The World Opinion

Tag: q4

  • SBI Q4 Profit Grows 18% To Rs 21,384 Crore | Companies News

    Mumbai: The country’s largest lender SBI on Thursday reported 18.18 per cent growth in March quarter consolidated net profit to Rs 21,384.15 crore as against Rs 18,093.84 crore in the year-ago period.

    On a standalone basis, profit grew to Rs 20,698.35 crore from Rs 16,694.51 crore a year ago, the lender said in a regulatory filing.

    Consolidated net profit in fiscal year 2023-24 was up 20.55 per cent to Rs 67,084.67 crore as against Rs 55,648.17 crore in FY23.

    In Q4 FY24, total income rose to Rs 1.28 lakh crore from Rs 1.06 lakh crore in the year-ago period, while operating expenses grew at a relatively slower rate at Rs 30,276 crore from the year-ago period’s Rs 29,732 crore.

    The overall provisions nearly halved to Rs 1,609 crore from Rs 3,315 crore in the year-ago period.

    There was an improvement in gross non-performing assets ratio to 2.24 per cent as on March 31, 2024, as against 2.78 per cent in the year-ago period and 2.42 per cent at the end of December quarter.

    The bank scrip was trading 1.81 per cent up at Rs 825.10 on the BSE as against a 1.15 per cent correction on the benchmark.

  • Infosys’ Full-year Employee Strength Drops For 1st Time In 23 Years | Companies News

    Bengaluru: The full-year headcount at IT major Infosys declined for the first time in nearly 23 years, by 25,994 in the financial year 2023-24.

    The full financial year headcount was 317,240 — a 7.5 per cent decrease from the previous fiscal year.

    “Our utilisation rate has improved from 77 per cent utilisation including trainees in the beginning of the year. The growth environment was also very different at that point so we had guided differently,” said Jayesh Sanghrajka, CFO, Infosys, as the company reported its fourth-quarter results on Thursday.

    “We had to realign some of those factors as the growth environment changed. Our utilisation has changed to 82 per cent now. Our attrition has also come down significantly. That’s the reason you see a net headcount reduction,” he added.

    On a quarterly basis, the company added 5,423 fewer employees.

    “We have changed our hiring model significantly. We no longer hire all the freshers from campus. We hire less than half of them from campus and more than half of them off campus,” said Sanghrajka.

    The IT software giant declared a 30 per cent jump in net profit to Rs 7,969 crore for the January-March quarter, up from Rs 6,128 crore in the same quarter last year.