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<ul><li>Wipro reported that it added 7,000 employees to the company over the last three months during its first-quarter earnings call. </li><li>Saurabh Govil, Wipro’s Chief Human Resources Officer (CHRO), said the company will continue hiring in Q2. </li><li>Even though Wipro doubled its hiring in 2019-20, its net addition of employees was in the red suggesting low attrition. </li></ul>Wipro has hired new 7,000 employees in the last three months, their first quarter, between April to June. And, they plan to keep on hiring, according to Wipro’s Chief Human Resources Officer (CHRO) Saurabh Govil. This comes in the backdrop Wipro reporting the largest decline in employees during the last quarter in comparison to its peers Tata Consultancy Services (TCS), Infosys and other Indian IT services companies.“Lateral hiring never stopped,” said Govil during the first-quarter earnings call. “We will continue to hire in Q2 based on demand,” he added. <div type="Article" hostid="261" msid="76960126" title="Wipro management pins hope on wider margin and new clients while revenue takes a dip" mstype="2" mssubtype="0"></div> Govil added that the company has started on-boarding freshers as per earlier offers. “It would be staggered and delayed based on business requirements,” he said. Even last quarter, Govil asserted that hiring would not be suspended at Wipro in lieu of the coronavirus pandemic. However, the company did not rule out furloughs and leaves at the time. <div type="Article" hostid="261" msid="75173292" title="Wipro's hiring will be slower in the coming months and current employees may be asked to go on leave without pay" mstype="2" mssubtype="0"></div> Wipro in comparison to top Indian IT companies Indian IT services companies have been pushing on fresh hiring as the industry’s attrition rate continues to remain flat. Despite new hires being on the rise, companies across the board reported a dip in total employees. Even Wipro doubled its hiring in 2019-20, however, its total employee count was lower than the year before. Even its net addition of new employees has been the lowest in comparison to TCS and Infosys. While TCS’ numbers were in the ten-thousands, Wipro was still in single digits if not bleeding employees. <div type="Article" hostid="261" msid="75669358" title="Hiring at Infosys and Tech Mahindra is down at least 40% in line with the trend in top five IT firms⁠— and it's not just because of COVID-19" mstype="2" mssubtype="0"></div> Last quarter, while Infosys also reported a dip in employees, Wipro’s drop in net addition was four times higher. <div type="image" title="Hiring IT" msid="76972636" hostid="261" caption="&amp;lt;p&amp;gt;Hiring across top 3 Indian IT services companies&amp;lt;/p&amp;gt;"></div> Even though Wipro plans to keep hiring in the coming quarter, Govil pointed out that all hiring will happen depending on demand. Its utilisation levels this quarter also stood at 75% — 1.6% higher than the previous quarter. According to Wipro Chief Financial Officer (CFO), Jatin Dalal, higher utilisation was one of the factors behind Wipro’s margin expansion this quarter. “We also kept a tight watch on incremental spend… Third is foreign exchange,” he said. Wipro Chairman Rishad Premji disclosed that the company hasn’t laid off a single employee during the coronavirus pandemic during the Annual General Meeting (AGM) on Monday. The National Information Technology Senate (NITES) has alleged in May that Wipro was benching many employees, mainly those at its Pune office, who were subsequently laid off. A claim that Wipro denies. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/hiring-at-infosys-and-tech-mahindra-is-down-40-in-line-with-the-trend-in-top-five-it-firms-and-its-not-just-because-of-covid-19/articleshow/75669358.cms">Hiring at Infosys and Tech Mahindra is down at least 40% in line with the trend in top five IT firms⁠— and it's not just because of COVID-19</a> <a href="https://www.businessinsider.in/careers/news/tcs-hiring-again-with-5-employees-to-return-to-offices/articleshow/76887172.cms">TCS to kickstart lateral hiring and bring back 5% of its employees to offices</a>

After last quarter’s massive dip, Wipro adds 7,000 employees with plans to continue hiring in Q2

<ul><li><keyword id="1912963" type="PERSON" weightage="20" keywordseo="Wipro-share-price">Wipro share price</keyword> has jumped by 16% on Wednesday morning after the Indian IT services giants announced its Q1 results on Tuesday. </li><li>Piggybacking on Wipro’s surge, <keyword id="620690" type="PERSON" weightage="20" keywordseo="Infosys-share-price">Infosys share price</keyword> is also up by 8%. </li><li>Analysts expect the impact of the coronavirus impact on Infosys — which is set to announce its results today evening, July 15 — to be less than its peers. </li></ul>Wipro’s share price is up by over 16% after the company announced its first-quarter results yesterday. Building on that momentum, Infosys share price — who is set to announce its Q1FY21 results after the stock market closes today — is surging by 8%. <div type="image" title="wipro share price (1)" msid="76974011" hostid="261" caption="&amp;lt;p&amp;gt;Wipro share price over the past month&amp;lt;/p&amp;gt;"></div> <div type="image" title="infosys share price (4)" msid="76974001" hostid="261" caption="&amp;lt;p&amp;gt;Infosys share price over the past month&amp;lt;/p&amp;gt;"></div> Wipro’s gross revenue was down 5.1% this quarter as compared the previous quarter, and most of it came from the drop in revenue from IT services which fell by 7.3% quarter on quarter (QoQ). <div type="image" title="Wipro revenue" msid="76973854" hostid="261" caption="&amp;lt;p&amp;gt;Wipro&amp;#39;s gross revenue and growth trajectory over the last five quarters&amp;lt;/p&amp;gt;"></div> However, it announced that it onboarded 7,000 new employees in the last three months, with plans to continue lateral hiring in the second quarter of 2020-21. Infosys to announce Q1 results on Wednesday After the results of Tata Consultancy Services (TCS) and Wipro, Infosys is set to announce its first-quarter results on Wednesday evening, July 15. Analysts expect Infosys to be less impacted than its peers. All eyes will be on new large deals that the Indian IT services giant was able to bring in over the next three months as well as the impact across different segments. The manufacturing and auto vertices are likely to see continued pressure. Piggybacking on Wipro’s jump in share price, the Infosys stock is also rising as investors expect the company’s results to be better than its counterparts. SEE ALSO: <a href="https://www.businessinsider.in/careers/news/tcs-hiring-again-with-5-employees-to-return-to-offices/articleshow/76887172.cms">TCS to kickstart lateral hiring and bring back 5% of its employees to offices</a> <a href="https://www.businessinsider.in/business/corporates/news/wipro-q1-earnings-preview-growth-revenue-margins-theirry-delaporte/articleshow/76951601.cms">A new CEO, Brexit and supply-side exposure may leave Wipro’s Q1 earnings more dented than others</a> <a href="https://www.businessinsider.in/business/corporates/news/infosys-earnings-what-to-expect-and-comparison-with-tcs/articleshow/76952717.cms">The key thing to watch out for during Infosys earnings will be the size of the new deals</a>

Wipro share price 16% increase leads to surge in Infosys share price too

Mining conglomerate <keyword id="19919721" type="General" weightage="20" keywordseo="Vedanta" source="keywords">Vedanta</keyword> Ltd on Tuesday reported 36.5 per cent rise in consolidated net profit at Rs 3,606 crore for June quarter FY25 due to improved margins and robust cost reduction across all operations. The company had posted a net profit of Rs 2,640 crore in the year-ago period. Income rose to Rs 36,698 crore over Rs 34,279 crore in the year-ago period, according to an exchange filing. Vedanta said in a statement that the proposed demerger of its businesses is on track and it has already filed the demerger scheme with NCLT after getting a nod from secured creditors. The company said that its board has approved a capex investment of USD 270 million for its oil and gas business. "The strategic priority for the Cairn Oil &amp; Gas business is to augment reserves and increase near term volume through infill wells and enhanced oil recovery. In order to deliver this, the Board has approved capex investment (net) of USD 270 million across fields in the Rajasthan block for drilling wells and construction of surface facility for ASP ( Alkaline Surfactant Polymer) injection," the company said in a separate filing. Vedanta Executive Director Arun Misra said that the company has delivered a strong start to the year, with exceptional EBITDA improvement of 47 per cent and PAT improvement by 54 per cent year-over-year on the back of improved margins, and robust cost reduction across all operations. "Our aluminium and zinc divisions continue to outperform industry benchmarks, consistently ranking in the top quartiles and deciles of the global cost curve. These achievements are a direct result of our strategic focus on cost, as reflected in a 20 per cent year-over-year reduction in overall cost," he said. The company's growth projects are well on track and it remains committed to commission the majority of these projects in FY25. "Moving ahead, our focus on operational efficiency, sustained expansion, and ESG excellence will guide our journey. With this dedication, we are confident in our ability to create substantial shareholder value in the year ahead," he added. Last month, the mining conglomerate raised Rs 8,500 crore (over USD 1 billion) through Qualified Institutions Placement (QIP) of 19.31 crore equity shares at an issue price of Rs 440 per share. Company's CFO Ajay Goel said, "The overwhelming response to the Vedanta's... QIP...underscores investors' huge confidence. The proceeds from the QIP will be further instrumental in deleveraging the balance sheet and reduction of finance costs. We have received all the requisite approvals and have filed the demerger scheme with the National Company Law Tribunal (NCLT) taking our demerger a step closer to reality." The company's gross debt stood at Rs 78,016 crore as on June 30, 2024. Vedanta Ltd, a subsidiary of Vedanta Resources Ltd, is one of the world's leading natural resources companies spanning across India, South Africa, Namibia, Liberia, the UAE, Korea, Taiwan and Japan with significant operations in oil and gas, zinc, lead, silver, copper, iron ore, steel, nickel, aluminium, power and glass substrate. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/unicommerce-esolutions-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112307438.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/unicommerce-esolutions-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112307438.cms" target="_blank">Unicommerce eSolutions IPO – Price band to risk factors, all you need to know</a> <a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-sales-cross-the-1-lakh-mark-after-four-months-ola-electric-leads-the-market/articleshow/112288793.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-sales-cross-the-1-lakh-mark-after-four-months-ola-electric-leads-the-market/articleshow/112288793.cms" target="_blank">Electric two-wheeler sales cross the 1 lakh mark after four months, Ola Electric leads the market</a> <a href="https://www.businessinsider.in/sports/news/neeraj-chopras-paris-olympics-journey-to-begin-with-qualification-round-today-top-rivals-to-look-out-for/articleshow/112311760.cms">Neeraj Chopra qualifies for finals with a first throw of 89.34m – top rivals to look out for</a>

Vedanta Q1 profit surges 37% to ₹3,606 crore on improved margins

<ul><li>In constant currency terms, <keyword id="13843427" type="General" weightage="20" keywordseo="ltimindtree" source="Orion">LTIMindtree</keyword> posted revenue growth of 8.2% YoY for the June quarter. </li><li>The order inflow continued to increase and reached $1.41 billion in this quarter. </li><li>“Our operational rigor helped us achieve an EBIT of 16.7% and PAT of 13.2%," said Debashis Chatterjee, CEO and MD. </li></ul> Technology consulting and digital solutions company LTIMindtree posted a 4.1% year-on-year rise in net profit to ₹1,152 crore for the first quarter ended June 30. Revenue rose 13.8% to ₹8,702 crore for the period. In constant currency terms, the company’s revenue rose 8.2% YoY for the June quarter. On a quarter-on-quarter basis, however, this revenue was almost flat at 0.1% growth. “Our key verticals BFSI (banking, financial services and insurance), Manufacturing &amp; Resources and Hi-Tech, Media, and Entertainment, which make up 75% of our revenues performed well,” said Debashis Chatterjee, chief executive officer and managing director. “Our strategic programs are bearing fruit and is evident in the upward movement across our client buckets. The order inflow continued to increase and reached $1.41 billion in this quarter,” he added. The company has 723 active clients as of June 30, 2023. During the quarter, $5 million+ clients increased by 18 on a YoY basis, while $10 million+ clients increased by 9 and $50 million+ clients increased by 3. “Our operational rigor helped us achieve an EBIT of 16.7% and PAT of 13.2%," Chatterjee added. EBIT is earnings before interest and taxes, while PAT refers to profit after tax. At the end of the quarter, the company had 82,738 professionals with the trailing 12 month attrition at 17.8%. Among the deals won during the quarter are a deal from one of the largest property &amp; casualty insurance companies in the United States, which has chosen LTIMindtree as a strategic partner for a multi-year application development and maintenance deal. Shares of the company were trading 2.5% lower at ₹5,006 in morning trade on the NSE. Meanwhile, the Nifty50 was up 0.45%.

LTIMindtree Q1 net profit rises 4.1% to ₹1,152 crore, revenue up 14% YoY

<ul><li>IT major Wipro’s first quarter net profits grew by 12.6% at ₹23.9 billion as compared to that of the same quarter last year, which was at ₹21.2 billion </li><li>The company’s revenues for the first quarter of 2019-20 grew by 5.3% to ₹147.2 billion as compared to last year’s first quarter revenues at ₹139.8 billion. </li><li>However, the operating margins for the IT services segment had a flat growth at 18.4%, growing by a mere 0.8%. </li></ul>IT major Wipro’s first quarter net profits grew by 12.6% to ₹23.9 billion as compared to that of the same quarter last year. This was better than the 11% profit growth clocked by Tata Consultancy Services (TCS) and Infosys’ 5%. Wipro said it expects its IT services revenue will grow, at best, 2% in the following three months ending September, similar to that of Infosys. Infosys had projected a total growth 8.5% to 10% for the full year ending March 2020, which would imply a compounded quarterly growth 1.6% to 1.9%, according to a BOBCAPS research report. TCS to hinted at a double-digit growth for the year. Wipro’s revenue for the first quarter of 2019-20 grew by 5.3% to ₹147.2 billion but the margin in the IT services segment flattened at 18.4%. “We had a slower start to the year, we however remain focused on our operations and continue to invest in talent and capabilities for the future,” said Jatin Dalal, Chief Financial Officer of Wipro. New deals All three major IT service providers from India have bagged new clients helping their outlook going forward. “Our efforts on client mining have resulted in an addition of three customers in more than $100 million bucket. We will continue to build differentiated capabilities to drive business transformation for our customers by investing in our big bets,” said Abidali Z. Neemuchwala, CEO and Executive Director at Wipro. TCS and Infosys too, announced big signings last week along with their quarterly numbers. TCS bagged new deals worth $5.7 billion in the last quarter while Infosys set a new record for itself with new deals worth $2.7 billion. However, the good news for investors is that Wipro plans to continue with its proposed buyback offer of 323 billion shares, which was approved by the board in April, after a green light from market regulator SEBI. The final shareholder approval came in on June 21. Investors may have been worried that the company may rollback the plan after the government decided to impose a 20% tax on share buyback because companies were using share buybacks to give money back to shareholders instead of dividends, which are also taxable in India.

Wipro’s profit grows faster than TCS and Infosys — but it’s share buybacks and new deals keeping hopes up for IT investors

New Delhi, Apr 7 () IT major Wipro on Tuesday said it will announce its fourth quarter results on April 15.There are speculations that announcement of corporate earnings for March quarter could be delayed given the ongoing lockdown amid COVID-19 outbreak."Wipro Ltd will announce results for the fourth quarter ended March 31, 2020 on Wednesday, April 15, 2020 after stock market trading hours in India," Wipro said in a regulatory filing.The company, however, did not specify the date for the announcement of its financial results for 2019-20.Its peers like Tata Consultancy Services, Infosys and HCL Technologies are yet to come up with the dates for announcing their financial results.Markets regulator Sebi has also given relaxation of 45 days to companies for filing fourth quarter results and one-month extension to file results for 2019-20.Besides, relaxation of one month has been given for filing quarterly corporate governance report and three week each for shareholding pattern and statement of investor complaint reports.Operations of businesses across the world have been impacted by the coronavirus outbreak that has claimed thousands of lives. In India, 114 deaths have been reported, while there were about 4,000 live cases of COVID-19.The government, on March 24, had announced a complete lockdown in the country for 21 days to contain the spread of coronavirus infection.Most individuals have been asked to work from home to ensure business continuity and only skeletal staff has been allowed to be on premises to run critical operations at IT and IT-enabled services organisations. SR BALBAL

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After last quarter’s massive dip, Wipro adds 7,000 employees with plans to continue hiring in Q2

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Wipro share price 16% increase leads to surge in Infosys share price too

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Vedanta Q1 profit surges 37% to ₹3,606 crore on improved margins

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LTIMindtree Q1 net profit rises 4.1% to ₹1,152 crore, revenue up 14% YoY

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Wipro’s profit grows faster than TCS and Infosys — but it’s share buybacks and new deals keeping hopes up for IT investors

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Wipro to announce Q4 results on Apr 15

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