MOHIT JOSHI
Technology a golden thread that binds enterprise' work to future world; AI strengthens it: Anand Mahindra
Anand Mahindra said the future belongs to those who can creatively weave this golden thread into a value-enhancing business tapestry. Penning down his thoughts in the annual report 2023-24 of Tech Mahindra, the billionaire businessman said it is impossible to talk about any business without technology.
Tech Mahindra CEO Mohit Joshi says FY25 will be turnaround year
As per Tech Mahindra chairman Anand Mahindra, as organisations strive to stay ahead in the digital race, IT services will play a key role in enhancing technology by integrating AI seamlessly into the core business functions. “The race does not necessarily belong to the large or the most specialised. The winners will be companies that are agile, well-prepared and can scale at speed,” he said.
Global Chess League to generate business value of $40 m in 5 years: Tech Mahindra CEO Mohit Joshi
The Global Chess League (GCL), initiated by Mahindra Group chairman Anand Mahindra, is projected to generate over $40 million in business value over five years, according to Tech Mahindra's CEO Mohit Joshi. The league, a joint venture with the International Chess Federation (FIDE), is the world's first franchise-based chess league and targets expansion into the US and Europe alongside India. With six current teams and plans to expand to eight teams from the third season, GCL aims to boost engagement across social media and TV platforms.
Facing an unprecedented slowdown, IT companies are undergoing a shift. Here’s what’s changing
IT companies like TCS, HCLTech, Wipro and Tech Mahindra are reorganising their businesses to wade through disruptions and prepare for Gen AI. TCS, under new leadership, merged AI and cloud operations into a unified AI.Cloud unit, responding to growing demand in cloud migration and transformation services.
A gruelling IT marathon: FY24 was a turbulent year for the Indian IT sector. What lies in store for the next 12 months?
In the past two weeks of the final quarter and full fiscal 2024 earnings announcements, most IT majors failed to meet their revenue growth guidance. Many downward revisions for the year ahead were seen despite most firms bagging large deals and sitting on an arsenal of historic total contract value (TCV) wins.
Tech Mahindra Q4 net profit down 41% to Rs 661 crore; revenue tanks 6.2%
The profit stood at Rs 1,118 crore in last year's March quarter. Sequentially, profit grew 29.6% from Rs 510 crore in the December quarter because of a one-off gain.
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Tech Mahindra to hire 6,000 freshers in FY25
Total headcount for Tech Mahindra declined by 795 from the previous quarter to 145,455, and falling by 6,945 from 152,400 employees a year ago.
Higher exposure to digital business led to tepid revenues: Infosys management
According to a Global Markets Research report on Infosys by Nomura, Infosys management also defended questions around senior leadership attrition hurting growth prospects of the company citing the strong deal wins.
TechM wants to be a 'credible challenger' in key sectors: CEO Mohit Joshi
Tech Mahindra's new CEO Mohit Joshi aims to turnaround the company by focusing on key sectors like BFSI, telecom, and manufacturing. He plans to improve productivity, emphasize higher margin service lines, increase revenues, and implement organizational changes with senior level talent and restructuring into different units.
Upbeat IT CEOs expecting tech spends to rise in 2024
India's technology outsourcing industry is optimistic about revenue expansion in 2024. Tata Consultancy Services and Tech Mahindra CEOs expect growth from deal renewals, vendor consolidation, and transformation projects. The IT industry is projected to reach $253.9 billion in fiscal 2024.
Tech Mahindra appoints Richard Lobo as its chief people officer
Lobo served as an “exclusive” advisor to troubled edtech Byju’s and was with Infosys for 23 years before that.
2023 Year in Review: top-level management rejig hit India’s IT services firms
From Infosys and TCS to Wipro and Tech Mahindra, top-level management in Indian IT majors underwent a major churn in 2023. ETtech looks at it.
Indian IT firms fight it out to foil plans of talent-fishing companies
Plagued by a slew of senior-level management exodus, Wipro has filed lawsuits against at least two of them. In another instance, Infosys, the country’s second largest IT services firm, is reported to have accused Cognizant of using “unethical poaching tactics”.
Leadership crisis deepens at Infosys as CFO Nilanjan Roy resigns
Roy's last day will be effective from March 31, 2024, Infosys said in a regulatory filing.
Tech Mahindra appoints former LTIMindtree, Infy veteran Peeyush Dubey as new CMO
Before joining Tech Mahindra, Dubey had a brief stint of over one year until November at Bengaluru-based AI analytics solutions firm TheMathCompany.
New Tech Mahindra structure to help drive innovation, improve margins & growth: CEO Designate Mohit Joshi
Tech Mahindra's CFO, Rohit Anand, discussed the impact of the current demand environment on the company's operational drop and revenue. He mentioned that while deal wins have improved, it will take time for them to convert into revenue. Anand also highlighted the company's focus on defining its core areas of focus and continuing the cost and revenue restructuring exercise. CEO Designate, Mohit Joshi, emphasized the importance of service resilience, service line innovation, and improving margins in the company's new organization structure.
Top IT executives joining competitors without adhering to cooling-off period
Many top-level Indian IT executives are switching to rival companies without adhering to any cooling-off period. Non-compete clauses in their employment agreements are not legally enforceable in court, which is why they don't concern these executives. However, companies have non-compete agreements to protect confidential deal terms and competitive business data.
Want to bring more focus on BFSI, retail, healthcare: Tech Mahindra COO Atul Soneja
Tech Mahindra will expand its focus on segments such as financial services, retail and healthcare, while retaining its industry-leading position in communication media and entertainment, which contributes upwards of 35% of the revenues of the $6.6 billion company, its newly-appointed chief operating officer Atul Soneja said.
Tech Mahindra appoints Atul Soneja as COO
ET had reported on August 1 that Tech Mahindra was likely to appoint Soneja who was previously COO at CitiusTech.
Tech Mahindra may pick CitiusTech’s Atul Soneja as COO: sources
Soneja was heading Edge Products at Infosys when Mohit Joshi, managing director and CEO-designate at Tech Mahindra, was president at the Bengaluru-based software company.
Will FY24 be a year of 2-3% growth or further decline for Tech Mahindra? Here’s what the management says
Tech Mahindra's profit dropped 39% in Q1. While it has been a challenging quarter, CP Gurnani, MD & CEO, remains optimistic and said there are "four facts" that will create better solutions: people investments, technology investments, deep customer relationships, and investment in communication and AI. Incoming CEO Mohit Joshi said the service lines were world-beating and added they will be developing a plan to address the challenging economic environment.
Tech Mahindra reports 40% YoY drop in net profit, calls Q1 its "toughest quarter" in five years
Chief executive officer CP Gurnani said the quarter was marked by large-scale slowdowns, particularly across communication clients.
Tech Mahindra appoints Mohit Joshi as additional director and MD designate from June 20
In March, Tech Mahindra announced the selection of Mohit Joshi as CEO to take over from CP Gurnani who is set to retire in December. Joshi’s appointment as CEO and MD will be effective from December 20.
Large IT firms see change of guard, senior-level transitions amid macro uncertainties
While attrition at the lower level has made headlines in the past, this time around it is the senior leadership churn in companies such as TCS and Infosys that is in the spotlight.
HCLTech corporate VP Sukamal Banerjee joins Xoriant as CEO
Earlier this year, Xoriant was acquired by investment firm ChrysCapital soon after former Larsen & Toubro Infotech chief executive Sanjay Jalona joined the firm as its operating partner.
Infosys top level exits a short term risk: experts
Exit of Infosys president Mohit Joshi who is joining Tech Mahindra as its CEO and MD could have an impact on Infosys' ability to tap large deals in an uncertain macroeconomic environment, said experts. Infosys COO and president Ravi Kumar S also quit in October and joined Cognizant as its chief executive.
Infosys' Mohit Joshi joins Tech Mahindra as MD and CEO
Mohit Joshi, a 22-year veteran of Infosys, has resigned from his post as President of Infosys to join Tech Mahindra, India's fifth-largest IT firm, as its managing director and CEO. CP Gurnani, Tech Mahindra’s current CEO and MD is set to retire in December this year.
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