji Viswanathan, who heads India business, told PTI that the company sees growth primarily on account of expansion of business in the US. "The company aims to hire an additional more than 5,000 people over the next two-and-a-half years, including a focus on hiring fresh graduates. While other larger players are slowing down on hiring fresh graduates, the company believes it will provide future growth acceleration. The expectation is to double the current workforce of around 4,700 people, reaching a little over 9,700 employees," he said. Expleo works with multiple industries on a global scale, with a primary focus on aerospace, automotive, and transportation. Aerospace accounts for about 40 per cent of Expleo global business, automotive 35 per cent, ...

Cognizant Q2 profit down 19.7%, retains 2023 revenue growth guidance

Chief Financial Officer Jan Siegmund to retire in early 2024 but plans to stay in his role until the company identifies a successor and transition is completed

Tech Mahindra Q1FY24 results: Net profit falls 38.8% YoY to Rs 692.5 crore

At the end of the quarter, the company's headcount stood at 148,297. It was down 4,103 as compared to the March quarter

Q1FY24 results: Revenue growth of early birds at a 10-quarter low

India Inc more dependent on BFSI, IT companies to drive growth

Information technology companies battle revenue slowdown, margin decline

The meltdown in IT stocks on Friday was triggered by the Infosys results and projections announced the previous day

Infosys Q1FY24 result: Net profit up 10.9% to Rs 5,945 cr; attrition falls

The operating margin for the quarter was stable at 20.8%. Its attrition declined to 17.3% during the quarter

$46 bn rally shows optimism is returning for India's IT companies

The NSE Nifty IT Index has climbed 18% from an April low, adding about $46 billion in market value. The 10-member gauge has turned the rally up a notch in July

Plus91 Labs acquires IT company Pixely to strengthen presence in S Asia

Cloud consulting and IT service provider Plus91Labs on Wednesday announced the acquisition of Pixely (Internet X Pte Ltd), which is specialized in tailored solutions for the Southeast Asian market. This strategic move aligns perfectly with Plus91Labs' long-term vision and growth strategy, enabling the company in expanding its service offerings and strengthening its presence in the region. The acquisition of Pixely brings valuable domain expertise and a deep understanding of the Southeast Asian market to Plus91Labs, the Gwalior-based company founded in 2017 said in a statement. With Pixely's founder Immanuel Gian at the helm, the company will continue to operate under its established brand name. Immanuel's industry experience and regional knowledge will be instrumental in driving Plus91Labs' expansion efforts and building strong relationships with clients in Southeast Asia, the statement said. "The acquisition of Pixely brings together a wealth of synergies and unique advantages fo

L&T Technology Services reports 13% rise in net profit in Apr-June quarter

The profits were, however, down 8.5% sequentially as compared to Rs 340.1 crore in the previous quarter

IT companies to focus on fixed price projects to improve margins: Report

Fixed price projects allow companies to control the cost better and also to introduce automation in the projects

IT companies enforce cost control measures amid rising employee expenses

Attrition rates of TCS dropped from 20.1% to 17.8%, HCL's from 19.5% to 16.3%, and Wipro's decreased from 19.2% to 17.3% all in the last quarter

Wipro Q1 results: Net profit rises 11.9% to Rs 2,870 cr, revenue up 6%

"Wipro's first quarter results come with a strong backbone of large deal bookings, robust client additions, and resilient margins," said Thierry Delaporte, CEO and Managing Director

HCLTech Q1FY24 results: Net profit rises 7.6% YoY to Rs 3,534 crore

The board of directors declared an interim dividend of Rs 10 per equity share for FY24

IT firm Axtria opens two offices in Pune with 1,000 seat capacity

US-based IT company Axtria Inc has opened two new offices in Pune with a combined seating capacity of 1,000 people, the company said on Wednesday. Axtria co-founder and CEO Jaswinder Chadha said in a statement that the company now has eight offices in India, signifying its "commitment to leverage expertise in artificial intelligence (AI) and data analytics to drive meaningful change in the health care industry". The company plans to open an office in Hyderabad soon, he said. "We saw that a lot of talent in data analytics comes from Pune and Hyderabad and that's how these two centres got shortlisted. Opening two offices in one city was a tough call but we want to look at the convenience of people," Chadha said. With the launch of the Pune offices, Axtria will now have eight global innovation, research and development, and capability centres in India. It has offices in the National Capital Region -- three offices in Gurugram and two in Noida -- and one in Bengaluru, the statement ...

TCS Q1FY24 result: Net profit up 16.8% YoY; revenue rises to Rs 59,381 cr

TCS Q1FY24 result: The attrition for the first quarter of the current financial year stood at 17.8%

Banks, consumer cos to brighten earnings in India amid IT uncertainties

India's banks have largely remained insulated from a global crisis in the industry with their heavy reliance on local markets

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