TECH MAHINDRA CFO
Inflation-wary Fed may put IT revival on hold
Indian outsourcing leaders face delayed business revival until FY26 due to US Federal Reserve's high interest rates. The impact on revenue growth and IT firms' strategies could persist, affecting deals and revenue projections in the sector.
Vedanta shares rally 5.5% after Q4 results. Should you buy, sell or hold?
Shares of Vedanta surged 5.5% to Rs 403 on the BSE even as the company's revenue and profit declined during the March quarter.
Gender diversity, inclusion not just ideal, but a strategic necessity for businesses: Industry
The Indian IT industry has made progress in gender diversity, but there is still underrepresentation of women in top positions and boardrooms. Companies should offer flexible work options, mentorship programs, and robust support structures to support women's progress. Encouraging women's participation in STEM fields and bridging the gender gap requires institutional-level initiatives.
Women still lonely at the top in Indian boardrooms
The situation is worse in the case of the Indian IT industry, with none of the 54 companies in the NSE-1000 index having a female CEO. Market leader TCS, which employs more than 200,000 women (constituting over a third of its workforce), has no women in its key managerial personnel (KMPs), as per its annual report. In fact, among the top 5 IT companies, only Wipro has a woman in a KMP role - it appointed Aparna Iyer as CFO in September last year.
M&M Group’s Anish Shah on internal reorganization and Budget takeaways
Amarjyoti Barua, a strong finance leader with international experience, joins Mahindra Group as CFO. He will continue the capital allocation strategies implemented by outgoing CFO Manoj Bhat and drive exponential growth. Bhat has been made CEO of Mahindra Holidays which Mahindra Group aims to make a key player in the tourism industry and grow its resorts at least 3X. The budget presented by the government focuses on long-term economic growth. The private sector is expected to step up its capex as the government reduces its commitment.
Mahindra Group announces key leadership changes; Manoj Bhat replaced by Amarjyoti Barua as CFO of finance wing
Mahindra and Mahindra (M&M) announced a leadership reshuffle, appointing Amarjyoti Barua as the Group Chief Financial Officer of M&M’s Finance Organisation. This move follows the resignation of Manoj Bhat, who is set to become MD & CEO of Mahindra Holidays Resorts India.
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Tech Mahindra Q3 Results: Cons PAT slumps 61% YoY to Rs 510 crore; revenue drops 5%
Tech Mahindra Q3: Consolidated revenue from operations declined nearly 5% YoY to Rs 13,101 crore but was higher than the estimated Rs 12,790 crore. Sequentially, the bottomline and the topline rose 3.2% and 1.8%, respectively. In CC terms, the revenue rose 1.1% sequentially but dropped by 5.4% YoY.
IT gives bears a bull hug!
Despite muted earnings in the previous quarter and little expectations of major recovery in the next quarter, what is driving the rally in tech stocks? The answer lies in FY25, on which everyone is pinning their hopes, decode Beena Parmar and Romita Majumdar.
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.
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.
'5-day office week is dead.' Harsh Goenka not on the same page with Narayana Murthy, roots for hybrid work to achieve ambition & productivity
The Infosys boss has managed to polarise India Inc. through his controversial proposal of a 70 hour a week work schedule.
Apple flags ‘state-sponsored’ hacking, govt orders probe; inside PharmEasy’s Rs 3,500-crore rights issue
The Centre has ordered probe after opposition members, journalists received messages on their iPhones, warning them of possible ‘state-sponsored’ privacy attack. This and more in today’s ETtech Morning Dispatch.
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.
Takeaways from Mamaearth's IPO filing; Tech Mahindra Q2 show adds to IT slowdown
Honasa Consumer, the IPO-bound parent of Mamaearth, has seen a reduction in contribution to revenue from its top 10 selling products. This and more in today’s ETtech Top 5.
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.
IT hiring to drop severely in FY24 as slowdown bites; BNPL feels the blues
With macroeconomic headwinds stalling growth, hiring across the IT sector is likely to take a hit in the coming months. And with no green shoots propping up anywhere, a respite is nowhere in sight.
Tech Mahindra Q1 Results: Profit drops 39% YoY to Rs 693 crore, misses estimate by wide margin
"Our results this quarter reflect the uncertainty in the global economy and the IT sector," said CP Gurnani, MD and CEO, Tech Mahindra.
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.
Microsoft, Google beat quarterly revenue estimates; fake social media influencers put companies in a spot
Tech titans Google-parent Alphabet and Microsoft announced better-than-expected earnings on Tuesday, propelled by a cloud- and AI-backed wave that could breathe new life into the sector. This and more in today’s ETtech Top 5.
Stocks in news: Tech Mahindra, Lemon Tree, Sula Vineyards, Punjab & Sind Bank, D-link India
The Board of Titagarh Wagons is scheduled to meet on June 10 to consider and approve a proposal to raise funds by issue equity of shares or other securities including through preferential issue.
Sensex rallies over 100 points as IT stocks hold fort
Most sectoral indices were trading in the green zone with IT stocks leading the upside. LTIMindtree, Mphasis, Infosys, LTTS, Wipro and Tech Mahindra were all up around 1% each, tracking the recent upside seen in Nasdaq.
Period of uncertainty to last 2 quarters; Tech Mahindra will invest & look for momentum in technology: CP Gurnani
Tech Mahindra's CEO, CP Gurnani, stated that the current period of uncertainty will last for another two quarters but the company will continue to invest in technology trends and upskilling programmes. The IT company reported a net profit of Rs 1,118 crore ($148 million) for Q4 2022, which is a decrease of 25.8% YoY. Gurnani emphasized the importance of upskilling employees in areas such as quantum computing, metaverse, data sciences, and cloud technologies.
Tech Mahindra Q4 Results: Profit falls 26% to Rs 1,118 crore; dividend declared at Rs 32/share
Tech Mahindra Q4 Results: Net profit was lower than the ET Now Poll estimates of Rs 1,260 crore. Its revenue from operations during the reporting quarter rose 13.2% year-on-year to Rs 13,718 crore.
The great churn: Tech majors bring in new leadership amid course correction
The $245-billion Indian IT industry is seeing an unprecedented churn in senior leadership at a time when it grapples with subdued global demand and macro instability in its main markets
As attrition drops, Indian IT majors eye higher margins
Attrition rate over the past 12 months has dropped to 17-18% across the sector, say experts.
Experts: IT's pricing gains may erode on currency headwinds
Top IT companies have been reporting pricing improvement in new digital deals due to inflation adjustment across their key markets like the US and Europe.
ETMarkets Management Talk | Recession will be followed by boom in Indian IT: Tech Mahindra CFO Rohit Anand
"My assessment of the current situation is that if there is a recession, the impact of a lurking US economic slowdown will possibly be seen for a short period here as well, only to be followed by a boom in Indian IT, as the value proposition of India for IT talent at scale is intact."
TCS setting up eight new centres that can seat 10,000 staffers each
Some of these centres are coming up in non-metro cities and will focus on tier two presence of the country’s largest IT services company, TCS chief financial officer Samir Seksaria told ET.
Tech Mahindra CFO on top 3 growth drivers and roadmap for Metaverse
"In the enterprise domain, technology and BFSI have been the major growth drivers for the current quarter. For us, the key focus for the upcoming quarter would be on telecom, 5G, and communication. We continue to see strong market demand for new-age technologies and we will continue innovating in the Data Processing Systems (DPS) & Business Process Systems (BPS) segments to further capitalize on this opportunity."
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