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IT Sector Reports Drop In Employee Count Amid Decreasing Revenue

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As of the first half of FY24, all four businesses had collectively shed 39,000 workers. Compared to the first half of the previous fiscal year, when these organisations collectively added 81,650 people 

Tata Consultancy Services (TCS), Infosys, HCLTech and Wipro, the Big Four of Indian IT services, reported a workforce decline of 21, 213 in the second quarter. This was primarily due to a slowdown in hiring, a focus on better utilisation and the use of the pool of trained freshers already on projects, amid growing demand uncertainty.

 

With the exception of HCLTech, which lost 2,299 people during the September quarter, the other three companies all had a sharp fall in employment of more than 5,000.

 

As of the first half of FY24, all four businesses had collectively shed 39,000 workers. Comparing this headcount to the first half of the previous fiscal year, when these organisations collectively added 81,650 individuals, there has been a considerable decline.

 

Tata Consultancy Services (TCS), Infosys, HCLTech and Wipro, the Big Four of Indian IT services, reported a workforce decline of 21, 213 in the second quarter. This was primarily due to a slowdown in hiring, a focus on better utilisation and the use of the pool of trained freshers already on projects, amid growing demand uncertainty.

 

With the exception of HCLTech, which lost 2,299 people during the September quarter, the other three companies all had a sharp fall in employment of more than 5,000.

 

As of the first half of FY24, all four businesses had collectively shed 39,000 workers. Comparing this headcount to the first half of the previous fiscal year, when these organisations collectively added 81,650 individuals, there has been a considerable decline.

In the meantime, all attrition rates decreased sequentially and ranged between 14 and 16 per cent. As increasing the utilisation of the present staff continues to be a crucial lever to increase operating margins in the current business environment, IT organisations are attempting to avoid backfilling this attrition right away.

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Infosys Reports Strong Growth In Q3, Revenues Jump To Rs 38,318 Cr

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Operating margin for the quarter remained resilient at 21.5 per cent

Infosys on Thursday reported strong Q3 performance with year-on-year (YoY) growth at 13.7 per cent and sequential growth at 2.4 per cent in constant currency. The company reported its revenues at Rs 38,318 crore in Q3 FY23 from Rs 31,867 crore in Q3 FY22, growth of 20.2 per cent YoY. 

Infosys said that its YoY growth was in double digits for most business segments and geographical regions in constant currency terms. Large deal TCV for the quarter was the strongest in the last 8 quarters at USD 3.3 billion. Digital comprised 62.9 per cent of overall revenues and grew at 21.7 per cent in constant currency. 

Operating margin for the quarter remained resilient at 21.5 per cent. FY23 revenue guidance revised to 16.0 per cent-16.5 per cent. FY23 operating margin guidance retained at 21 per cent-22 per cent. In a statement, Nilanjan Roy, Chief Financial Officer said, “Operating margins in Q3 remained resilient due to cost optimisation benefits which offset the impact of seasonal weakness in operating parameters.”

Infosys’ headcount improved from 3,46,845 in Q3 FY23 from 3,45,218 Q2 FY23. While its voluntary attrition came down to 24.3 per cent from 27.1 per cent sequentially. “Attrition reduced meaningfully during the quarter and is expected to decline further in the near-term,” he added.

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Telcos May Raise 10-15 Billion USD To Push 5G: Top Bharti Exec

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The investment will include four to five billion dollar for the infrastructure. The telecom infrastructure providers had not demanded tax concessions however the input tax that the industry pays towards Goods and Services Tax (GST) needs to be set off

In the Indian telecom industry, which is facing low returns on investment, the average revenue per user (ARPU) must increase. Expectedly, the industry may spend 10 to 15 billion dollar for the expansion of 5G coverage across the nation in coming four to five years, informed a top Bharti executive.

The vice chairman of Bharti Enterprises which is the parent entity of India’s second largest telecom, Bharti Airtel, Akhil Gupta said that investment is foremost and an investment of 10 to 15 billion dollar is required to reach to the masses. This will include four to five billion dollar for the infrastructure.

The telecom infrastructure providers had not demanded tax concessions however the input tax that the industry pays towards Goods and Services Tax (GST) needs to be set off, Gupta added while speaking at the third edition of the Digital Telco Summit – 2022.

Highlighting the recent government policies, he said that the time for right-of-way clearances witnessed a fall to nearly 20 days from 200 days earlier.

Adding, the industry had a long way to go, Gupta said that at around 80 per cent telecom towers are required to be fiberised.

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Exide Records Q2 Net At Rs 246 Cr Due To Easing Input Costs

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Exide’s profit went up 5.13 per cent to Rs 246 crore (30.43 million dollar) during June-September quarter, as compared to Rs 234 crore a year ago. According to analysts on average profit of Rs 236 crore was expected

The Indian battery maker Exide Industries recorded an improved profit in second-quarter on 11 November. This came after an increase in volumes and easing input costs.

Also, demand surged from the replacement and the original equipment manufacturer (OEM) segments as passenger vehicles’ demand surged, along with automakers reporting strong sales.

Exide’s profit went up 5.13 per cent to Rs 246 crore (30.43 million dollar) during June-September quarter, as compared to Rs 234 crore a year ago, said the company in an exchange filing.

According to analysts on average profit of Rs 236 crore was expected. The automotive and industrial sectors had been going under pressure due to pandemic-induced supply-chain crunches. And after Russia’s invasion of Ukraine, the prices of raw material too rose.

However, the sectors witnessed some relief after the prices of commodities like lead and crude oil cooled off and supply-chain constraints gradually softened. Adding to this, the industrial vertical saw a strong recovery from the last year as business activity surged, said the company.

Company’s revenue from operations surged 13.04 per cent to Rs 3,719 crore during the second quarter from Rs 3,290 crore a year ago. The shares of the were traded on higher side at 4.63 per cent year-to-date as per the last close,.

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Tamil Nadu Newsprint And Papers Records Q2 Net Profit At Rs 111.75 Cr

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The company’s net profit for the half year ending 30 September 2022, stood at Rs 172.15 crore as against a net loss at Rs 9.03 crore recorded during the corresponding quarter in the last year. It had reported a net profit at Rs 4.74 crore during the same period in the last year

The state-run Tamil Nadu Newsprint and Papers has posted a net profit of Rs 111.75 crore for the July-September 2022 quarter, said the company on 11 November.

The city-based company had reported a net profit at Rs 4.74 crore during the same period in the last year.

The company’s net profit for the half year ending 30 September 2022, stood at Rs 172.15 crore as against a net loss at Rs 9.03 crore recorded during the corresponding quarter in the last year.

The total income from operations of the company during the quarter under review surged to Rs 1,378.54 crore in comparison with Rs 929.80 crore posted during the same period a year-ago.

Also, total income from operations for the six-month period ending 30 September 2022, increased to Rs 2,506.83 crore from Rs 1,561.75 crore recorded during corresponding period in the last year, said the company.

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BHEL Records Q2 Net At Rs 12.10 Cr, Income Up To Rs 5,418 Cr

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The company had posted a consolidated net loss of Rs 46.58 crore in the quarter ending 30 September, according to a Bombay Stock Exchange filing

The largest industrial valve manufacturing company BHEL (Bharat Heavy Electricals Limited) posted its consolidated net profit at Rs 12.10 crore during the quarter ending September 2022.

The company had posted a consolidated net loss of Rs 46.58 crore in the quarter ending 30 September, according to a Bombay Stock Exchange filing.

The revenues of the state-owned engineering firm were on higher side as its total income surged to Rs 5,418.74 crore during the quarter under review from Rs 5,197.25 crore a year ago.

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M&M Reports Q2 PAT At Rs 2,089 Cr, Revenue At Rs 20,839 Cr

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Its net profit for quarter ending September is registered Rs 2,089.92 crore as compared to Rs 1,433.45 crore from the same period a year-ago

The automobile major Mahindra & Mahindra (M&M) said it posted Q2FY23 net profit at Rs 2,089.92 crore, on 11 November.

The company said that it earned an operational revenue during the period under review at Rs 20,839.27 crore as against Rs 13,314.38 crore during corresponding period in the previous year

Its net profit for quarter ending September is registered Rs 2,089.92 crore as compared to Rs 1,433.45 crore from the same period a year-ago.

According to the Managing Director and CEO of the company Dr. Anish Shah, the financial results showed the progress that the company has made on the strategic imperatives.

Along with growth in the auto segment, the company has witnessed steady performance across our group companies, he said.

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Deepak Fertilisers Q2 Profit Surges Almost Three Times To Rs 276 Cr, Revenue Up 51%

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In the last fiscal, its net profit stood at Rs 93 crore during the corresponding quarter, said the company in a statement. The company’s operating revenue went up by 51.7 per cent to Rs 2,719 crore during the current quarter, as compared to Rs 1,793 crore in the same period a year-ago

The industrial chemicals and fertilisers manufacturer Deepak Fertilisers and Petrochemicals Corporation (DFPCL) said that its net profit has surged around three times to Rs 276 crore in the second quarter ending September, on 10 November.

In the last fiscal, its net profit stood at Rs 93 crore during the corresponding quarter, said DFPCL in a statement.

The company’s operating revenue went up by 51.7 per cent to Rs 2,719 crore during the current quarter, as compared to Rs 1,793 crore in the same period a year-ago.

DFPCL Chairman and Managing Director Sailesh C Mehta said that company’s drive from commodity to specialty will continue to support premium margins and brand consolidation in the mining chemicals, pharma chemicals and crop nutrition businesses,”

According to him, the Asian Development Bank (ADB) association has been an acknowledgement of the efforts and impact. The company has been making along with providing specialty and crop-specific performance fertilisers.

“The Ammonia and TAN (mining chemicals) projects continues in full swing. The company is driving for fast-track project execution for the same,” he added.

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NHPC Q2 Net Profit Surges Above 21% To Rs 1,685

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The company’s consolidated net profit during same period in the last year stood at Rs 1,386.81 crore. Total income of the company surged to Rs 3,529.31 crore in the current quarter from Rs 3,165.59 crore during the same period a year ago

The state-owned National Hydroelectric Power Corporation (NHPC) reported a rise of 21.56 per cent in its consolidated net profit at Rs 1,685.81 crore during September quarter of FY23. This was majorly due to higher revenues.

The company’s consolidated net profit during same period in the last year stood at Rs 1,386.81 crore, revealed a Bombay Stock Exchange filing showed.

Total income of the company surged to Rs 3,529.31 crore in the current quarter from Rs 3,165.59 crore during the same period a year ago.

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Cochin Shipyard Q2 Profit Falls To Rs 113 Cr, Income Surges To Rs 744 Cr

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During last year, the company had posted a consolidated profit of Rs 131.30 crore in the corresponding quarter. An interim dividend of Rs 7 per equity share for the financial year 2022-23 was approved by the company’s board

The Cochin Shipyard recorded a 14 per cent decrease in their consolidated profit at Rs 112.79 crore during the quarter ending September, on 10 November.

During last year, the company had posted a consolidated profit of Rs 131.30 crore in the corresponding quarter, it said in a filing to Bombay Stock Exchange.

Its consolidated income during second quarter of the current fiscal surged to Rs 744.88 crore as compared to Rs 738.01 crore in the year-ago period.

An interim dividend of Rs 7 per equity share for the financial year 2022-23 was approved by the company’s board.

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