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New Delhi, <keyword id="45475" type="General" weightage="20" keywordseo="larsen-toubro" source="Orion">Larsen &amp; Toubro</keyword> (L&amp;T) on Tuesday said it has bagged another ultra mega offshore project worth over Rs 15,000 crore in the <keyword id="30350" type="General" weightage="80" keywordseo="middle-east" source="Orion">Middle East</keyword>. Projects worth over Rs 15,000 crore have been classified under the 'ultra-mega' category by the company. "The <keyword id="3313641" type="General" weightage="80" keywordseo="hydrocarbon-business" source="Orion">Hydrocarbon Business</keyword> (L&amp;T Energy Hydrocarbon - LTEH) of Larsen &amp; Toubro (L&amp;T) has secured a Letter of Intent for yet another Ultra-Mega Onshore project from a prestigious client in the Middle East further to the recent Ultra-Mega project award for a Gas Compression plant," the company said in a statement. The scope of work includes procurement and construction for a gas processing plant, consisting of inlet separation facilities and booster compression system, among others, in new onshore facilities and its integration with existing gas processing plants. Larsen &amp; Toubro is a USD 23 billion Indian multinational, which operates in over 50 countries worldwide.

L&T bags ultra mega offshore project worth Rs 15k cr in Middle East

<ul><li>The IPO is a mix of fresh issue of ₹1,250 crore and an offer for sale of up to ₹5,750 crore.</li><li>Afcons Infrastructure is a 60-year-old <keyword id="20049407" type="General" weightage="20" keywordseo="epc" source="keywords">EPC</keyword> company from the <keyword id="20474756" type="General" weightage="20" keywordseo="shapoorji-pallonji" source="keywords">Shapoorji Pallonji</keyword> group.</li><li>Its listed peers include L&amp;T, KEC International, Kalpataru Project, and <keyword id="19926448" type="General" weightage="20" keywordseo="dilip-buildcon" source="keywords">Dilip Buildcon</keyword>. </li></ul>Shapoorji Pallonji group’s construction company, Afcons Infrastructure, filed a DRHP with the market regulator, SEBI, to raise funds through a public issue. It intends to raise as much as ₹7,000 crore through this initial public offering (IPO). The IPO, with a face value of ₹10 per equity share, is a mix of fresh issue of shares of ₹1,250 crore and an offer for sale of up to ₹5,750 crore by <keyword id="21126697" type="General" weightage="20" keywordseo="goswami-infratech" source="keywords">Goswami Infratech</keyword>. The company may consider undertaking a further issue of shares through a preferential issue or any other method for a cash consideration aggregating up to ₹250 crore as a ‘pre-IPO placement’. If such placement is completed, the fresh issue size will be reduced. The offer is being made through the book-building process. Not more than 50% of the net offer shall be available for allocation on a proportionate basis to qualified institutional buyers. Also, not less than 15% of the net offer shall be available for allocation to non-institutional bidders, and not less than 35% of the net offer shall be available for retailers. Last year, JSW Infrastructure raised as much as ₹2,800 crore via an IPO. Six-decade-old EPC company Afcons Infrastructure is a sixty-year-old engineering, procurement, and construction (EPC) company. The company has a track record of delivering a wide range of EPC projects both domestically and internationally. It operates across five major verticals with projects across ports, highways, and urban infrastructure like metro works, bridges, flyovers etc. It also does EPC work on dams, tunnels, offshore and onshore projects. Some notable projects of the company completed include the Jammu Udhampur Highway Project, <keyword id="21126696" type="General" weightage="20" keywordseo="nagpur-metro-reach" source="keywords">Nagpur Metro Reach</keyword> 3, and <keyword id="21126698" type="General" weightage="20" keywordseo="agra-lucknow-expressway" source="keywords">Agra Lucknow Expressway</keyword>. As of September 30, 2023, Afcons was actively involved in executing 67 active projects across 13 countries. The company also worked on the Chenab Bridge in Jammu &amp; Kashmir and the Atal Tunnel in Himachal Pradesh. The ongoing projects include the Kolkata Metro, <keyword id="21126699" type="General" weightage="20" keywordseo="thilafushi-link-project" source="keywords">Thilafushi Link Project</keyword> in the Maldives, and more. Its equipment base includes marine barges, cranes, tunnel boring machines, jack-ups, and piling rigs. It also has two dedicated workshops in Delhi and Nagpur for equipment maintenance. Financials &amp; other details Afcons’ order book has increased at a compounded annual growth rate (CAGR) of 7.6% from ₹26,248.46 crore in FY21 to ₹30,405.77 crore in FY23. As of September 30, 2023, its order book stands at ₹34,888.39 crore. Some of its listed peers include L&amp;T, KEC International, Kalpataru Project, and Dilip Buildcon. Its restated consolidated revenue from operations in FY23 increased 14.7% to ₹12,637.38 crore from ₹11,018.97 crore in the previous year. This is primarily due to an increase in construction contract revenue, driven by an increase in business in its urban infrastructure and hydro and underground business verticals, both in India and overseas. Profit after tax grew 14.89% from ₹357.60 crore for FY22 to ₹410.86 crore for FY23. For the six months ended September 30, 2023, revenue from operations stood at ₹6,505.39 crore, and profit after tax stood at ₹195.13 crore. ICICI Securities, DAM Capital Advisors, Jefferies India, Nomura Financial Advisory and Securities, Nuvama Wealth Management, and SBI Capital Markets are the book-running lead managers, and Link Intime India is the registrar of the issue.

Shapoorji Pallonji’s Afcons Infra files DRHP for ₹7,000 crore IPO

<ul><li><keyword id="6354919" type="General" weightage="20" keywordseo="LT" source="Orion">L&amp;T</keyword>’s board approved a buyback at a maximum price of ₹3,000 per share for an aggregate consideration of up to ₹10,000 crore.</li><li>Special dividend was announced to mark the end of A M Naik’s tenure with the company. </li><li>Stress in core segment margins will continue for next two quarters as it carries post-Covid, post-war overhang. </li><li></li></ul>Infrastructure major <keyword id="45475" type="General" weightage="20" keywordseo="Larsen-Toubro" source="Orion">Larsen &amp; Toubro</keyword>’s (L&amp;T) Q1 consolidated net profit went up by 46% to ₹2,493 crore, from ₹1,702 crore in the same quarter last year. It also said the board of directors approved a share buyback at the maximum price of ₹3,000 each for an aggregate consideration of up to ₹10,000 crore. The proposal is subject to the approval of shareholders. The board also approved a special dividend of ₹6 per equity share to mark the end of chairman A M Naik’s extraordinary tenure with the company, said R Shankar Raman, L&amp;T's CFO said in an earnings conference call. Naik will retire as the non-executive chairman of the company in September this year, after which the current CEO &amp; MD S N Subrahmanyan will take over as its executive chairman and MD. Revenue guidance unchanged L&amp;T’s consolidated revenues went up 34% to ₹47,882 crore for the quarter, from 35,853 crore in Q1 of FY23. The company said that it was primarily aided by the execution of a healthy order book in its projects and manufacturing portfolio. However, Raman refused to change the goalpost of the revenue guidance of 12-15% given for FY24. “If all goes well, we will be at the upper end of the guidance,” he said. The company received orders worth ₹65,520 crore at the group level during the quarter, registering a y-o-y growth of 57%. International orders at ₹27,646 crore during the quarter comprised 42% of the total order inflow. The company said that orders were received across diverse segments like rail, renewables, rural water supply, transmission &amp; distribution, IT &amp; office space and onshore and offshore verticals of the hydrocarbon business, during the quarter. The consolidated order book of the group is at ₹4,12,648 crore as on June 30, 2023, with international orders having a share of 29%. “Capex buoyancy in India Gulf Cooperation Council is providing the much-needed tailwinds for growing our projects &amp; manufacturing portfolio, ably supported by the resilient performance of the services businesses,” said S N Subrahmanyan, CEO &amp; MD, Larsen &amp; Toubro. Core segment margins to remain stressed in near term Its infrastructure segment saw order inflows of ₹40,051 crore, double what was recorded in the same quarter last year. The EBITDA margin of the segment during the quarter, however, reduced to 5.1% vis-à-vis 6.5% recorded in the corresponding quarter. The infrastructure business orders that were executed during the quarter were won in the second half of FY22 and FY23. The pricing of these orders factors in inflationary trends seen in the post-Covid, post-War period, Raman said explaining the margin squeeze seen in the segment during the quarter. He added that this segment’s margins will continue to be subdued for the next quarter or two. “Improvement in margin trajectory will be seen only in Q4. In fact 2024-25 will be a far healthier period,” Raman said. In its outlook, the company said that major economies are turning around the corner. Major oil producing nations continue to invest in oil &amp; gas, industrialisation and energy transition initiatives, which will augur well for the company’s projects business. L&amp;T said that in the backdrop of this mixed sentiment, its focus will remain on cash generation and judicious capital allocation. “The company has a robust order prospects pipeline in the medium term and is confident of sustaining its growth momentum by utilising the emerging opportunities, with an overarching aim of improving shareholder value on a sustainable basis,” it said in a press release.

L&T’s Q1 net profit jumps 46%; board approves ₹10,000 crore share buyback

Engineering and construction giant <keyword id="45475" type="COMPANY" weightage="20" keywordseo="Larsen-Toubro">Larsen &amp; Toubro</keyword> (<keyword id="6354919" type="COMPANY" weightage="20" keywordseo="LT">L&amp;T</keyword>) on Friday reported 11.3 per cent rise in consolidated net profit at Rs 3,820.16 crore for March quarter 2020-21 on the back of higher revenue from operations. The company had posted a net profit of Rs 3,430.10 crore in the year-ago period, L&amp;T said in a filing to BSE. These figures take into account tax and share in profit (loss) of joint ventures/associates from continuing operations before exceptional items, it said. Income of the company during January-March period increased to Rs 49,116.16 crore from Rs 44,905.76 crore in the year-ago period, the filing said. During a conference call, R Shankar Raman, Whole-time Director and Chief Financial Officer of L&amp;T said the company is happy to report very strong performance for March quarter. "As you will notice the company is reporting consistent improvement quarter-on-quarter right from the dismal quarter one that we reported last year. "Even though I realise that our business is not quarter-on-quarter business being a project company, it is very important that we measure the progress that we made in the very challenging environment and it helps a lot for our staff morale and motivation," he said. Stating that the first two quarters of 2020-21 were very challenging he said there was vast improvement in December and March quarters and it feels good to end the year on a very strong note. The company said in March quarter the "consolidated PAT at Rs 3,293 crore registered a Q-o-Q increase of 33 per cent and a Y-o-Y increase of three per cent over the profits for similar period last year." L&amp;T further said order inflow in January-March was at Rs 50,651 crore, lower by 12 per cent over corresponding period of the previous year with deferment of awards. Significant orders during the quarter were received in various segments like factories, hydel and tunnel, metros, special bridges, nuclear power, rural water, renewable energy, hydrocarbon offshore and minerals and metal sector. "International orders at Rs 18,439 crore during the quarter is at 36 per cent of the total order inflow, with receipt of biggest solar PV plant order and transmission line orders," it said. The consolidated order book of the group stood at Rs 3,27,354 crore as on March 31, 2021, registering a growth of eight per cent over the year-ago period. International orders constitute 21 per cent of the total order book. "With the pandemic playing out the way that we are anticipating, things will improve slowly from Q2 onwards....We could look forward to a growth environment where growth could range anywhere up to low to mid teen in terms of order flows and revenues. We all also expect the margin to remain stable around the current level," Raman said. "We are not hard coding the numbers on guidance but we are sharing our thinking the we are looking forward to growth over FY'21....The big assumption that we are making is that the second wave of COVID will leave us with no further damage in a month or two," he said. Larsen &amp; Toubro CEO &amp; MD S N Subrahmanyan said the company will continue to build and execute on its commitments amid the second wave of the pandemic in the country. "We will calibrate our growth in the immediate future based on the operating environment and conditions resulting from this. Performance in the challenging FY21 reaffirms our strong position, stability in our performance and our ability to deliver in line with our strategic priorities inspite of the fact that almost 6 months were lost. "There has been a positive Union Budget and there are more reasons to be optimistic that better days are coming. While some headwinds remain, we are well-positioned to meet the expectations of our customers and increase the value of our shareholders,'' he said. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/go-air-has-filed-for-a-3600-crore-ipo-at-a-very-desperate-time/articleshow/82626097.cms" data-type="tilCustomLink" target="_blank">Go Air has filed for a ₹3,600 crore IPO at a very desperate time</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/markets/news/heres-why-the-spike-in-inflation-in-the-us-may-worry-markets-in-india/articleshow/82597218.cms">Here's why the spike in inflation in the US may worry markets in India ⁠— but experts say don’t panic yet</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/whatsapp-responds-to-privacy-criticism-by-alleging-other-apps-like-zomato-ola-aarogya-setu-zoom-google-and-other-apps/articleshow/82570897.cms">WhatsApp responds to privacy criticism by alleging that other apps and tech companies also show disdain for user privacy</a>

Larsen & Toubro sees a slowdown in new orders in the first three months of 2021 ⁠— management says contracts have been deferred

New Delhi, Jan 17 () IT company L&amp;T Technology Services on Friday posted a 10 per cent rise in consolidated net profit at Rs 204 crore during the quarter ended December 31, 2019 mainly on account of business growth in North America.
 The company had posted a net profit of Rs 185.6 crore in the same period a year ago.
 "We had a strong performance in three segments - transportation, plant engineering, and medical devices that are each growing in excess of 20 per cent on year-on-year (YoY) basis. Digital and leading-edge technologies - the growth driver for ER&amp;D ( Engineering and R&amp;D), contributed to 41 per cent of third quarter revenues and grew by 29 per cent YoY," L&amp;T Technology Services Limited (LTTS) CEO and Managing Director Keshab Panda said in a statement.
 The company's revenue increased 8.1 per cent to Rs 1,423 crore in the quarter from Rs 1,316.9 crore in October-December 2018-19.
 "We are seeing a new set of opportunities as customers seek disruptive technologies like AI, sensor fusion and industrial robotics to strengthen their market competitiveness," Panda said.
 The company opened its 9th design center outside India, Aerospace and Defense Engineering Design Center in Rockford, Illinois (US), that will cater to the development of high-performance engineering solutions for the global aerospace and defence industry. The revenue of the company from telecom and high-tech segment declined 26.7 per cent on year-on-year basis.
 LTTS' revenue in North American market grew by 13.7 per cent, while it recorded dip in all other main markets. 
 The company's revenue in Europe and India declined by 6.3 per cent and 1.8 per cent, respectively.
 Onsite projects contributed 44 per cent to the total revenue of the company and the rest was from offshore projects.
 Shares of LTTS closed at Rs 1,634.8 apiece on the BSE on Friday, 1.15 per cent lower than the previous close. PRS RVK

L&T Technology Services Q3 net profit up 10 pc at Rs 204 cr

State-owned Oil and Natural Gas Corporation (<keyword id="6354737" type="General" weightage="100" keywordseo="ongc" source="Orion">ONGC</keyword>) has cancelled the bids received for its <keyword id="6392149" type="General" weightage="80" keywordseo="daman" source="Orion">Daman</keyword> upside gas development project off the western coast due to high price quotes, sources said. The project is crucial to ONGC's strategy of ramping up gas production from its shallow-water fields off India's west coast. Once completed, the project would lead to nearly doubling of current gas production of 4-5 million standard cubic metres per day. Sources aware of the matter said the bids ONGC received for the project were way higher than the company's internal estimates and so the tender has been cancelled. The tender would now be divided into separate packages and rebid. Engineering and fabrication contractor <keyword id="45475" type="General" weightage="20" keywordseo="larsen-toubro" source="Orion">Larsen &amp; Toubro</keyword> (L&amp;T) emerged as the lowest bidder when the bids were opened in December last year. It quoted a cost of USD 663.77 million to build the infrastructure needed to ramp up production from the field that lies about 60 kilometers off the west coast. A consortium of Afcons and Indonesia's Gunanusa Utama Fabricators emerged a distant second in the bidding, quoting close to USD 801.90 million. Vietnam's PTSC and Abu Dhabi's National Petroleum Construction Company (NPCC) were also among those initially chasing the contract, but did not participate in the bid process. Sources said L&amp;T's quote of USD 663.37 million was 36.77 per cent higher than ONGC's revised internal estimate of USD 485.03 million. L&amp;T offered a USD 1 million discount but this was not acceptable to ONGC, they said, adding that ONGC could have tolerated a maximum variation of 20 per cent over the internal price estimate. Daman upside gas development project envisaged building four new wellhead platforms, seven infield pipelines, a new process gas compressor module and the addition of low-pressure compression at the existing process platform. It also includes topsides modifications at existing wellhead platforms. The project has been in the works for years but has been delayed on several occasions due to unfavourable gas pricing. But a rise in domestic gas prices turned around the project's commercial viability. ONGC has been producing natural gas from Daman since 2016 and has spent an estimated USD 1 billion on offshore infrastructure at the field over the past five to six years. The project to raise production involved building infrastructure that could also handle gas from neighbouring B-12 and C-24 marginal fields. India's domestic crude oil and natural gas production has been dwindling in recent years and ONGC is under increasing pressure from the government to boost its output and reverse the declining trend. Projects like Daman are crucial for meeting those objectives but the scrapping of the tender would add to the delay in boosting output. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/8-things-that-google-bard-can-do-but-chatgpt-cannot/articleshow/100187360.cms">8 things that Google Bard can do, but ChatGPT cannot</a> <a href="https://www.businessinsider.in/tech/apps/news/how-to-silence-fake-calls-from-unknown-numbers-on-whatsapp/articleshow/100186824.cms">How to silence calls from unknown numbers on WhatsApp</a> <a href="https://www.businessinsider.in/tech/mobile/news/survey-reveals-three-out-of-four-indians-suffer-from-nomophobia-heres-what-it-means/articleshow/100073985.cms">Survey reveals three out of four Indians suffer from NoMoPhobia: Here’s what it means</a>

ONGC scraps bids for flagship Daman gas field development over cost concerns

<ul><li>Mid-tier companies like L&amp;T Technology Services, Persistent Systems and Coforge are expected to report better growth than IT majors, say analysts. </li><li>Most of them are largely expected to deliver either a flat or a slight QoQ improvement in margins, with the exception of Cyient. </li><li>LTTS, which will see the full impact of SWC acquisition this quarter, is expected to deliver double-digit revenue growth but its margins are expected to be impacted. </li></ul>The Indian IT sector is bracing itself for a tough quarter and a year ahead, as organisations across the world are cutting down their discretionary spends, thanks to an uncertain economic outlook. Most IT sector companies are expected to present a muted earnings report card for the first quarter of FY24. Within the IT pack, mid-tier companies like L&amp;T Technology Services (LTTS), Persistent Systems and Coforge are expected to show better growth <a href="https://www.businessinsider.in/business/corporates/news/it-companies-like-tcs-infosys-wipro-hcl-tech-q1-2023-24-earnings-preview/articleshow/101482733.cms">as compared to their larger peers</a>. Tata Consultancy Services (TCS) and Infosys are expected to show a flat revenue growth in constant currency (CC) terms QoQ, while Wipro is expected to post a decline. The rest of the midcap universe, however, is expected to present fair growth with the exception of Cyient and Mphasis, which are likely to see declines. “Mid-tier IT growth premium is expected to continue with sequential growth performance led by Persistent Systems. The laggard in mid-tier IT will be Mphasis with an expectation of a sequential decline,” said a report by HDFC Securities. Q1FY24 projections for QoQ revenue growth in CC terms <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></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;">Nuvama </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;">IIFL Securities </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;">Axis Cap </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;">LTTS </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;">11.8% </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;">11.1% </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;">12.3% </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;">Cyient </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;">-2.4% </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;">-2.6% </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;">NA </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;">Coforge </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;">2.4% </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;">2.9% </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;">3% </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;">Persistent Systems </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;">2.6% </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;">2.9% </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;">3.5% </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;">Mphasis </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;">NA </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;">-2% </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;">-1% </td></tr></tbody><tbody></tbody><tbody></tbody></table>Source: Research reports Best amongst equals Like their larger peers, most of the midcap companies are also expected to see either a flat or a slight de-growth in margins, in spite of tailwinds from rupee depreciation. High wage costs will most likely eat into the margins of most tech companies, including the bigger ones. Mphasis, which is largely expected to report a revenue decline, is expected to deliver a better performance in terms of margins. “EBIT margin expected to be up slightly, by 10 bps QoQ, due to higher offshore mix and operational efficiencies despite revenue drag,” said IIFL Securities. EBIT refers to earnings before interest and taxes. LTTS, which will see the full impact of SWC acquisition this quarter, is expected to deliver double-digit revenue growth but its margins are expected to be impacted. The company acquired Smart World &amp; Communication (SWC) Business of L&amp;T in January 2023. “Organic margin to see strength aided by revenue growth but reported margin to see a dip of around 170 bps QoQ led by the impact of SWC integration,” says a report by Axis Capital. In spite of a bleak sectoral outlook, most analysts are closely watching how the second half of the year will pan out. They will be paying close attention to the deal commentary, growth that’s to be seen in the top clients, and hiring and attrition trends to hunt for any silver lining in the dark clouds. SEE ALSO <a href="https://www.businessinsider.in/business/corporates/news/it-companies-like-tcs-infosys-wipro-hcl-tech-q1-2023-24-earnings-preview/articleshow/101482733.cms">IT sector Q1 earnings preview: All eyes on deal wins, revenue guidance cuts</a> <a href="https://www.businessinsider.in/business/news/fmcg-q1fy24-preview-dilemma-between-price-cuts-and-volume-growth/articleshow/101519331.cms">FMCG sector Q1 preview — Caught between price cuts and volume growth</a>

Mid-tier IT companies expected to outperform the big guns

<ul class="summary-list"><li>James Michael Grimes went overboard a cruise ship and treaded water for 20 hours.</li><li>A US Coast Guard rescue coordinator told Insider every factor went right for him to survive.</li></ul>A 28-year-old man who <a href="https://www.insider.com/man-fell-off-cruise-ship-ate-bamboo-fought-off-jellyfish-2022-12">fell off a cruise ship</a> the night before Thanksgiving miraculously survived because a "whole bunch of factors" worked out "perfectly," according to a US Coast Guard search and rescue mission coordinator.James Michael Grimes was found by a bulk carrier vessel, a harrowing 20 hours after he fell off the Carnival Valor on the night of November 23. Lt. Seth Gross oversees search and rescue missions in the greater Louisiana Gulf Coast area, and said his rescue crew arrived just in time to save Grimes' life.But "to survive the fall, to be able to keep himself afloat, that no sharks ended up locating him, and then this motor vessel just happened to be in the right position" all worked to keep him alive until the team rescued him, Gross told Insider.Grimes was last seen around 11 p.m. and was reported missing the following day by his family. Grimes told <a href="https://www.goodmorningamerica.com/news/story/carnival-cruise-passenger-overboard-dead-set-surviving-94300261">ABC's "Good Morning America"</a> he doesn't remember falling, only waking up in open ocean in the middle of the night."I came to, and I was in the water with no boat in sight," he told the program, adding that he had a couple drinks but wasn't drunk. Grimes did not respond to Insider's request for comment.Grimes described the next 20 hours as a fight for his life. He said he spent much of that time treading water, fending off jellyfish and at least one finned creature he couldn't identify. He made it through the night and the next day, until night struck again. He tried eating objects that floated by, including a piece of bamboo, in order to maintain energy.Finally, a ship spotted Grimes and notified the Coast Guard, which rescued him.<h2>'The top end of the survival limit'</h2>Gross said to have someone survive in open water the way Grimes did was extraordinarily uncommon, and for many people would likely be impossible."The Coast Guard has invested a lot of time in technology and training for search and rescue, so we have a lot of programs that help us determine how long somebody could physically stay — without flotation — how long they could stay on the surface, how long they could survive," Gross said. "This is definitely the top end of the survival limit."Grimes told ABC he was always confident he would be rescued, and Gross said that attitude likely contributed to his ability to stay afloat that long. He said Grimes' "will to survive," "natural instinct," and his efforts at "self preservation," like trying to shout out to rescue boats or reach offshore oil platforms, was "just not common."Cat Bigney, a survival expert who has consulted for Bear Grylls and National Geographic, previously told <a href="https://www.insider.com/survival-expert-explains-how-woman-survived-in-utah-national-forest-2021-5">Insider</a> that simply keeping your cool in life-or-death situations could ultimately save you: "The biggest thing that will kill you in a survival situation is to panic."As for Grimes chewing on objects he could find floating by, Gross said he wasn't sure how much nutrition something that is out floating 20 miles off the coast in the middle of the ocean could give you, but said those "small wins" could've added up to help him keep going.Gross said Grimes also made smart in-the-moment decisions, such as taking all of his clothing off so they would no longer weigh him down, making him more buoyant.When Grimes was finally rescued, he was treated for shock, dehydration, and hypothermia — another severe risk factor when spending 20 hours in 70 degree water — but he was able to be released in a matter of days. Gross said the hypothermia could have been much more severe, but a number of factors can help curb it."It's so dependent on the person: the time they last ate, the body fat content, what they go in the water with, how comfortable they are in the water," he said, adding that whatever Grimes' particular circumstances were surely helped him avoid the worst of it. <h2>The Coast Guard rescuers</h2>By the time a Coast Guard rescue swimmer reached Grimes, he was just about at his limit. The rescuer, <a href="https://www.insider.com/man-who-fell-cruise-ship-had-minute-less-to-live-2022-12">Richard Hoefle</a>, an aviation survival technician, said he thought Grimes had just moments of energy left when he was rescued.If the boat that spotted Grimes or the rescue helicopter were 10 or 15 minutes later, it's possible Grimes wouldn't have survived, Gross said, crediting that to the Coast Guard's robust search and rescue operations and efforts to maintain relationships with the boating community.Cruise ship officials notified the Coast Guard of the man overboard situation at around 2:30 p.m. on Thanksgiving day — more than 14 hours since Grimes was last seen. After launching the search and rescue mission, the Coast Guard quickly sent out a broadcast to alert other mariners in the Gulf of Mexico that they were actively looking for someone in the water.Crew aboard the <a href="https://www.npr.org/2022/11/26/1139277988/cruise-ship-passenger-rescue-coast-guard#:~:text=Hours%20later%2C%20aircrew%20members%20of,a%20person%20in%20the%20water.">bulk carrier vessel "Crinis"</a> ultimately spotted Grimes, who had been waving and shouting to get their attention, and notified the Coast Guard of his location."I do think that is part of the reason that the motor vessel had that lookout and was able to report him to us," Gross said. "So that's just one of those puzzle pieces that really paid off in the end."When the Coast Guard got the call, the rescue helicopter was only about six miles away from the area where Grimes had been spotted — another factor that allowed them to get to him and pull him out of the water quickly.Gross said the helicopter's clutch location was thanks to the Coast Guard's Search and Rescue Optimal Planning System, which allows them to estimate where a floating object could be. The program essentially takes 5,000 virtual rubber ducks and drops them at a specific location in the ocean, Gross described. It factors in things like the person's weight, clothing, body fat percentage, and whether or not they have a flotation device, and projects where they could potentially float to in a specific amount of time, factoring in weather and ocean patterns. "The highest concentration of those rubber ducks is where we would search first," Gross explained.For Grimes, the system returned over 7,000 square nautical miles of ocean where he could potentially be — roughly the size of Massachusetts. But it was accurate enough to put the rescue helicopter in close vicinity to where he was ultimately found."It is pretty astounding," Gross said. "This is what we do on a day to day basis. I think one of the main reasons that people join the Coast Guard is to serve the American people in times of distress, exactly like this case.""Then to have the outcome of us rescuing him is just a really, really incredible story of how it all comes together."

A man who spent 20 hours in the open ocean after going overboard on a cruise ship was only able to survive because a bunch of factors went 'perfectly,' coast guard rescuer says

<div class="KonaFilter image-container display-table"><div><div class="image on-image">MIKHAIL KLIMENTYEV/AFP/Getty ImagesRussian President Vladimir Putin</div></div></div><ul class="summary-list"><li>"The Troika Laundromat" is a $9 billion alleged money laundering operation with links to politicians and Russia's largest private investment bank, Troika Dialog.</li><li>The operation was uncovered by <a href="https://www.occrp.org/en/troikalaundromat/">the Organized Crime and Corruption Reporting Project</a> and the Lithuanian <keyword id="6355005" type="UNKNOWN" weightage="60" keywordseo="news">news</keyword> site 15min.lt., in partnership <a href="https://www.theguardian.com/world/2019/mar/04/banking-leak-exposes-russian-network-link-to-prince-charles-troika-laundromat">with The Guardian.</a></li><li>Investigators said the project represents one of the largest releases of banking information ever and it entangled Western banks, including Citigroup, Raiffeisen, and Deutsche Bank.</li><li>The explosive report sent the shares of the Raiffeisen tumbling 14% in Tuesday trading. The bank is opening an internal investigation. </li></ul>A new project has uncovered what it says is a $9 billion alleged money laundering operation with links to corrupt politicians and Russia's largest private investment bank, Troika Dialog. The operation was uncovered <a href="https://www.occrp.org/en/troikalaundromat/">by the Organized Crime and Corruption Reporting Project (OCCRP)</a> and Lithuanian news site 15min.lt, <a href="https://www.theguardian.com/world/2019/mar/04/banking-leak-exposes-russian-network-link-to-prince-charles-troika-laundromat">in partnership with the Guardian</a>, which outlined how billions were funnelled between shell-companies into the global banking system.The investigators said the project represents one of the largest releases of banking information ever, involving more than $470 billion sent in 1.3 million leaked transactions from 233,000 companies.The OCCRP said "The Troika Laundromat" was active in syphoning an estimated $4.8 billion into Europe and the US between 2006 to early 2013, and was formed by at least 75 interconnected offshore companies.The dozens of companies in the system generated $8.8 billion of internal transactions to obscure the origin of the cash, the report said."The Laundromat allowed Russian oligarchs and politicians to secretly acquire shares in state-owned companies, to buy real estate both in Russia and abroad, to purchase luxury yachts, to hire music superstars for private parties, to pay medical bills, and much more," the OCCRP said in a release on its website."To protect themselves, the wealthy people behind this system used the identities of poor people as unwitting signatories in the secretive offshore companies that ran the system."<h2>Raiffeisen stock tanks</h2>Funds were then distributed through a series of major Western banks, including Citigroup, Raiffeisen, and Deutsche Bank, the OCCRP claims. The explosive report sent the shares of the Raiffeisen tumbling 14% in Tuesday trading. Raiffeisen, in a comment to Business Insider, said it was conducting an internal investigation:"Raiffeisen Bank <keyword id="6356001" type="UNKNOWN" weightage="60" keywordseo="international">International</keyword> (RBI) is not familiar with the concrete allegations and does not have any further information on the content of the complaint. RBI complies with all anti-money laundering requirements. Its compliance systems and processes have been, and continue to be, regularly reviewed by external parties and are confirmed to be in compliance with the legal requirements."In an emailed statement to Business Insider, Deutsche Bank said:"Deutsche Bank's clients are so-called respondent banks. It is first and foremost the task of the respondent bank to check its customers in accordance with the applicable know-your-customer regulations."Citigroup declined to comment.The investigation goes right to the top of Russian politics, with links to Russian President Vladimir Putin's friends and business associates. <h2>Prince Charles link</h2>Among the revelations from the OCCRP is the claim that in 2009, 2010, and 2011, three transfers totalling $200,000 went to the Prince's Charities Foundation, a fundraising vehicle for Prince Charles.The money, intended to "preserve architectural heritage in England" came from a British Virgin Islands shell company, Quantus Division Ltd, <a href="https://www.theguardian.com/world/2019/mar/04/banking-leak-exposes-russian-network-link-to-prince-charles-troika-laundromat">according</a> to the Guardian. The funds were used to rescue a stately home in Scotland named Dumfries House, which was set to be auctioned off in 2007.There is no suggestion that recipients were aware of the original source of the money.Dumfries House was ultimately rescued from being privately auctioned after Prince Charles managed to rapidly raise £45 million ($59 million), an effort which left the foundation in debt, some of which was plugged by Armenian businessman Ruben Vardanyan who was thanked with a black-tie dinner in 2014. The Prince of Wales' Charitable Foundation and The Dumfries House Trust "apply robust due diligence processes in accordance with Charity Commission and Scottish Charity Regulator guidelines as well as legislation relating to money laundering, the Bribery Act, terrorism and political activity," a spokesman for The Prince's charities said in an emailed statement to Business Insider. "In the case of the examples highlighted, no red flags arose during those processes." <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/samsung-foldable-phone-galaxy-x-f-winner-2018-9">Everything we know about Samsung's foldable phone</a></h3> <div> </div> </div>

An explosive expose on a $9 billion Russian money laundering operation entangles Citigroup, Raiffeisen, and Deutsche Bank

<div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div><ul class="summary-list"><li>Submarines with the US Navy's Pacific Fleet rigged a drone and the sail of a submarine into a package delivery and receiving platform.</li><li>A drone-based delivery system could bring parts and other supplies to subs, saving time and money and "allowing us to stay in the fight," the commander of Pacific Fleet's submarine force said.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet" target="_blank" rel="noopener">Visit Business Insider's homepage for more stories</a>.</li></ul>Commander, Submarine Force, US Pacific Fleet (COMSUBPAC) in partnership with the University of Hawaii, tested their unmanned aerial vehicle (UAV) capabilities by delivering supplies onto a submarine off the coast of Oahu, Hawaii, October 10.The UAV took a 5-pound payload consisting of circuit cards, medical supplies, and food to the Virginia-class fast-attack submarine USS Hawaii (SSN 776) while it was underway."What started as an innovative idea has come to fruition as a potentially radical new submarine logistics delivery capability," said Lt. Cmdr. Christopher Keithley, assigned to COMSUBPAC. "A large percentage of parts that are needed on submarines weigh less than 5 pounds, so this capability could alleviate the need for boats to pull into ports for parts or medical supplies."<div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div>The concept itself came from the Commander, Submarine Force Innovation Lab (iLab) one year ago. Since then the iLab, in partnership with the University of Hawaii Applied Research Lab, has worked on developing the means to make it possible."Our sailors are visionaries. Their ideas benefit the submarine force, making an incredible difference," said Rear Adm. Blake Converse, commander, Submarine Force, US Pacific Fleet. "We are already seeing the impact that this one idea can have on the entire fleet. The joint effort between the Sailors at COMSUBPAC and the University of Hawaii has resulted in delivering necessary supplies to submarines that can save time and money, allowing us to stay in the fight."This idea led to the creation of the Submarine Force's first UAV squadron at CSP. Submarine sailors stationed at Pearl Harbor volunteered to attend weekly training at Bellows Air Force Station, in Waimanalo, Hawaii, to become proficient drone pilots and to develop the concept of converting a UAV and a submarine sail into a package delivery and receiving platform.<div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div>"Members of University of Hawaii Applied Research Lab worked alongside COMSUBPAC Sailors to develop a 'snag' pole and payload release mechanism from the drone, practicing the concept using the prototypes on the back of trucks and jeeps," said Keithley. "As the training progressed and the drone innovations became more reliable, the team was able to demonstrate the capability onto a small patrol boat out of Pearl Harbor."After final adjustments and last-minute training, the team assembled on the shore of western Oahu and flew a small 5-pound payload over a mile offshore to USS Hawaii."The snag pole and drone delivery mechanisms performed perfectly as the payload of parts was safely delivered onboard the submarine, making history as the first ever drone delivery onboard an underway submarine," said Keithley."I am very proud of the joint effort and the capability they have created out of nearly thin air. The success of this project is a true testament to the ingenuity of our team and I am very thankful for them and our submarine sailors, who volunteered their time to make it a success."

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