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The generative AI provides more <keyword id="20069513" type="General" weightage="20" keywordseo="opportunity" source="keywords">opportunity</keyword> to the Indian IT sector contrary to the believe of being a threat, highlighted a report by Nuvama Wealth Management. The report noted that although AI <keyword id="19901571" type="General" weightage="20" keywordseo="technology" source="keywords">technology</keyword> may initially disrupt the sector, especially in terms of business operations and billing models, the long-term benefits far outweigh the risks. "We, on the contrary, expect the Indian IT industry to come out stronger from the <keyword id="19906101" type="General" weightage="100" keywordseo="Gen-AI" source="keywords">Gen AI</keyword>-led disruption. We dig deep into various facets of Gen <keyword id="20037918" type="General" weightage="20" keywordseo="AI-adoption" source="keywords">AI adoption</keyword> for enterprises and find that Gen AI would create a mammoth incremental opportunity for <keyword id="20617562" type="General" weightage="20" keywordseo="Indian-IT-services" source="keywords">Indian IT services</keyword>," said the report. The report noted that as more enterprises adopt AI, the need for services such as upgradation of legacy code and data readiness for AI integration will increase, offering Indian IT firms new streams of revenue. The report mentioned one of the most significant opportunities lies in the modernization of <keyword id="21835113" type="General" weightage="20" keywordseo="legacy-systems" source="keywords">legacy systems</keyword>, particularly core banking systems (CBS). It stated that many <keyword id="19912054" type="General" weightage="20" keywordseo="financial-institutions" source="keywords">financial institutions</keyword> still use mainframe systems and outdated programming languages like COBOL. Gen AI enables automated code modernization, which will drive a major demand for Indian IT services to upgrade these systems, creating a long-term revenue stream. "Since most non-Indian (read European) do not have the scale to hire and deploy employees with the ability to code in COBOL (not to mention supply crunch)--they have ceded this opportunity to <keyword id="21817095" type="General" weightage="20" keywordseo="Indian-IT-Services-companies" source="keywords" meta.keywordsubtype="org" meta.entityname="Indian IT Services companies" meta.hostid="261" meta.entityid="Indian IT Services companies">Indian IT Services companies</keyword>" said the report. The report specifically highlighted the "upgradation of legacy code" as a key area of opportunity for IT companies as businesses prepare their systems for AI integration. Gen AI is expected to create new service lines for Indian IT companies, including AI-based <keyword id="19945906" type="General" weightage="20" keywordseo="customer-service" source="keywords">customer service</keyword>, fraud detection, predictive maintenance, and knowledge processing. These AI-driven solutions will allow IT firms to offer higher-value services to clients, boosting revenue and profit margins. "Indian IT companies have always repositioned themselves to continue to do what they do best--service customers. That has provided them with the longevity they have commanded for multiple decades now. We do not see that changing this time as well" the report added. Comparing Gen AI to "a hammer looking for a nail," the report suggested that the technology's applications are still being discovered, but its potential is undeniable. Looking ahead, the report forecasts a strong start to FY25 for Indian IT companies, with growth driven by an optimistic outlook for the Banking, Financial Services, and Insurance (BFSI) sector, increasing technology spending, and large deal ramp-ups.

Gen AI to unlock a "mammoth incremental opportunity" for Indian IT services: Report

Propelled by the popularity of titles such as "<keyword id="19983826" type="General" weightage="20" keywordseo="Heeramandi" source="keywords">Heeramandi</keyword>: The Diamond Bazaar", "<keyword id="20780480" type="General" weightage="20" keywordseo="The-Great-Indian-Kapil-Show" source="Orion">The Great Indian Kapil Show</keyword>" and "<keyword id="1047212" type="General" weightage="20" keywordseo="Amar-Singh-Chamkila" source="Orion">Amar Singh Chamkila</keyword>", India has emerged as the third country in <keyword id="22467054" type="General" weightage="20" keywordseo="revenue-per-cent-growth" source="keywords">revenue per cent growth</keyword> for streaming service <keyword id="19897536" type="General" weightage="20" keywordseo="Netflix" source="keywords" meta.keywordsubtype="org" meta.entityname="Netflix" meta.hostid="261" meta.entityid="Netflix">Netflix</keyword> in its second quarter. The streamer released its second quarter earnings for 2024 on Thursday and <keyword id="1943179" type="General" weightage="20" keywordseo="Indian-content" source="Orion">Indian content</keyword> seems to have made significant strides this year alongside popular international shows such as "Bridgerton 3", "Baby Reindeer", Korean drama "Queen of Tears" and films such as "Hit Man" and "Under Paris". India and the UK have had especially strong slates this year, according to the streamer. In Q2, India was the second and third country in terms of paid net adds and revenue per cent growth, respectively, due to the success of titles like Sanjay Leela Bhansali's "Heeramandi: The Diamond Bazaar", which had 15 million views to become the streamer's biggest Indian drama series ever. Imtiaz Ali-directed biopic "Amar Singh Chamkila" with 8.3 million views was another major title for Netflix, which also registered success with licensed films such as Kiran Rao's "Laapataa Ladies" and Ajay Devgn-starrer horror drama "Shaitaan". From the UK, "Baby Reindeer", which has earned 11 Emmy nominations, emerged as the big hit with 88.4 million views. "The Gentlemen", "One Day" and "Fool Me Once" also spent multiple weeks on the streamer's global TV top 10 list. The upcoming line-up for India in 2024 includes non-fiction content such as "Modern Masters feat. SS Rajamouli", "Nayanthara: Beyond the Fairy Tale" and "Yo Yo Honey Singh". In the fiction space, most anticipated returning titles are "Yeh Kaali Kaali Ankhein" season two, "Phir Aayi Hasseen Dillruba", "The Great Indian Kapil Show S2", the third season of "Fabulous Lives Vs Bollywood Wives". Anubhav Sinha's gripping drama "IC814: The Kandahar Hijack", "Do Patti" and "Vijay 69" are some of the other projects from India to come out on the streamer this year.

India becomes third country in revenue percent growth for Netflix in Q2, aided by 'Heeramandi', 'Chamkila' success

Indian financial services firm <keyword id="19913826" type="General" weightage="100" keywordseo="Zerodha" source="keywords" meta.keywordsubtype="org" meta.entityname="Zerodha" meta.hostid="261" meta.entityid="Zerodha">Zerodha</keyword> made headlines recently for hitting ₹8,320 crore revenue in FY24. However, its CEO and co-founder <keyword id="19923447" type="General" weightage="20" keywordseo="Nithin-Kamath" source="keywords">Nithin Kamath</keyword> says that the company is preparing for a decline in revenue as several regulatory changes are expected to take effect later this year. Kamath, in a blog post, outlined the challenges ahead, which could result in a <keyword id="20168027" type="General" weightage="20" keywordseo="revenue-drop" source="keywords">revenue drop</keyword> of up to 50% as Zerodha faces a combination of stricter regulations and shifting market conditions. <h2>Zerodha braces for revenue drop</h2>One of the main concerns for Zerodha is the new Securities and Exchange Board of India (SEBI) regulation, which will be implemented on October 1, 2024. Kamath expects a 10% dip in revenue as the "true-to-label" circular is enforced. This change will impose stricter guidelines on brokers like Zerodha regarding the kind of financial products they offer, potentially limiting some of their key revenue-generating activities. Another significant factor affecting Zerodha’s future revenue is the ongoing review of index derivatives regulations. Index derivatives, which are a crucial part of Zerodha's business model, could soon face changes that might severely impact the company’s earnings. Kamath estimates that such modifications could reduce earnings by 30-50%. Additionally, with the <keyword id="20930760" type="General" weightage="20" keywordseo="Securities-Transaction-Tax" source="keywords">Securities Transaction Tax</keyword> (STT) set to rise in October 2024, the costs of futures trading could further impact Zerodha’s profitability, though the effect on options trading may be limited. Zerodha is also set to face revenue pressures due to changes in Annual Maintenance Charges (AMC) under the new Basic Services Demat Account (BSDA) thresholds. From October 2024, brokers will only be able to charge full AMC fees from customers with holdings of ₹10 lakhs or more, up from ₹4 lakhs currently. Combined with Zerodha's removal of account opening fees, this is expected to significantly impact their revenue. Yet another challenge comes from Zerodha’s decision to halt payouts from its referral program. The program, which incentivised customers to refer others to the platform, will now only allow payouts to Authorised Persons (AP) registered with exchanges. This new regulation limits the number of people who can refer customers, slowing the firm's growth. <h2>Zerodha's financial results</h2>Despite these looming challenges, Zerodha posted strong financial results for the fiscal year 2024. The firm recorded a 62% increase in profits, reaching ₹4,700 crore, with revenue climbing by 21% to ₹8,320 crore. Traders using Zerodha's platform are also sitting on over ₹1 lakh crore in unrealised profits, largely driven by strong market performance and increased retail participation. However, Kamath also cautioned that the profitability boost in recent years has been fuelled by a bull market, which could reverse at any time. If the market turns, Zerodha, like many other financial service providers, may face significant challenges. To prepare for such an eventuality, the company has built up a strong financial position, with Kamath stating that their net worth now stands at nearly 40% of the customer funds they manage.

Zerodha co-founder Nithin Kamath says bracing for a huge revenue hit even as the company hits ₹8,320 crore revenue in FY24

India’s Chief Economic Advisor (CEA), <keyword id="20690607" type="General" weightage="20" keywordseo="V-Anantha-Nageswaran" source="keywords">V Anantha Nageswaran</keyword>, remains optimistic about the nation’s economic prospects despite a slower-than-expected <keyword id="19972825" type="General" weightage="20" keywordseo="GDP-growth" source="keywords">GDP growth</keyword> in the second quarter of FY2024-25. Speaking at the Bharat @100 Summit hosted by Assocham, he said that the fundamental health of the economy remains robust, according to a report by aNI. Nageswaran highlighted several indicators demonstrating the economy’s resilience. “If you run through the checklist for the <keyword id="19948184" type="General" weightage="100" keywordseo="Indian-economy" source="keywords">Indian economy</keyword>, the health is pretty robust,” he noted, pointing to controlled levels of external debt as a share of GDP, declining non-performing assets in the banking system, and stable inflation trends. Although certain food items have caused inflationary spikes, their impact is limited within the overall consumer price index basket, he explained. The CEA praised the shift in fiscal expenditure priorities over the past seven years, with greater focus on capital investments rather than revenue spending. This reallocation, he suggested, has bolstered long-term economic stability and growth potential. India’s GDP growth for the July-September quarter was 5.4%, significantly below the Reserve Bank of India’s forecast of 7%. While this has sparked concerns among economists, Nageswaran urged against overreacting. Erratic monsoons and excessive rainfall disrupted economic activity in Q2, he explained, while global uncertainties and supply chain pressures further weighed on growth. Despite these challenges, he maintained confidence in the broader growth narrative, citing improvements in key economic metrics. For instance, India’s gross capital formation has risen from 27.3% of GDP in the second decade of the 2000s to 30.8% today. Private consumption remains steady, and exports—spanning both services and manufacturing—continue to perform well even amid challenging global conditions. Nageswaran also underscored India’s growing competitiveness in international trade. He noted that the nation’s total <keyword id="24325087" type="General" weightage="20" keywordseo="exports-as-a-percentage-of-GDP" source="keywords">exports as a percentage of GDP</keyword> now surpass China’s, showcasing its resilience and adaptability in a shifting global trade environment. However, he cautioned against reading too much into quarterly fluctuations, highlighting the impact of geopolitical developments such as trade restrictions from the US on critical minerals and rare earths, as well as policy shifts in China. These external factors, he suggested, are likely to persist and may continue influencing short-term economic trends. (with ANI inputs)

Indian economy is resilient despite Q2 challenges, says CEA Nageswaran

The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved the proposal for the 3rd batch of ascending <keyword id="22338892" type="General" weightage="20" keywordseo="e-auctions" source="keywords">e-auctions</keyword> for 730 <keyword id="22951451" type="General" weightage="100" keywordseo="FM-radio-channels" source="keywords">FM radio channels</keyword> in 234 new cities, with an estimated reserve price of Rs. 784.87 crore under the <keyword id="22950610" type="General" weightage="20" keywordseo="Private-FM-Radio" source="keywords">Private FM Radio</keyword> <keyword id="22657617" type="General" weightage="20" keywordseo="Phase-III-Policy" source="keywords">Phase III Policy</keyword>. According to the official statement, the Cabinet also approved a proposal to set the <keyword id="22951452" type="General" weightage="20" keywordseo="Annual-License-Fee" source="keywords">Annual License Fee</keyword> (ALF) for FM channels at 4 per cent of <keyword id="20406587" type="General" weightage="20" keywordseo="Gross-Revenue" source="keywords">Gross Revenue</keyword>, excluding Goods and Services Tax (GST). This will apply to the 234 new cities and towns. The expansion of Private FM Radio to these 234 new locations will address the existing demand for FM radio services in areas still uncovered by private broadcasters, providing access to new and local content in <keyword id="20520759" type="General" weightage="20" keywordseo="regional-languages" source="keywords">regional languages</keyword>. This initiative will create new <keyword id="19972727" type="General" weightage="20" keywordseo="employment-opportunities" source="keywords">employment opportunities</keyword>, promote local dialects and culture, and support the 'vocal for local' initiative. Many of the approved cities and towns are located in Aspirational districts and areas affected by Left-Wing Extremism (LWE). The introduction of Private FM Radio in these regions will further strengthen the Government's outreach efforts. The evolution of India's Private FM Radio Policy marked a shift from <keyword id="22951453" type="General" weightage="20" keywordseo="medium-wave" source="keywords">Medium Wave</keyword> (MW) broadcasting to Frequency Modulated (FM) waves, driven by a need to enhance the quality and variety of radio programming, improve broadcast standards, and modernize outdated equipment. The journey began with the approval of the FM Phase-I Policy in July 1999, which aimed to revitalize the radio industry by introducing open auctions for selecting successful bidders. However, the initial phase met with limited success, with only 21 channels becoming operational across 12 cities. Recognizing the need for a more robust framework, the government introduced the improved FM Phase-II Policy in July 2005, following recommendations from the Dr Amit Mitra Committee and the Telecom Regulatory Authority of India (TRAI). This policy was well-received by stakeholders and resulted in significant growth in the FM radio industry, creating new employment opportunities and expanding the reach of private FM radio. Despite this success, many cities, particularly those with populations below three lakh and border areas, remained outside the private FM radio network. The necessity for further expansion led to the introduction of the FM Phase-III Policy, which sought to address the unmet demand for FM radio in uncovered cities. This policy recognized the strategic importance of extending FM radio services to border areas, such as Jammu &amp; Kashmir, the North Eastern states, and island territories, where private broadcasters had been reluctant to enter due to concerns about viability. The policy also aimed to incentivise the development of FM radio in these regions to counter cross-border propaganda and ensure that Indian radio channels had a wider reach. Additionally, the Phase-III Policy acknowledged the presence of 97 vacant channels from Phase-II that could not be auctioned for various reasons and emphasized the need for better utilisation of the frequency spectrum allocated for FM broadcasting.

Cabinet approves Rs 784.87 cr e-auctions for 730 FM radio channels across 234 new cities

The Indian IT services sector is staring at a second consecutive year of muted <keyword id="19965932" type="General" weightage="20" keywordseo="revenue-growth" source="keywords">revenue growth</keyword> due to modest increase in <keyword id="21414675" type="General" weightage="20" keywordseo="tech-spends" source="keywords">tech spends</keyword> in Europe and the US, a domestic rating agency said on Wednesday. Crisil Ratings said it expects the sector to grow at 5-7 per cent in FY25, after a growth of 6 per cent estimated to have been achieved in FY24. The overall industry size is pegged at USD 250 billion and it creates over 50 lakh direct jobs. "The slowdown in technology spend will continue this fiscal, weighing on the revenue growth of IT service providers," said Aditya Jhaver, director at Crisil. The industry is, however, expected to sustain in the key metric of profitability, as the operating profit margins will be stable at 22-23 per cent, the agency said, attributing it to prudent management of <keyword id="19999266" type="General" weightage="20" keywordseo="employee-costs" source="keywords">employee costs</keyword>. Crisil said the sectoral revenues achieved a compounded annual growth rate of 12 per cent for the decade through FY24. High interest rates and economic slowdown in client markets led to a modest single-digit growth in tech spends by companies in the banking, financial services and insurance (BFSI), retail, technology and communications sectors in FY24, the agency said. It said these four sectors account for nearly two-thirds of the industry's revenues. Jhaver said revenue from BFSI and retail segments will continue to be a drag with subdued growth of 4-5 per cent in FY25. Manufacturing and healthcare, which contribute a tenth of the revenue, were the only bright spots and continued double-digit growth in tech spend given the focus on process automation and research and development-based analytics, especially in healthcare. As revenue growth remained subdued, IT service companies pulled back on addition of fresh talent, resulting in headcount reductions by 4 per cent in 2023 by top 12 companies. This, along with the decline in attrition to 13 per cent as of December 2023 from the high of 20 per cent in FY23 provided a breather by limiting higher-cost replacement hiring during FY24, it said. Associate director Joanne Gonsalves said the ratings company expects IT service providers to remain "cautious" on fresh hiring in FY25 too, which will maintain employee utilisation at a healthy level of ~85 per cent. Continued healthy cash generation, strong balance sheets and sizeable cash surplus will keep the credit quality of IT service providers stable, the rating agency said. Players will continue to eye acquisitions, especially small and mid-sized opportunities that could enhance their product baskets and increase digital capabilities, it said. An appreciation in the rupee value or sustained delay in economic revival in key markets amid ongoing geopolitical conflicts could pose downside risks, it added. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/realme-narzo-70-narzo-70x-5g-smartphones-launched-in-india-starting-at-11999/articleshow/109557895.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/realme-narzo-70-narzo-70x-5g-smartphones-launched-in-india-starting-at-11999/articleshow/109557895.cms" target="_blank">Realme Narzo 70, Narzo 70X 5G smartphones launched in India starting at ₹11,999</a> <a href="https://www.businessinsider.in/tech/news/apple-let-loose-event-scheduled-for-may-7-ipads-expected-to-be-launched/articleshow/109553148.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/apple-let-loose-event-scheduled-for-may-7-ipads-expected-to-be-launched/articleshow/109553148.cms" target="_blank">Apple Let Loose event scheduled for May 7 – New iPad models expected to be launched</a><a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-8a-may-be-more-expensive-than-its-predecessor-as-per-a-new-leak/articleshow/109499394.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-8a-may-be-more-expensive-than-its-predecessor-as-per-a-new-leak/articleshow/109499394.cms" target="_blank">Google Pixel 8a may be more expensive than its predecessor, as per a new leak</a>

Indian IT sector staring at 2nd straight year of muted revenue growth: Crisil

Indian tech major <keyword id="19945574" type="General" weightage="20" keywordseo="Wipro" source="keywords" meta.keywordsubtype="org" meta.entityname="Wipro" meta.hostid="261" meta.entityid="Wipro">Wipro</keyword> released its Q1FY25 results, beating D-street estimates. The company's revenue from operations during the quarter stood at $2.63 billion, a dip of 4.9% YoY, in constant currency terms. The company's operating margin for <keyword id="20069374" type="General" weightage="20" keywordseo="IT-services" source="keywords">IT services</keyword> for the quarter stood at 16.5%, seeing a 0.4% YoY dip. The revenue from IT services during April-June 2024 was $2,625.9 million, witnessing a 5.5% YoY fall. For the next quarter (ending September 2024), the company hopes for its IT Services business segment to be in the range of $2,600 million to $2,652 million, per its press release. <h2>Revenue breakdown</h2>The company's gross revenue for the quarter stood at Rs 219.6 billion, up 3.8% on YoY basis. At 34% of the total quarterly revenue, banking, financial services &amp; insurance was the company's biggest revenue contributor segment, followed by communication (3.8%), consumer (19.2%), technology (11.5%), health (13.9%), manufacturing (6.4%) and energy, natural resources and utilities making up 11% of the total revenue. In terms of geographies, over 60% stemmed from the Americas, while 27.6% came from Europe and 10.7% came from APMEA (<keyword id="20038550" type="General" weightage="20" keywordseo="asia-pacific" source="keywords">Asia Pacific</keyword>, India, Middle East &amp; Africa). However, the company's large deals TCV (total contract value) for the quarter was $1.2 billion, down 3.6% YoY, while total bookings for the quarter were $3,284 million. However, Wipro's <keyword id="20508950" type="General" weightage="20" keywordseo="Net-income" source="keywords">net income</keyword> for the quarter stood at Rs 30.0 billion, up by 4.6% YoY. <h2>Customer segmentation</h2>As far as customer concentration goes, the top 1% of company's clients contribute 4% to its revenue, while the top 5 and top 10 make up for 13.6% and 22.5% of the revenue mix, respectively. As of June 30, 2023, the company's headcount was 2,34,391 with a <keyword id="22473955" type="General" weightage="20" keywordseo="voluntary-attrition" source="keywords">voluntary attrition</keyword> rate at 14.1% During the previous quarter, the company gained 43 new customers, while obtaining 99.7% of its revenue from its existing ones. The number of active customers associated with the company stood at 1,364, down from 1,444 in the year ago period. In terms of customer size, Wipro's clientele for Q1FY25 stood at 735 (customers over $1 million), 407 (customers over $3 million) and 301 (customers over $5 million). However, this was slightly down from their base in Q1FY24, where the company had 769 customers worth over $1 million, 444 customers over $3 million and 319 customers over $5 million. As for customers over $100 million, the same rose marginally from 21 in Q1FY24 to 22 in Q1FY25. Also read: <a href="https://www.businessinsider.in/stock-market/news/paytm-q1fy25-results-revenue-from-payment-services-jumps-to-rs-900-crore-monthly-transacting-users-in-june-dip-to-7-8-crore/articleshow/111853802.cms" data-type="tilCustomLink" target="_blank">Paytm Q1FY25 results: Revenue from payment services plunges to Rs 900 crore, monthly transacting users in June dip to 7.8 crore</a> <a href="https://www.businessinsider.in/stock-market/news/hcl-tech-q1-results-company-reports-better-than-expected-results-revenue-jumps-6-7-yoy/articleshow/111689309.cms" data-type="tilCustomLink" target="_blank">HCL Tech Q1 results: Company reports better than expected results, revenue jumps 6.7% YoY</a>

Wipro Q1FY25 results: Net income jumps 4.6% YoY to Rs 30 billion, operating margin at 16.5%

India’s <keyword id="23445999" type="General" weightage="100" keywordseo="carbonated-soft-drinks" source="keywords">carbonated soft drinks</keyword> (CSD) segment has hit a roadblock, unable to expand and reach its full potential, largely due to the high tax burden under the Goods and Services Tax (GST) regime. A recent report from PTI, originally attributed to the economic think tank ICRIER says that despite the government’s initiatives like ‘Make in India’ and ‘Aatmanirbhar Bharat’, the CSD industry is struggling to scale up due to the steep taxation. According to the report, India imposes one of the highest tax rates on sugar-sweetened beverages (SSBs), with a total tax rate of 40% as of 2023. This figure is significantly higher than that of over 90% of the countries that tax SSBs, based on comparative data compiled by the World Bank. The report also added that global and domestic consumers are increasingly opting for low-sugar and zero-sugar varieties. Manufacturers around the world are reformulating their products to cater to health-conscious consumers, offering options like low-sugar, fruit-flavored, and zero-calorie drinks. In India, however, companies face an uphill battle. The high tax of 40%, irrespective of sugar content, is preventing firms from innovating and scaling their low-sugar or fruit-based CSD offerings. The report also highlighted that India, a leading global producer of fruits like mangoes and bananas, has untapped potential for incorporating these ingredients into the CSD sector. Yet, the country’s CSD industry lags behind other developing nations, such as Thailand and the Philippines, in terms of product variety and revenue generation. Despite generating $18.25 billion in revenue in 2022 and growing at a compound annual growth rate (CAGR) of 19.8% from 2017 to 2022, the sector remains underdeveloped. The report also underscored that India’s CSD market could be a major driver for investment and job creation, particularly in Tier 2 and 3 cities. However, the high tax rates, seen as a lucrative source of revenue for the government, are acting as a deterrent to the sector’s growth, preventing it from becoming a global competitor and unlocking its full economic potential. (With PTI inputs)

Indian consumers shifting towards low-sugar beverages, high GST rates stalling growth in carbonated soft drinks market

<ul><li><keyword id="19894961" type="General" weightage="20" keywordseo="apple" source="keywords">Apple</keyword> recently appointed its new CFO</li><li>The company's new CFO is <keyword id="19990665" type="General" weightage="20" keywordseo="Indian-origin" source="keywords">Indian origin</keyword> <keyword id="22930009" type="General" weightage="100" keywordseo="Kevan-Parekh" source="keywords">Kevan Parekh</keyword></li><li>He will assume his new role in 2025</li></ul> Just after confirming the launch date of the iPhone 16, Apple had another announcement in store. The company announced a change in its leadership team and appointed Kevan Parekh as its new <keyword id="19955483" type="General" weightage="20" keywordseo="Chief-Financial-Officer" source="keywords">Chief Financial Officer</keyword>, effective January 1, 2025. Parekh, who has been a vital part of Apple’s finance leadership for over a decade, will succeed <keyword id="20142289" type="General" weightage="20" keywordseo="Luca-Maestri" source="keywords">Luca Maestri</keyword>, a seasoned executive credited with more than doubling Apple’s revenue during his tenure. Read on to know all about the Indian-origin senior Apple executive. <h2>Who is Apple new CFO Kevan Parekh</h2> Parekh has been with Apple for 11 years and is currently leading Financial Planning and Analysis, G&amp;A and Benefits Finance, Investor Relations, and Market Research. Prior to this, he led Worldwide Sales, Retail, and Marketing Finance at Apple. Parekh began his tenure at Apple by leading the financial support of Apple’s Product Marketing, Internet Sales and Services, and Engineering teams. Before joining Apple, Parekh honed his financial expertise at industry giants Thomson Reuters and General Motors. At Thomson Reuters, he climbed the ranks to become Corporate Treasurer, where he was responsible for overseeing the company's global financial operations. His stint at General Motors saw him take on significant roles, including Director of Business Development in New York and Regional Treasurer in Zurich, where he managed financial operations across Europe. Talking about Parekh’s academic background, he holds a Bachelor of Science in Electrical Engineering from the University of Michigan and an MBA from the University of Chicago. As Parekh steps into his new role, Apple is on the brink of launching a series of AI-powered features that could redefine the iPhone experience. <h2>Apple’s press release</h2> In a press release, Apple noted that as Parekh assumes his new role, Luca Maestri will be continuing his journey in the company. Although he will step down as CFO, Maestri will continue to lead Apple’s Corporate Services teams, including information systems and technology, information security, and real estate and development. “During his time as CFO, Maestri enabled essential investments and practiced robust financial discipline, which together helped the company more than double its revenue, with services revenue growing more than five times,” the company said in the press release. Talking about the next CFO and his next stint with Apple, Maestri said, “I’m looking forward to the next stage of my time at Apple, and I have enormous confidence in Kevan as he prepares to take the reins as CFO. He is truly exceptional, has a deep love for Apple and its mission, and he embodies the leadership, judgment, and values that are so important to this role.” <h2>CEO Tim Cook about Kevan Parekh</h2> Apple CEO Tim Cook also expressed his confidence in Parekh’s ability to lead the company’s financial strategy. “For more than a decade, Kevan has been an indispensable member of Apple’s finance leadership team, and he understands the company inside and out. His sharp intellect, wise judgment, and financial brilliance make him the perfect choice to be Apple’s next CFO,” Cook said according to a press release by Apple. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/one-of-tim-cooks-big-bets-is-paying-off/articleshow/111763164.cms" data-type="tilCustomLink" target="_blank">One of Tim Cook's big bets is paying off</a> <a href="https://www.businessinsider.in/tech/news/the-iphone-16-is-less-than-3-months-away-heres-what-to-expect/articleshow/111412824.cms" data-type="tilCustomLink" target="_blank">The iPhone 16 is less than 3 months away here's what to expect</a>

Apple's new CFO is Indian origin Kevan Parekh: All you need to know

<keyword id="20207838" type="General" weightage="20" keywordseo="dsp-mutual-fund" source="keywords">DSP Mutual Fund</keyword>'s September 2024 Netra report credits <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>'s strong economic recovery to increased fiscal expenditure. The report, which tracks current economic trends and market insights through various charts, emphasizes the need for the private corporate sector and households to play a larger role in sustaining the ongoing growth momentum. Netra also pointed out an unsettling calm in the markets, with the Nifty 50 TRI index maintaining an impressive 53-month streak without a 5% decline and 13 years without a drop greater than 10%. Sahil Kapoor, Head of Products and Market Strategist, DSP Mutual Fund, said, "The calm in the markets, marked by an unnerving lack of volatility, is a double-edged sword. While it provides a sense of stability, it also masks underlying risks that could surface unexpectedly, catching investors off guard. To ensure a sustainable recovery, there is a need for the private sector and households to take the lead, transforming fiscal stimulus into lasting economic growth." However, the report notes a shift in market dynamics, with the momentum factor, which has outperformed since the COVID-19 bottom, beginning to lose its dominance. At the same time, the quality factor, which had underperformed over the last four years, is now seeing a resurgence, potentially indicating a change in market leadership that could favour quality-orientated funds, both active and passive. The report highlights the critical role government spending has played in the recovery, with a focus on capital investments crucial for future growth. However, contributions from the private corporate sector and households have lagged. It also draws attention to a slowdown in India's per capita consumption, approaching lows seen in previous cycles. Given that consumption accounts for around 60% of GDP, it is vital that this sector grows at a rate exceeding GDP growth to stimulate private capital expenditure. India's <keyword id="487578" type="General" weightage="20" keywordseo="tax-collections" source="Orion">tax collections</keyword> have demonstrated robust growth, with gross tax revenue showing a five-year compound annual growth rate (CAGR) of 14 %. This growth, largely driven by <keyword id="6354751" type="General" weightage="20" keywordseo="income-tax" source="Orion">income tax</keyword>, indicates a rising dependency on capital gains and stock market performance, introducing new vulnerabilities to the economy. The banking and financial services sector (<keyword id="19910880" type="General" weightage="20" keywordseo="bfsi" source="keywords">BFSI</keyword>) has emerged as a key driver of market earnings, recording a 12 % increase in profit after tax (PAT) growth, significantly outpacing the 4.6 % growth observed in non-BFSI Nifty 50 companies. This disparity underscores the sector's importance in India's economic story and highlights promising investment opportunities.

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