The World Opinion

Tag: IT Services

  • Tech Mahindra Q2 Net Profit Jumps 153 Per Cent YOY To Rs 1,250 Crore | Economy News

    New Delhi: IT services firm Tech Mahindra on Saturday reported a 153.1 per cent year-on-year jump to Rs 1,250 crore in its consolidated net profit for the July-September quarter.

    The Mahindra Group company had posted a net profit of Rs 493.9 crore in the year-ago period. Revenue for Q2 FY25 came in at Rs 13,313.2 crore, 3.49 per cent higher than Rs 12,863.9 per cent in Q2 FY24, according to a regulatory filing.

    Seen sequentially, profit and revenue saw an ascent of 46.81 per cent and 2.36 per cent, respectively. “We continue to progress on our strategic improvement efforts even as the overall IT services industry has remained soft.

    “We have focused on strengthening client relationships and expanding the partner ecosystem while maintaining a sharp focus on operational excellence through project Fortius, which has resulted in an expansion of margins for the third sequential quarter,” Tech Mahindra CEO Mohit Joshi said.

    Joshi, who took over as CEO in December 2023, unveiled Project Fortius in April, a three-year plan to achieve a 15 per cent operating margin with a focus on organic growth.

    “This quarter we see consistent performance around increasing deal wins, revenue growth, cost optimisation and steady free cash flow generation as we continue our journey towards FY27 stated targets. In line with our capital allocation policy the board has declared an interim dividend of Rs 15 per share,” Tech Mahindra CFO Rohit Anand said.

    The Pune-headquartered firm added 6,653 employees during the quarter under review, bringing the total staff count to 1,54,273. The Tech Mahindra scrip settled at Rs 1,688 apiece on the BSE on Friday, down 0.68 per cent from the previous close.

  • Infosys To Receive Rs 6,329 Cr Tax Refund From IT Dept | Companies News

    New Delhi: Infosys expects a refund of Rs 6,329 crore from the Income Tax Department, the country’s second-largest IT services company said. It also informed the stock exchanges about tax demand to the tune of Rs 2,763 crore, citing various assessment orders.

    Infosys Ltd said it has received orders from the Income Tax Department for assessment years 07-08 to 15-16, 17-18, and 18-19 during the quarter. “As per the orders, the company expects a refund of Rs 6,329 crore (including interest). 

    The company is in the process of evaluating the implications of these orders on the financial statements for the quarter and year ending March 31, 2024,” Infosys said in a BSE filing.

    Infosys, which competes with TCS, Wipro and others in the market for IT services contracts, is scheduled to declare its financial results for the fourth quarter of the current fiscal year as well as the full FY24 on April 18. (Also Read: Zomato Gets Tax Demand Order Of Rs 23.26 Crore)

    The Bengaluru-headquartered IT company also said it has received an order for assessment year 22-23 with a tax demand of Rs 2,763 crore, including interest, and for assessment year 11-12 with a tax demand of Rs 4 crore, interest included.

    Infosys has received assessment orders for subsidiaries as well, totalling Rs 277 crore.

    These include assessment orders for assessment years 21-22 and 18-19, respectively, with a total tax demand of Rs 145 crore; orders for assessment years 22-23 with a tax demand of Rs 127 crore; and for assessment years 22-23 entailing tax demand of Rs 5 crore – all of them inclusive of interest.

    “The company is in the process of evaluating the implications of these orders on the financial statements for the quarter and year ending March 31, 2024, and also evaluating filing appeals against these orders,” Infosys said.

    Further, a subsidiary of the company has received refund orders under Section 254 for assessment years 07-08 and 08-09 and under Section 154 for assessment years 16-17, it said, adding that the refund amount as per these orders is Rs 14 crore. (Also Read: TCS Achieves New Milestone; 3.5 lakh Employees Trained In Generative AI Skills)

    “The company is in the process of evaluating the implications of these orders on the financial statements for the quarter and year ending March 31, 2024. As on March 29, 2024, the above orders cumulatively exceed the materiality criteria as prescribed under Regulation 30 of the Listing Regulations (as amended), and accordingly this disclosure is submitted,” Infosys said.

  • TCS Achieves New Milestone; 3.5 lakh Employees Trained In Generative AI Skills

    It became the inaugural tech company to establish a specialized business division solely focused on AI and cloud services in 2023.