IT companies

Mid-tier IT services company Persistent Systems aims to visit fewer campuses for hiring freshers, a senior official said on Monday. Over the next three years, the company is also targeting to expand its operating profit margin by about 3 percentage points above the levels of about 14.5-15 per cent it aims to exit FY23, its chief financial officer Sunil Sapre told PTI. Speaking two days after the Pune-based company announced its December quarter earnings, Sapre said it is already carrying candidates who have been trained…

IT services company Coforge (erstwhile NIIT Technologies) posted a 4.3% year-on-year (yoy) rise in net profit for the third quarter ending December at Rs 238 crore, up from Rs 228.2 crore in the same quarter a year ago. In a seasonally weak quarter due to high furloughs, the profit was helped by strong deal wins and healthy margins.Sequentially, the net profit jumped 31.5% from Rs 181 crore in the preceding quarter.Elevate Your Tech Prowess with High-Value Skill CoursesOffering CollegeCourseWebsiteMITMIT Technology…

The expectations from them were never great, but they did exceed most performance parameters with consummate ease. So much so that the relative stragglers in the current bull run in Indian stocks, technology companies single-handedly carried broadest benchmarks to new records through the first two weeks of January, belying odds of muted earnings performance in a quarter that is traditionally sluggish for the outsourcing majors.At first glance, of course, the demonstration of investor confidence in a hitherto neglected…

Publication of the minutes of the last meeting of the US Federal Open Market Committee (FOMC) early January led to a surge in the National Stock Exchange’s technology index, which has gained 9% in a month on expectations of an early resumption to the rate-easing cycle in the world’s biggest market for Indian outsourcing. However, the commentary by Federal Reserve policymakers has had little concrete impact on most of its clients, HCLTech CEO C Vijayakumar tells ET, as discretionary expenditures by most US companies remain…

India’s fourth largest IT services provider Wipro on Friday reported a decline of 4,473 employees for the quarter ended December 2023 compared to the previous quarter (Q2 FY24). The company’s staff strength for the quarter ended December was 240,234 as against 244,707 in the previous quarter. Elevate Your Tech Prowess with High-Value Skill CoursesOffering CollegeCourseWebsiteIIM LucknowIIML Executive Programme in FinTech, Banking & Applied Risk ManagementVisitIIM KozhikodeIIMK Senior Management ProgrammeVisitIIM…

Indian IT companies are expected to report a "soft" third quarter with higher-than-usual furloughs weighing on revenue growth, industry watchers said cautioning that demand outlook commentary is likely to be unchanged as clients continue to scrutinise discretionary spends and prioritise cost optimisation. The big earnings week for tech heavyweights is up ahead, with the top tier IT companies slated to announce their December quarter numbers this week. Tata Consultancy Services (TCS) and Infosys will declare their Q3FY24…

The IT sector will onboard one-third or 32% fewer engineering graduates in fiscal 2024 compared to fiscal 2023, according to a new report by TeamLease Digital. The findings indicate that 1.55 lakh freshers are likely to be hired in the IT/technology sector this fiscal as compared to 2.3 lakh in the previous year.With approximately 1.5 million engineering graduates actively seeking IT/tech roles, muted market sentiments and intensified skills evaluation mechanisms will mean only 10% of the fresher pool will find coveted IT…

Top Indian software exporters and mid-tier firms are asking employees to work from the office on more days of the week. This comes as companies are focusing on higher productivity and employee retention as the $245 billion sector struggles with the slowest technology demand in many years that has led to a slump in hiring.Tata Consultancy Services (TCS), LTIMindtree, Wipro, Persistent Systems and others told ET about half their staff have been punching in at least twice a week. The Indian IT sector was early to adopt work…

Six leading Indian IT services companies that have announced first-quarter earnings recorded the sharpest contraction in headcount in the last three years in the April-June period. Aggregate staffing at Tata Consultancy Services (TCS), Infosys, HCLTech, Wipro, LTIMindtree and L&T Technology Services (LTTS) contracted by 18,000, worse than a negative 9,000 in the June quarter of 2021, which was during the pandemic, according to data compiled by Xpheno for the last three financial years.To be sure, two out of the six…

Image Source : FILE A report says that generative artificial intelligence (AI) is topping the heads of many business and IT leaders, but it has not been significantly impacting IT spending levels. The IT spending in India is projected to reach $112.2 billion this year, slightly higher than last quarter’s update, a report showed on Wednesday. Despite being cautious,…