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New Delhi, India's IT services heavyweights delivered between 14-20 per cent on-year growth in topline for December quarter, as they raised guard on global uncertainties and choppy verticals, but remained hopeful that costs as well as business considerations will drive tech demand. The tech earnings season began with large IT companies -- Tata Consultancy Services (<keyword id="6357150" type="General" weightage="80" keywordseo="tcs" source="Orion">TCS</keyword>), <keyword id="6354512" type="General" weightage="80" keywordseo="infosys" source="Orion">Infosys</keyword>, <keyword id="10862" type="General" weightage="80" keywordseo="wipro" source="Orion">Wipro</keyword> and HCL Technologies -- declaring their Q3 report card this week, amid analysts' gloomy prognosis around slowdown in advanced economies and fear of geopolitical flare-ups. The industry leaders said they are keeping a close watch on the global economy and cues. Overall, the revenue growth band of the top-tier IT players was pegged at between 14-20 per cent for Q3FY23, compared to the year ago period. Seen sequentially, the topline growth for the large IT pack ranged between three per cent and eight per cent versus previous September quarter. Meanwhile, December-quarter net profit of the top IT deck rose between three per cent (Wipro) to 19 per cent (<keyword id="141968" type="General" weightage="80" keywordseo="hcl-tech" source="Orion">HCL Tech</keyword>) year-on-year; and about 4 per cent (TCS) to 17 per cent (HCL Tech) when computed on a sequential basis. TCS' overall revenue rose 19.1 per cent to Rs 58,229 crore for the reporting quarter. The chief executive and managing director of India's largest IT services company <keyword id="1422411" type="General" weightage="50" keywordseo="rajesh-gopinathan" source="Orion">Rajesh Gopinathan</keyword> said the firm is more confident about the North American and British operations, which account for two-thirds of its revenues, but there are short-term uncertainties, and it is Europe, which needs closer monitoring as geopolitical tensions restrict clients from making IT spends. TCS management talked of "slow" decision making in Europe, and said it is "fairly constructive" when it comes to markets like the US, although it is keeping a close watch on how things play out over next couple of quarters. The conversations with customers are much more balanced ones, "where they are equally positive as well as cautious" yielding opportunities of "a mix of both cost and transformation deals". Chief operating officer N <keyword id="1564843" type="General" weightage="50" keywordseo="ganapathy-subramaniam" source="Orion">Ganapathy Subramaniam</keyword> said the deal momentum and pipeline are looking good, and the overall situation on technology spending seems to be intact even in this environment. Infosys posted a 20.2 per cent year-on-year increase in consolidated revenue for December quarter at Rs 38,318 crore, and surprised many by hiking full year revenue guidance to 16-16.5 per cent. Infosys' consolidated net profit rose to Rs 6,586 crore during October-December 2022 as against Rs 5,809 crore a year back, translating into 13.4 per cent increase. Sequentially, the net profit was 9.4 per cent higher than September quarter. The company raised its annual sales forecast on a strong deal pipeline, but in the same breath, it warned of "constraints" in certain verticals amid slowing global economy. Infosys called out mortgage, investment banking, telecom and hi-tech, saying these segments were "more impacted, leading to delays in decision making and uncertainty in spending." The company was, however, quick to add that sectors like energy, utilities and manufacturing continue to see traction. Moreover, the concerns are more pronounced in Europe than the US, the Bengaluru-based IT bellwether said. "We see in the European markets, more concerns on what's going on with the economy... and the US market is also there, but relatively less so in the US with respect to Europe. We will see how this plays out," Infosys CEO <keyword id="328377" type="General" weightage="50" keywordseo="salil-parekh" source="Orion">Salil Parekh</keyword> said during the Q3 results conference. Smaller rival Wipro has talked of potential slowdown in retail sector in its earnings' roundup. The management's talking points also touched upon "bit of a lag for conversion of bookings" and "certain level of volatility from customers in particular sectors regarding discretionary spendings." Wipro Ltd on Friday reported a better-than-expected 2.8 per cent rise in consolidated net profit for the December 2022 quarter to Rs 3,053 crore and exuded optimism about "strong" bookings for the fourth quarter despite global headwinds. The company's Q4 guidance, however, came below analysts' expectations. Wipro said its IT services revenue is expected to grow in the range of -0.6 per cent to 1 per cent sequentially in constant currency in the quarter ending March 2023. Wipro expects revenue from the IT services business for the full year to be in the range of 11.5-12 per cent in constant currency terms. The revenues of Wipro stood at Rs 23,229 crore in Q3FY23, 14.3 per cent higher than the same period previous year. Noida-headquartered HCL Tech posted a 19 per cent increase in the consolidated net income to Rs 4,096 crore for just-ended third quarter. Its consolidated revenue grew by 19.56 per cent to Rs 26,700 crore during the reported quarter, from Rs 22,331 crore in the December 2021 quarter. HCL Tech narrowed current fiscal growth guidance in the range of 13.5-14 per cent for the overall revenue in constant currency terms and margin to 18-18.5 per cent. "Looking ahead, we believe there is a near term impact to a few industries, specifically technology industry clients, as they optimise while they will end up as great growth opportunities in medium term with the right propositions," C Vijayakumar, CEO of HCL Tech, said. He added: "Looking ahead we remain positive of our medium term growth, a confidence generated by our good booking and pipeline across every segment." SEE ALSO: <a href="https://www.businessinsider.in/business/news/paradyes-on-shark-tank-a-startup-so-good-that-sharks-had-to-pitch-their-expertise-to-founders/articleshow/96993620.cms">Colour them impressed: A startup so good that sharks had to pitch their expertise to founders</a> <a href="https://www.businessinsider.in/careers/news/meta-microsoft-vacating-offices-in-seattle-amid-remote-work-layoffs/articleshow/97002350.cms">Meta, Microsoft vacating offices in Seattle amid remote work, layoffs</a> <a href="https://www.businessinsider.in/india/news/pm-modi-flags-off-vande-bharat-train-connecting-secunderabad-with-visakhapatnam-ld/articleshow/97005023.cms">PM Modi flags off Vande Bharat train connecting Secunderabad with Visakhapatnam</a>

IT biggies post 14-20% topline growth in Q3 as caution, optimism marks mixed earnings' commentary

<ul><li>TCS and HCL Tech said that they have over a 100 <keyword id="17930214" type="General" weightage="20" keywordseo="genai" source="Orion">genAI</keyword> opportunities in the pipeline.</li><li>They also won a few projects, most of which are in the proof-of-concept or pilot stages.</li><li>Tech companies said they built large-scale genAI capabilities, and are ready to take on projects. </li></ul>Less than a year after ChatGPT was launched, Indian tech majors have started bagging generative AI projects. Even in times when demand is slow, discretionary spends are elusive, the new-age technology is bringing work as well as excitement into the IT outsourcing market. Although the size of the deals is small at the moment, genAI has ‘captured the imagination’ of clients, say top executives of Indian IT companies. TCS and HCL Tech said that most of their <keyword id="19151325" type="General" weightage="20" keywordseo="genai-projects" source="Orion">genAI projects</keyword> are proof-of-concept or pilot stages. “Deal sizes are small and are mostly under $1 million where clients are trying them out. But there is potential to convert a part of our Jaguar Land Rover with AI and ML capabilities,” said N Ganapathy Subramaniam, COO of TCS at the company’s Q2 earnings press conference. HCL Tech’s MD C Vijayakumar too shared that most of the genAI deals they are bagging are either half a million or sub-$1 million deals. But they are currently working on a hundred such opportunities. “We have been selected as a partner by this very large software major for their product testing and sustenance efforts. We are providing GenAI on a private language model to improve resolution rate and speed efficiency,” said Vijayakumar. Infosys CEO Salil Parekh also shared that they are working on some proprietary large language models (LLMs). “AI is a part of almost every deal we do. And, GenAI is getting there. As it expands and more and larger enterprises get into it, it will be very exciting,” he added. A catalog of AI opportunities A few months back, all tech majors announced big moves in the generative AI space. Wipro announced that it will spend as much as $1 billion over three years to build capabilities. TCS, HCL Tech partnered with software major NVIDIA to skill their employees. As of September end, TCS said that they have 100,000-strong GenAI-ready workforce. They said they also have as many as 250 Gen AI opportunities in the pipeline. “When we started generative AI, they were all about knowledge discovery. As clients understand more, the genAI is getting more complicated. We are now working for a co-pilot for a financial advisor on what advice to give clients, help underwriting policies,” explaining K Krithivasan, CEO of TCS. TCS said that it has identified opportunities across various verticals, identified use cases and cataloged them per vertical. With that it says that it’s planning to go and engage with clients and have conversations on the same. “With this, we can have conversations with our clients – be in CRM or payments space and wealth advisory and other use cases,” explained Ganapathy. HCL Tech too is working on use cases related to banking and financial sector. “We signed a generative AI deal with a to improve their risk and compliance efforts – which is a very big effort in financial services. There are a lot of transactions happening on this front, and we have discussed how we can help,” said Vijayakumar. The buzz for cost optimization and automation deals has gone up in the last few months. Clients are looking to ramp down their expenses and intend to use tech to help with their overall cost reduction efforts. As automation gains ground, AI and ML will find more use cases – and most tech companies are confident that a little of it can spill into the new and emerging area of GenAI as well.

Beyond just chats: Indian tech majors start bagging deals in GenAI space

<keyword id="6357585" type="COMPANY" weightage="20" keywordseo="tata-consultancy-services">Tata Consultancy Services</keyword> CEO and <keyword id="6696063" type="UNKNOWN" weightage="20" keywordseo="md-rajesh-gopinathan">MD Rajesh Gopinathan</keyword> took home a pay package of about ₹20.36 crore in 2020-21, according to the company's annual report. In 2019-20, Gopinathan had received a total remuneration of ₹ 13.3 crore. According to TCS' annual report for 2020-21, Gopinathan received ₹ 1.27 crore in salary, ₹2.09 crore in benefits, perquisites and allowances, and ₹ 17 crore in commission. TCS Chief Operating Officer N Ganapathy Subramaniam drew a pay package of about ₹16.1 crore in the last financial year. This includes ₹1.21 crore in salary, ₹1.88 crore in benefits, perquisites and allowances, and ₹13 crore in commission. The increase in the managerial remuneration for the year was 55.22 per cent, the report said. "Increase in the managerial remuneration for FY2021 is not comparable with FY2020 owing to decrease in remuneration of 15 per cent in FY2020 in view of the economic conditions impacted by the COVID-19 pandemic wherein the Directors had decided to moderate the executive remuneration for FY2020 to express solidarity and conserve resources," it added. The average annual increase in salaries was 5.2 per cent in India. However, during the course of the year, the total increase is approximately 6.4 per cent, after accounting for promotions and other event-based compensation revisions. Employees outside India received a wage increase varying from 2 to 6 per cent, the report said. The increase in remuneration is in line with the market trends in the respective countries, it added. The report said the percentage increase in the median remuneration of employees in FY2021 was 0.03 per cent. TCS' permanent employee base was at 4,48,649 at the end of 2020-21 fiscal year. The 26th Annual General Meeting of the Mumbai-based company will be held virtually on June 10, 2021. TCS Chairman N Chandrasekaran said the company sees immense opportunities for growth, riding the new technology cycle that has kicked off, powered by the belief that its differentiated capabilities and collaborative, solution-centric approach makes it the preferred transformation partner of its customers. "It is building on that belief, and investing in sharpening the capabilities needed to expand its footprint in this large opportunity," he said in his letter to the shareholders. Despite a sharp fall in revenues in the first quarter, TCS made a swift recovery during the rest of the year and clocked full year revenues of ₹ 164,177 crore in FY2021. SEE ALSO <a target="_blank" class="c-link" href="https://www.businessinsider.in/tech/mobile/news/xiaomi-oppo-vivo-and-poco-extend-warranties-by-up-to-two-months-due-to-covid-19-lockdowns-and-restrictions/articleshow/82763113.cms">Xiaomi, Oppo, Vivo and Poco extend warranties by up to two months due to COVID-19 lockdowns and restrictions</a> <a target="_blank" class="c-link" href="https://www.businessinsider.in/tech/mobile/news/android-12-beta-how-to-download-and-install-it-on-pixel-oneplus-xiaomi-realme-phones-among-others/articleshow/82760990.cms">Android 12 beta – how to download and install it on Pixel, OnePlus, Xiaomi, Realme phones among others</a> <a target="_blank" class="c-link" href="https://www.businessinsider.in/business/corporates/news/adani-green-energy-to-acquire-sb-energy-india/articleshow/82759578.cms">Adani Green Energy to acquire SB Energy India, boosting its renewable energy capacity by 4.9GW</a>

TCS CEO took home over ₹20 crore pay in the last financial year, as managerial hike goes up by 55%

New Delhi, Jan 22 () Tata Consultancy Services (TCS) has seen its brand value increase nearly six-fold since 2010 to USD 13.5 billion in 2019, the Mumbai-based company said citing a Brand Finance report.
 TCS has been recognised as the fastest growing IT services brand of the decade, and one of the fastest growing IT services brands of 2019 by Brand Finance in its 2020 Global 500 report, TCS said in a statement on Wednesday.
The report, released at the World Economic Forum in Davos, highlighted a decade of significant brand growth for TCS.
The significant pace of growth makes TCS "the fastest growing brand of the decade and positioning it among the Top 3 brands in IT services globally". 
Further, the year-on-year growth in brand value in 2019 makes TCS the fastest growing among the top 3 IT services brands, the statement said.
For the second year running, TCS CEO Rajesh Gopinathan has been named among the Top 100 Global CEOs worldwide, as per the Brand Guardianship Index which rates CEOs on how well they measure up as brand ambassadors, based on marketing investments, growth in stakeholder equity and business performance. Additionally, TCS' brand value is seen as the driving force behind the Tata Group's ranking among the world's Top 100 Brands, the statement said.
"Our principal goal is to be the primary growth and transformation partner for our customers. This accolade is further recognition of the strength and depth of our Business 4.0 framework, which underpins everything we are doing to transform industries and business models," TCS Chief Operating Officer N Ganapathy Subramaniam said.
David Haigh, CEO at Brand Finance, said the growth has been driven by TCS' laser-focus on fostering long-lasting partnerships with its customers, but also making enduring and meaningful investments in the communities where it operates around the world. SR SR ANU
ANU

TCS brand value grew nearly six-fold since 2010 to $13.5bn in 2019: Brand Finance report

<ul><li><keyword id="6357585" type="COMPANY" weightage="20" keywordseo="tata-consultancy-services">Tata Consultancy Services</keyword> (TCS) plans to open up lateral hiring again which had been temporarily suspended due to the coronavirus pandemic. </li><li>It also plans to bring back 5% of its employees to offices by the end of the month. </li><li>In the last quarter, TCS chief human resources officer claims that over 4,500 positions were filled as a result of learning intensity increasing by 25%.</li></ul>India’s largest IT services company, Tata Consultancy Services (TCS), is planning to open up lateral hiring again and things begin to return to normal after the coronavirus pandemic affected its operations worldwide. It also plans to bring back employees into offices to up to 5%. <div type="Article" hostid="261" msid="76875445" title="TCS revenue dips by 6.3% ⁠— CEO says nearly all verticals were hit by COVID-19 crisis" mstype="2" mssubtype="0"></div> TCS claims that its plans to restart lateral hiring are going to come into picture again due to increased demand. “We have decided to open up on the lateral hiring side and have started onboarding new associates into the TCS ecosystem,” said CEO Rajesh Gopinathan. Since they weren’t hiring, TCS chief human resources officer Milind Lakkad says that the company has been filling in positions using ‘strategic talent development’. “Our learning intensity has gone up by nearly 25%,” he said. As a result, over 4,500 positions in the company were filled even though there was no junior recruitment happening over the last quarter. Coming back to work “We are still very conservative in bringing people back to work. Our strategy varies according to the COVID situation in each country, in each city,” said TCS chief human resources officer Milind Lakkad. Currently only has 1% of TCS employees are in offices across the globe. <div type="Article" hostid="261" msid="76865753" title="TCS and Infosys to face least impact — Indian IT companies likely to report sharp decline in revenue during first quarter" mstype="2" mssubtype="0"></div> The company says it will employ a campus-specific approach to bring employees back into the office in line with their 25/25 vision for 2025, which entail only 25% of employees in offices spending 25% of their time to deliver 100% productivity. "The location-independent way of working is gaining traction. Our customers are quite comfortable integrating the remote workforce, using new collaborative technologies to get work done,” said TCS COO N. Ganapathy Subramaniam during the first-quarter earnings call. “It was extremely important for us to connect with fresher recruits during this period,” explained Lakkad since onboarding has been delayed due to delays in academic terms. TCS plans to honour all existing offers. Gopinathan believes that the road to recovery for TCS will be better than it was after the Global Financial Crisis (GFC). According to him, the recovery trajectory was one step ahead this time around due to early response and better coordination. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/tcs-reported-revenue-dips-but-profit-grows-in-q1-fy21-results/articleshow/76875445.cms">TCS revenue dips by 6.3% ⁠— CEO says nearly all verticals were hit by COVID-19 crisis</a> <a href="https://www.businessinsider.in/business/corporates/news/tcs-infosys-and-microsoft-execs-share-ideas-on-world-productivity-day/articleshow/76462291.cms">From TCS and Infosys to Microsoft and Kissflow ⁠— this is what top execs have to say about productivity in remote working</a> <a href="https://www.businessinsider.in/business/corporates/news/tcs-infosys-wipro-and-tech-mahindra-what-to-expect-from-earnings/articleshow/76865753.cms">TCS and Infosys to face least impact — Indian IT companies likely to report sharp decline in revenue during first quarter</a>

TCS to kickstart lateral hiring and bring back 5% of its employees to offices

Mumbai, Apr 26 () When the COVID-19 pandemic came ashore and moves like lockdowns were being deliberated upon, the USD 180-billion IT sector faced a huge challenge for business continuity. More than a month into it, industry executives feel it has been a blessing in disguise and will lead to a larger number of people to work from home in the post coronavirus world. They attribute the emerging scenario to cost and productivity gains out of WFH (Work From Home) and it is not just the IT sector which is reaping the benefits. Companies across the services sectors, including banks, are set to have fewer people work from the offices in the future. India was put under a three-week lockdown from March 25, which was extended by 19 more days till May 3, to arrest the spread of coronavirus infections. As the promised date nears, there is an increasing possibility that the lockdown will be extended in many pockets, which have turned into hotspots. At present, many employees travel long distances to workplaces in cities plagued with traffic issues and high air pollution. Largest software exporter TCS's Chief Executive and Managing Director Rajesh Gopinathan explained that over the decades, IT companies' model was based on employees trooping-in to cubicles often in specially erected or hired campuses for work, but the lockdown resulted in a quick shift to the WFH model. Keshav Murugesh, Chief Executive of business process management player WNS and former Chairman of IT industry lobby grouping Nasscom, said the association responded to the challenge by helping its members transport over 25 lakh desktops from offices to associates' residences within a fortnight, which ensured work can continue. Once they started working from home, companies are seeing gains on costs as well as efficiencies, and now, business leaders are certain that fewer people will be manning the cubicles spread across campuses. "WFH is working extremely well. With the kind of efficiencies that we have started delivering on WFH, there will be a significant impact in the longer term," Murugesh told , stating that in the future, a higher percentage of people will be working from home than pre-COVID days. Such a shift will be a blessing for women who are not able to continue with their careers because of family commitments, as they can continue devoting some time for work, Murugesh said, pegging the total number of such possible beneficiaries in millions. In a recent interaction, TCS's Chief Operating Officer N Ganapathy Subramaniam said the company is expecting to have only 25 per cent of its staff work from offices by 2025, though it was not clear when the company decided on the target. "We are seeing that our team is able to handle the transaction volumes. At the same time, we are seeing that the productivity, the velocity, the throughput of work has significantly increased. I do not believe that the gains will be lost. There will be a lot more to gain in this new model," he said. "… we don't believe that we need to have more than 25 per cent of our workforce at our facilities in order to make all the 100 per cent productive. That is one great realisation. We don't believe that every employee needs to be present all the time in our offices," Subramaniam added. The company has ensured that 90 per cent of its 3.55 lakh people working in India have been able to work from home in a secure manner. Veteran banker Aditya Puri, who has led HDFC Bank since its inception to be the largest by assets among the private sector ones, also seemed to agree with the IT industry. "Everybody who could work from home is already working from home. In fact, we are now examining whether even after coronavirus why these people should not work from home because it gives ample cost saving to us and (WFH) is a good benefit to the employee," Puri said on a conference call late last month. However, the industry's wishes cannot easily get transformed into practice, Murugesh said, pointing to the BPM (Business Process Management) industry's peculiar demands if a large portion of staff were to work from home. At present, he said the Department of Telecom and the Commerce Ministry have granted a limited period approval for carrying out WFH, and the same relaxations will have to be continued as well. Explaining the same, he said associates need specialised telephone lines to stay connected while most of the companies work out of campuses which are demarcated as Special Economic Zones, and enjoy taxation sops and other advantages because work happens from a specific area. AA RAMRAM

COVID-19 impact: More staff in services sector cos to work from home in future as well

<ul><li>Infosys is still undecided whether work-from-home will be productive than work from office in the long run. </li><li>Its peers, Tata Consultancy Services (TCS) and HCL Technologies, have been more aggressive in their plans to work-from-home a permanent feature wherever possible. </li><li>Infosys COO Pravin Rao feels there are still a lot of questions around the work-from-home model. </li></ul>The coronavirus pandemic has forced most companies, including Indian IT services giants, to shut down offices and allow employees to work from home. While companies like Tata Consultancy Services (TCS) and HCL Technologies have announced long-term strategies to make work-from-home a part of their operating model, Infosys still isn’t completely sold on the idea. <div type="Article" hostid="261" msid="76980089" title="Infosys gives annual guidance of up to 2% growth this year as profit plummets by 4.8% and revenue dips 2% in Q1" mstype="2" mssubtype="0"></div> “There are a lot of unanswered questions and a lot of things that we have to learn from work from home. And, many of them will have some bearing on productivity,” said Infosys’ chief operating officer (COO) Pravin Rao during Wednesday’s earnings call. “Our sense is that while it has held good, it's too early to conclude whether work from home will always be more productive than work from office,” he added. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Employees working from home </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">93%</td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TCS </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">90% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HCL Technologies </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">96% </td></tr></tbody></table> TCS and HCL technologies roll out work from home as a permanent change During the first quarter, TCS announced its 25/25 operating model where only 25% of its employees would have to be in the office for only 25% of their time by 2025. “It’s about time. Our current operating model is currently a 20-year old legacy. In some ways, this crisis actually leapfrogs us into a new model,” said CEO Rajesh Gopinathan during the fourth-quarter earnings call three months ago. <div type="Article" hostid="261" msid="75243124" title="TCS CEO says the business model is 20 years old — hinting that it may be time to go employee-lite" mstype="2" mssubtype="0"></div> “We don’t believe that we need more than 25% of our workforce at our facilities in order to be 100% productive,” added TCS’ chief executive officer N Ganapathy Subramaniam. HCL Technologies too unveiled its plans to keep 50% of its employees working from home even after the lockdown ended. <div type="Article" hostid="261" msid="75593968" title="HCL Tech follows TCS and Infosys' lead — says 50% of its employees will work from home even after the lockdown is lifted" mstype="2" mssubtype="0"></div> However, like Infosys, HCL Technologies plans on covers the net 12-18 months. “It’s going to take some time to see what the long-term operating model will be,” said HCL Technologies’ CEO Vijayakumar. The IT services giants may not agree on whether work-from-home should be permanent or not but they all agree that it has brought costs down and widened margins. The absence of transportation costs and reimbursements has helped companies save money during the lockdown. Rao added that Infosys has hired 5,000 employees in the last quarter through lateral hiring. “There is a general freeze on hiring, overall we will continue to look for talent in niche areas. In Q1 itself 4,000+ lateral hiring. The trend will continue going forward as well based on the needs,” he said. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/infosys-company-profit-is-down-4-8-and-revenue-has-dipped-by-2-in-q1fy21/articleshow/76980089.cms">Infosys gives annual guidance of up to 2% growth this year as profit plummets by 4.8% and revenue dips 2% in Q1</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> <a href="https://www.businessinsider.in/business/corporates/news/tcs-infosys-wipro-and-tech-mahindra-what-to-expect-from-earnings/articleshow/76865753.cms">TCS and Infosys to face least impact — Indian IT companies likely to report sharp decline in revenue during first quarter</a>

Infosys is still on the fence when it comes to making work from home a permanent change

<ul><li>Tata Consultancy Services (TCS) will add 18,000 freshers in the next three months </li><li>Its profits too grew by 10.8% to ₹8,131 crore as compared to Rs 7,340 crore in the first quarter last year. </li><li>TCS has trained over 315,000 employees in new digital technologies. </li></ul>The country’s largest company by value, Tata Consultancy Services (TCS) will add 18,000 freshers in the next three months, according to a press release. This is after they added 12,356 employees during the first quarter of the year, which is the highest ever addition in the last five years. They had given out 30,000 joining letters to freshers and 40% of them have come onboard already. This hiring plan comes on the back of strong growth in revenues at 10% in the first quarter ending June 2019. Its profits too grew by 10.8% to ₹8,131 crore as compared to ₹7,340 crore in the first quarter last year. The company also said that its attrition is at 11.5%. “TCS account teams are better placed to retain the contextual knowledge gained over time, and use that to build differentiated solutions tailored to each customer’s unique requirements,” said Milind Lakkad, Global Head, Human Resources in a press release. Digital Transformations TCS also said that more of its customers are undertaking digital transformation projects, swelling its orderbook. “We have had a steady start to the new fiscal year. We see customers continuing to spend on their growth and transformation initiatives, and that is showing in our strong order book and deal pipeline this quarter,” said Rajesh Gopinathan, Chief Executive Officer and Managing Director of TCS. During the quarter, the company gained two large financial sector clients during the quarter. “We are confident of the future as we embrace deeply the Machine First philosophy in delivering experiential and modern solutions to our clients,” said N Ganapathy Subramaniam, Chief Operating Officer &amp; Executive Director. To be able to deliver these services, TCS has also trained over 315,000 employees in new digital technologies.

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