HCLTECH C VIJAYAKUMAR H2 GROWTH
Indian fintech sector sees 59% drop in funding in H1 2024, remains among top three globally
The fintech sector saw a nearly 60% slump in funding for the first six months of 2024. Startups in the space raised $795 million during this period, as against $1.9 billion in the first half of 2023.
Q-comm audits; modest Q1 for IT firms
Happy Wednesday! Due to recent hygiene lapses by quick commerce, the government has intensified surprise inspections of their warehouses. This and more in today’s ETtech Morning Dispatch.
Punjab & Sind Bank plans to raise Rs 2,000 cr via QIP likely in H2 FY25
State-owned Punjab & Sind Bank plans to raise Rs 2,000 crore in the second half of this fiscal via Qualified Institutional Placement (QIP) to fund business growth. "The board has already given approval, and merchant bankers should be on-boarded by August," Punjab & Sind Bank managing director and CEO Swarup Kumar Saha told PTI.
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IT industry's competitive intensity to be at highest levels in FY25: HCLTech CEO C Vijayakumar
Despite a challenging economic environment, HCLTech has achieved remarkable annual growth and outpaced larger competitors. The third-largest software services firm, with annual revenues of $13.27 billion, reported growth that outpaced Tata Consultancy Services 4.1% and Infosys 1.4%. Smaller players such as Wipro and Tech Mahindra faced significant struggles.
Midcap IT companies in India poach talent from industry majors
Midcap IT companies in India are attracting more employees from larger rivals in the past two years. This trend is seen in the technology services sector amidst macroeconomic challenges and a focus on hiring deployable talent.
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Ethnic fashion brand Libas raises Rs 150 crore from ICICI Venture
Libas started going offline about 18 months ago and operates 15 store across the country. It plans to open 200 stores by 2026. “The organised Indian apparel sector is expected to grow significantly in coming years and this investment will fuel expansion across categories, and geographies with a strong focus on omnichannel experience,” said Sidhant Keshwani, founder and CEO of Libas.
Indian IT sees deal tenures shrinking in rich neighbourhoods
At least two companies – HCLTech and Birlasoft – have gone on record to say that from the usual 10-12 year deals earlier, long-term arrangements are now ending in four years. Earlier, the tenures ranged between 10-12 years.
Google’s $350-million Flipkart bet; Canva CEO interview
Ecommerce major Flipkart has closed its nearly $1-billion funding round with Google coming on board. More on this in today’s ETtech Top 5.
HCLTech to buy Hewlett Packard’s communications tech assets for $225 million
As part of this agreement, HCLTech will also absorb around 1,500 employees and 700 contractors with experience of engineering services for telecom industry in countries including Spain, Italy, India, Japan, China, Americas and APAC region, HCLTech said in a regulatory filing on Thursday.
Ankush Aggarwal returns to Ola Cabs; declining H-1B visas for IT staff
Happy Tuesday! Ola Cabs founder Bhavish Aggarwal’s brother Ankush is back at the ride-hailing business. More on this in today’s ETtech Morning Dispatch.
IT sweats to eke out margins on pricing squeeze, staff costs
Indian outsourcing companies face a margin squeeze in FY24 due to a triple threat: aggressive deal pricing, rising employee costs, and the pressure to boost revenue despite tight global budgets. Notably, Tata Consultancy Services (TCS), the industry leader, seems to be the only exception.
Digit IPO coming soon; TCS’ Krithivasan earnings
Bengaluru-based insurtech startup Go Digit General Insurance has announced that its IPO will open on May 15 and close on May 17. This and more in today’s ETtech Top 5.
Best biotin tablets for hair growth in India
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H1 will see strong bookings and drive growth momentum in subsequent quarters: C Vijayakumar, HCL Tech
HCL Tech's leadership foresees strong growth momentum post Q4, with FY25 challenges mirroring FY24. Emphasis on deal impacts, margin strategies, and transparency in deal metrics for sustained growth. Prateek Aggaewal says: " 18-19% margin band has been very steady over the last three years. In FY23, we had given the same guidance; FY24 was the same guidance, and we delivered in the 18.2% for both those years as well and we are just carrying that forward."
HCLTech CEO C Vijayakumar sees headwinds affecting Q1 financial services revenue
We have a good mix of programs and rely on broad base growth, says HCLTech CEO Vijayakumar. The firm saw strong growth in its financial services vertical in a difficult environment, said Vijayakumar.
TV revenue growth may not meet H1 expectations
TV broadcasters in Mumbai anticipate sluggish revenue growth in the first half of 2024 due to a subdued ad market and restrictions on increasing channel prices during the general elections. While political advertising may provide relief, challenges persist with subscription revenue, digital competition, and sports broadcasting.
Expect rural growth to initiate from Q1 or H1 of next fiscal: NH Bhansali, Emami
Emami expects profitable growth not only from the Man Company and Brillare but also from other brands. These investments demonstrate a clear path to profitability for the company. The rural has still not started that kicking off and Emami expects rural growth to initiate from the first quarter or first half of the next fiscal only. There is a lot of optimism.
It will take some time for client spending to revive: HCLTech's C Vijayakumar
In the absence of an immediate resumption in the expenditure cycle, HCLTech would harness deal conversions, a diversified R&D portfolio, and rising demand for generative AI to boost both its top and bottom-lines in the near term, Vijayakumar said in an interview.
Q3 results: HCLTech bucks trend, Wipro's woes continue
HCLTech, India's third-largest software exporter, outperformed expectations with a 6.2% rise in net profit and a 6.5% increase in revenues in Q3. Meanwhile, Wipro reported a steep 12% fall in profits and a 4.4% dip in revenue. HCLTech's success can be attributed to the $2.1-billion Verizon deal and an increase in headcount.
ET Explainer: Should Indian IT companies be concerned about Accenture’s Q2 guidance?
Discretionary spending is under pressure, decision-making is slow and small deals are fewer in number, as was the case in the recent quarters.
HCLTech expects Q3, Q4 growth to lead industry numbers: CEO C Vijayakumar
Vijayakumar told ET that the lack of discretionary spending across clients through the past two quarters and limited resumption visibility on customer expenditures have been the key factors for slashing organic revenue growth guidance.
All 130 employees in Israel are safe: HCLTech CEO C Vijayakumar
"We have about 130 employees in Israel. They are all locals. We don't do any business in Israel, but we have some software teams that are located there. They are fortunately safe and we are constantly monitoring (the situation)," HCLTech CEO and MD C Vijayakumar said.
HCL Tech Management is confident about a sharp recovery & strong performance in H2. Here’s why
HCL Tech's CEO and CFO discussed the company's Q2 results and their confidence in meeting their guidance for the next two quarters. They highlighted a large deal going live in November and December, which will contribute to strong growth in Q3. They also mentioned that the deal, worth $2.1 billion over six years, is a significant part of the 2.6-3.8% organic services growth target. The executives expressed optimism about the long-term growth potential of the industry and stable pricing environment.
HCLTech trims full-year outlook on demand drop
For the fiscal second quarter ended September 30, the company posted an 11% sequential fall in revenue in constant currency terms. Net hiring also fell, but HCLTech said it expects the rest of the year to be “strong”.
Indian IT companies seen logging muted sequential growth in Q2 amid sustained macro overhang
The big earnings week for tech heavyweights is up ahead, with Tata Consultancy Services (TCS) scheduled to announce its results on October 11, and both Infosys and HCL Technologies on October 12. Wipro is slated to declare its Q2FY24 results next week, on October 18.
Demand for AI solutions may put pressure on IT deals pricing
Uncertain macroeconomic situation may force IT firms to offer cheaper rates to clients who are trying to optimise their costs.
There’s fear of recession; all are preparing for downsides: HCLTech CEO C Vijaykumar
IT services clients are not out of their recession mindset yet, which is leading to delay in deal conversations, C Vijayakumar, CEO and managing director of HCLTech, said .
Why HCLTech is confident about meeting guidance despite 1% decline in Q1 revenue
“I do not think we will grow without adding any headcount. There will be some addition of headcount to support the growth because the ask rate for the next three quarters are quite high. So, there will be headcount addition,” says HCLTech CEO &B MD C Vijayakumar.
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