REVENUE PER EMPLOYEE
How GenAI is opening up new revenue streams for IT firms and GCCs
The rise of generative AI (GenAI) presents an opportunity for IT firms to unlock new revenue streams. Companies like Accenture, Infosys, and Tech Mahindra, alongside global capabilities centers (GCCs), are seeing a surge in data standardisation work. This is driven by the vast amount of "uncleaned/unstructured" data held by their clients and parent companies.
8th Pay Commission: 'New proposal to set up 8th Pay Commission immediately to increase basic, DA of central govt employees'; what is the due date of 8th CPC?
8th Pay Commission Latest Update: The National Council (staff side, Joint Consultive Machinery for central government employees) urge formation of 8th Pay Commission citing rising inflation and increased revenue of the Centre. In a letter to the Cabinet Secretariat, Shiv Gopal Mishra, Secretary, National Council (staff side, JCM) claimed a gap exists between Dearness Allowance (DA) and actual price rise. He pointed to a doubling of government revenue since 2015 and decreased workforce as reasons to justify higher pay, allowances, and pensions of the central government employees.
After cutting onsite jobs IT companies start rebuilding headcount through acquisitions
Indian IT companies are expanding revenue streams and payrolls through acquisitions of smaller firms and engineering services, despite on-year shrinkage in headcount after quarterly earnings.
Chandrababu Naidu as CM faces huge task of delivering 'Super Six' guarantees with empty coffers
Chandrababu Naidu is poised to assume the leadership of Andhra Pradesh shortly, facing the formidable challenge of revitalising depleted state finances to deliver on the "Super Six" promises his party made during the recent Assembly elections. Naidu is set to be sworn in as Chief Minister of Andhra Pradesh on June 12.
Unpacking K Krithivasan's first year as TCS CEO
TCS CEO K Krithivasan completed a year in office this month. His term was marked by an unprecedented slowdown in tech demand. The veteran, however, has brought growth and stability for the bellwether. Under his leadership, TCS reached $29.1 billion in annual revenues in the year ending this March, growing at 4.1%.
Rising employee productivity to boost IT cos in hard times
Top tier IT exporters see rising employee productivity amidst challenges like revenue deceleration, shrinking margins, and lower headcount in FY24.
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Top IT companies focus on employee productivity amid demand uncertainties
Amid revenue deceleration, shrinking margins and lower headcount, a silver lining for the top tier IT exporters is the rising employee productivity aided by streamlining of human resources through meticulous bench management.
IT CEOs' salary in FY24; Wipro offers 85% variable pay
Happy Wednesday! Top bosses at some of the country’s leading IT firms took home enhanced salary packages last fiscal. More on this on today’s ETtech Morning Dispatch.
Apollo Hospitals shares rally 3% after reporting Rs 258 crore profit. Should you buy, sell or hold?
Apollo Hospitals Share Price: Apollo Hospitals shares surged by 3.4% during Friday's early trading session, reaching a peak of Rs 5,955. This uptick followed the company's announcement of a significant 77% year-on-year (YoY) increase in its net profit.
Here are the key mistakes that founders make at different stages of building startups
When you a building a startup you must know what are the things that could go wrong while launching your dream project. To make it easier for you, we have made a list of mistakes that founders are likely to make at different stages of growth and funding of a startup.
A quarter of hits & a few misses; and other top tech, startup stories
Welcome to another edition of ETtech Unwrapped – our weekend newsletter. This is Pranav Mukul in New Delhi. This week we’ve wrapped up another compelling quarterly earnings season for listed new-age companies from Zomato and Delhivery to Paytm and PB Fintech.
Rulka Electricals stock debuts at 123% premium over IPO price
Rulka Electricals listed on the NSE SME platform with a 123.4% premium. The IPO of 11.23 lakh shares received a subscription of 600 times.
Airlines dole out hikes and bonus after a good year
IndiGo and Air India announce salary hikes and bonuses for employees. IndiGo offers a 5% bonus to mark profitability in FY24, while Air India hikes salaries and bonuses up to Rs 1.8 lakh from April 1.
Paytm Q4 losses tripled; Oyo IPO withdrawn
Troubled fintech Paytm reported its first quarterly earnings after the RBI banned its payments bank in January. This and more in today’s ETtech Top 5.
Gland Pharma Q4 Results: Firm misses profit view on higher employee costs
Indian generic injectables maker Gland Pharma reported fourth-quarter profit below estimates on Wednesday, as soaring employee expenses outweighed strong demand in its core markets.
Amazon India gets funds; IT margins hit
Amazon has ploughed fresh funds in its Indian marketplace entity. This and more in today’s ETtech Top 5.
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.
Latest General Provident Fund rules: Will interest amount be paid if the GPF contribution exceeds Rs 5 lakh? Govt clarifies
General Provident Fund rules: All government employees can open a GPF account and pay a portion of their salaries to the GPF. When they retire, employees receive the entire money accrued in their GPF account over their service tenure.
Truecaller’s ad revenue grows 5% in Jan-March 2024 buoyed by IPL promotion
Truecaller's Q1 performance was boosted by IPL promotions, leading to a 5% increase in global ad revenue. The company saw growth in MAU and introduced new subscription plans for business customers, expecting positive revenue impact.
Google lays off at least 200 employees from its ‘Core’ teams: report
Google laid off 200 core team employees to cut costs. These core teams build Google's main products and keep users safe online. The company is moving some of these jobs to India and Mexico. This follows earlier layoffs in 2023 as Google restructures to focus on AI.
KPIT Tech Q4 Results: Net profit zooms 49% to Rs 165.9 crore; co expects slower revenue growth in FY25
Auto industry-focused KPIT Technologies on Monday reported a 49 pc jump in March quarter net profit to Rs 165.9 crore, helped by a strong revenue growth and widening of profit margins.
Here's how much an average Meta employee earned in 2023; Mark Zuckerberg's compensation revealed too
Meta's median employee earned a staggering $379,000 in 2023, with CEO Mark Zuckerberg noting a total compensation of $24.4 million. Despite receiving a nominal salary of $1 since 2013, Zuckerberg's wealth has soared by over $47 billion this year alone. The tech giant's net profit rose to $12.4 billion in the first quarter of 2024, with total revenue up by 27 percent at $36.5 billion.
Citi Q1 Results: Profit drops as costs rise for employee severance, deposit insurance
Citigroup's profit fell in the first quarter as it spent more on severance payments for laid-off employees and set aside money to refill a government deposit insurance fund.
Bumble to lay off 350 employees, forecasts weak first-quarter revenue
Bumble, led by CEO Lidiane Jones, cuts jobs and expects disappointing Q1 revenue due to a slowdown in user spending. The company plans to relaunch apps, target younger users, drive revenue growth, expand globally, and revamp the eponymous app to meet analysts' expectations.
Cisco to lay off more than 4,000 employees, lowers annual revenue forecast
Analysts expect demand for Cisco's products to remain under pressure, as clients in the telecom industry restrict spending, prioritizing clearing their excess inventory of networking gear.
Board exits at Paytm bank; Mamaearth’s Q3 profit up 265%
Shinjini Kumar, a former Bank of America and PricewaterhouseCoopers (PwC) executive, resigned from the payments bank’s board in December, we have learnt. Manju Agarwal, former deputy managing director at State Bank of India, has also quit.
IT staff forced to work 50 hours/week to meet deadlines: data
IT employees in the country work on an average work for around 45-50 hours per week, translating around 10 hours a day in the 5-day week while the standard is 40 hours a week as a large part of them is often compelled to work longer hours to meet project deadlines, as per data from staffing firms.
Paisa vasool: India Inc gets more productive in five years
From 6.15 million cumulative employees on the payroll of ET-500 companies at the end of FY19, the total number of employees rose to nearly 7.1 million at the end of FY23. While the cumulative revenues of ET-500 companies grew at a compound annual growth rate of 12.6% during these five years, the staff cost increased at a similar clip of 12.5%.
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