Page 12 - It Sector

Genesys Q3 results: PAT almost doubles at Rs 15.86 cr, revenue rises 9%

Digital mapping firm Genesys on Wednesday posted a net profit of Rs 15.86 crore for the December quarter. The company had posted a profit after tax of Rs 7.86 crore in the year-ago period. Genesys posted a 9 per cent rise in consolidated revenue to Rs 59.33 crore during the third quarter of the ongoing fiscal from Rs 54.42 crore a year ago. "This quarter has been highly successful for us as our 3D mapping and digital twin content platform are rapidly gaining traction, evident from our current business performance," Genesys International Chairman and Managing Director Sajid Malik said. "We've achieved significant milestones recently, including our partnership with Survey of India to revolutionise Indian mapping by creating digital twins of indian cities," Malik added.

PLI scheme's progress slows in key sectors, affecting manufacturing goals

Even as the investment exceeded the government's estimate in the previous financial year, progress was not uniform across all schemes

Black Box Q3 results: Net profit rises to Rs 41 crore, revenue remains flat

IT company Black Box posted a multi-fold jump in consolidated net profit to Rs 40.87 crore in the December quarter on account of cost rationalisation and enhanced productivity. The company had posted a net profit of Rs 7.79 crore in the year-ago period, it said in a regulatory filing on Friday. The consolidated revenue of Black Box during the third quarter of the current fiscal remained almost flat at Rs 1,655.47 crore compared to Rs 1,671.71 crore a year ago. "We are delighted by our achievements in the third quarter and nine months of FY24. Our EBITDA margins and overall profitability both on a quarter-on-quarter and year-on-year basis increased substantially due to our emphasis on cost rationalisation and enhanced productivity. "Strong order book, coupled with deal wins in excess of USD 50 million during the quarter, makes us confident in our resilient business model," Black Box Whole Time Director Sanjeev Verma said. The company said its strategy to focus on large revenue ...

TCS to enhance Enento Group's IT infrastructure, digital workplace

As a part of the partnership, TCS will help Enento simplify its operating model and harmonise its technology stack by leveraging TCS' technology solutions

Paytm Bank fiasco: All eyes on IT talent for bank and fintech boards

April 1 deadline for establishing board-level IT strategy committee

Swiss GRC targets revenue of $10 million from Indian market in FY25

Switzerland-based software company Swiss GRC Tuesday announced the launch of its operations in India and expects a revenue of USD 10 million (about Rs 83 crore) in FY2025. SwissGRC co-founder and CEO Besfort Kuqi said India has a complex regulatory landscape and industry-specific regulatory compliance requirements, and it is also bringing an increased emphasis on corporate governance. "SwissGRC can help Indian entities navigate this growing landscape safely. We have been getting leads from Indian companies, and Channel partner enquiries have increased in the past year," he said while announcing the launch of its operations in India. "We have already appointed resellers and implementation partners in India. We are targeting 4-5 channel partners to reach USD 10 million in FY 2025. We should be ready in 2-3 months to start operating. "BFSI (Banking, Financial Services, and Insurance) is our main target, but sectors like healthcare, IT and technology, manufacturing, telecom, and energy

Tech Mahindra Q3 results: Net profit declines by 60.6% to Rs 510 cr

The consensus seems to be that second half of the calendar year is when people will start to see recovery. I don't think the recovery will be simultaneous across geographies and sectors,' said Joshi

Cabinet apprised of pact between India, Oman for co-operation in IT

The Union Cabinet was apprised of a pact inked between India and Oman for cooperation in the field of IT, an official release said on Wednesday. The memorandum of understanding (MoU) intends to promote cooperation between the two sides through mutual support, sharing of technologies, information and investments in the field of information technology. "The Union Cabinet chaired by Prime Minister Narendra Modi was apprised of a Memorandum of Understanding (MoU), signed on December 15, 2023, between the Ministry of Electronics and Information Technology of the Republic of India and the Ministry of Transport, Communications and Information Technology of the Sultanate of Oman on cooperation in the field of Information Technology," the release said. The MoU will remain in force for a period of three years. "Both G2G (government to government) and B2B (business to business) bilateral cooperation in the field of Information Technology will be enhanced. The MoU envisages improved collaborat

Birlasoft Q3 profit at Rs 161 cr, revenue rises by 10% to Rs 1,342.5 cr

IT company Birlasoft on Wednesday reported Rs 161 crore consolidated profit after tax for the third quarter ended December 2023, the company said in a regulatory filing. The company had posted a loss of Rs 16.36 crore in the same quarter a year ago. The revenue from operations of Birlasoft grew by about 10 per cent to Rs 1,342.5 crore in the December 2023 quarter from Rs 1,221.89 crore in the December 2022 quarter. "We have delivered a strong and well-rounded operating performance, with a 1.9 per cent sequential growth in revenue to USD 161.3 million in a seasonally soft quarter and an expansion in EBITDA margin even after absorbing the full impact of compensation hikes," Birlasoft, Chief Executive Officer and Managing Director Angan Guha said in a statement. The headcount of the company slightly increased to 12,356 during the December 2023 quarter from 12,322 in the previous quarter, with the attrition rate falling to 12.6 per cent during the reported quarter. "Our sharp focus on

Persistent Systems aims to expand margins, to hire fewer freshers

Mid-tier IT services company Persistent Systems aims to visit fewer campuses for hiring freshers, a senior official said on Monday. Over the next three years, the company is also targeting to expand its operating profit margin by about 3 percentage points above the levels of about 14.5-15 per cent it aims to exit FY23, its chief financial officer Sunil Sapre told PTI. Speaking two days after the Pune-based company announced its December quarter earnings, Sapre said it is already carrying candidates who have been trained for 18 months in some cases and are yet to be deployed on projects, which is making it circumspect about fresher hiring in the new year. "We will be there at campuses, but we will do it (hire) more judiciously," Sapre said. When asked if he meant that the company will visit fewer campuses when he says judiciously, Sapre replied in the affirmative. He said that for the company, which added about 500 people to take its overall strength to 23,336, all the hiring is do

LTIMindtree Q3 results: Net profit rises 17% to Rs 1,169 cr, revenue up 5%

Chatterjee said in a post-earnings media call that the demand environment continues to be "cautionary" and client spends are now more focused on return on investment

IT services emerge as top segment in global IT industry spending: Gartner

Indian IT spending to record a double-digit growth of 11.1% in 2024

LTIMindtree Q3 results: Profit rises 16.8% to Rs 1,169 cr, misses estimates

Consolidated net profit of India's sixth-largest IT company rose 16.8% to 11.69 billion rupees ($140.63 million) for the three months ended Dec. 31, 2023

Fund flows in IT stocks set to rise on positive earnings surprise: Report

Shares of India's IT companies, which earn a significant share of their revenue from the U.S., surged 16.13% in the final two months of 2023, exceeding the benchmark Nifty 50's 13.9% gain

Accenture, TCS, Infosys, HCLTech continue to rule the IT brand list

Accenture has maintained its position as the world's most valuable IT services brand, with a brand value of $40.5 billion

Earnings-equity valuation gap of Indian IT companies widens, shows data

The combined net profit of TCS, Infosys, Wipro, and HCL Technologies was down 1.5 per cent year-on-year (Y-o-Y) in the December quarter

TCS to diversify to other markets amid US weakness: CEO Krithivasan

"We believe it (fiscal 2025) could be a better year than fiscal 2024," Krithivasan said

Valuations stretched and time or price correction likely, says Ajay Tyagi

Tyagi says private banks, consumer services and consumer discretionary look attractive even as the market has turned expensive across most of the segments

India exchange-traded fund debuts on Abu Dhabi Securities Exchange

S&P India Shariah Liquid 35/20 Capped Index has rallied nearly 20 per cent in the past one year in AED terms

IT leaders Infosys, TCS kick off Q3 earnings season with weak numbers

Infosys cuts growth guidance as net drops 7.3%; TCS profit up 2%