BUSINESS
Wipro margins will expand once growth comes back: CFO Aparna Iyer
Aparna Iyer took over at a time when Wipro has reported consecutive quarters of revenue decline, margins are below those of other industry players, and the company is struggling with growth
BUSINESS
Cut cut cut: Indian IT firms slash revenue guidance across the board as growth sputters
Companies have continued to cut their guidance due to the demand environment, a weak H1, longer deal closure timelines, and more
COMPANIES
TCS, Infosys, Wipro, HCLTech employee count drops by 21,000 in second quarter
As of the first half of FY24, all the four companies cumulatively lost around 39,000 employees. This is a significant drop in headcount, compared to the first half of last fiscal, when these companies together added 81,650 people
BUSINESS
Wipro to pay out 80% of variable pay in Q2FY24
The company has also said it will not be hitting campuses to hire yet, as hiring remains subdued across the industry
BUSINESS
Wipro sees headcount decline for the fourth consecutive quarter, ends Q2FY24 with 5,051 fewer employees
Attrition came in at 15.3 percent on a trailing-twelve-month basis, continuing its downward trend
BUSINESS
Wipro's Q2FY24 revenue slides to $2.7 billion, marking third consecutive quarterly decline
For the upcoming quarter, the company expects a revenue decline ranging from -3.5 percent to -1.5 percent.
BUSINESS
Why Happiest Minds halved its FY24 growth guidance
The company lowered revenue growth guidance from 25% to 12%. While both organic and inorganic growth figured in the earlier forecast, only organic growth is being mentioned in the revised guidance. Delays in acquisitions, deal closures, and subdued client spending cited as factors.
BUSINESS
TCS bribe-for-jobs probe outcome: 16 employees fired, 6 vendor entities debarred
Six vendor entities, their owners and affiliates have been debarred from doing any business with the technology major
BUSINESS
India’s top 3 IT firms see headcount drop by over 16,000 in Q2
Firms are utilising already hired fresher talent and not backfilling attrition as they battle demand slowdown.
BUSINESS
Infosys skips college campuses, HCLTech hiring on track
Companies maintain that they hired ahead of time, and are only hiring from campuses as required.
BUSINESS
Infosys to roll out wage hikes to employees from November 1
The company used to give hikes to everyone below the senior management in April, and to those above in July
BUSINESS
Infosys headcount shrinks by 7,530 in Q2, third consecutive quarter of decline
The company, which announced its results for Q2 on October 12, ended the quarter with 3,28,764 employees
BUSINESS
Infosys reports 3% YoY rise in net profit in Q2FY24, narrows revenue guidance at upper end
Consolidated revenue for the quarter came in at Rs 38,994 crore up 7 percent. Revenues for the quarter were above analyst estimates of Rs 37,694 crore
BUSINESS
Accenture skips pay hikes, reduces bonuses and promotions in India, Sri Lanka
According to an email to employees, which Moneycontrol has accessed, the company experienced a macro environment that was more challenging than anticipated at the beginning of the FY23 fiscal year, and growth was lower than planned.
BUSINESS
Why TCS told employees to return to office 5 days a week
While the company previously announced a 25x25 model of working by 2025, it did not commit to anything and will assess future work models as they go forward.
BUSINESS
TCS sees headcount decline by 6,333 in Q2FY24
The company said the decline in headcount reflects “the company’s focus on improving workforce utilization and productivity.”
BUSINESS
Interview: Zoho CEO Sridhar Vembu bats for technology sovereignty, focuses on creating domain-specific LLMs
In an interview to Moneycontrol, Zoho CEO Sridhar Vembu said technology sovereignty should be India's strategy rather than focussing on one technology.
BUSINESS
Trial of former Cognizant executives in Chennai campus bribery case pushed to 2024
The trial was originally slated to begin on October 3, but was deferred as the passport of a key witness of the US government was with the Enforcement Directorate in India.
BUSINESS
Why Hyderabad is giving Bengaluru a tough fight in addition of new GCCs
Bengaluru is undoubtedly India's tech capital, but a combination of better infrastructure, a burgeoning ecosystem, housing options and government initiatives are pushing things the Telangana capital’s way.
BUSINESS
Cognizant Chennai campus bribery case: Former execs’ trial delayed over key Indian witness’ passport being with ED
The trial was originally set to begin on October 3, but has now been pushed. A new date for when the trial will start has not been set.
BUSINESS
Accenture’s results don’t offer much relief for Indian IT’s Q2 numbers
Indian IT companies are experiencing the same market pressures and cannot fully escape the negative macro environment.
BUSINESS
Cognizant appoints Wipro veteran Jatin Dalal as its next CFO
Dalal will replace outgoing CFO Jan Siegmund, who is retiring from the company in early 2024.
BUSINESS
Jatin Dalal’s exit as Wipro CFO sets off disquiet, highlights turnaround struggle under CEO Thierry Delaporte
The exit of the 21-year Wipro veteran and senior leader is the ninth top-level exit in calendar year 2023.
BUSINESS
Wipro’s Chief Financial Officer Jatin Dalal resigns, Aparna Iyer to take over
Aparna Iyer, currently a senior vice president of finance at the company who was the CFO of Wipro’s FullStride Cloud Global Business Line, will be the new CFO effective September 22.
