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<ul><li><keyword id="1118568" type="PERSON" weightage="20" keywordseo="Milind-Kulkarni">Milind Kulkarni</keyword> is returning as the CFO of the $5.2 billion Indian IT services company <keyword id="43217" type="CITY" weightage="20" keywordseo="Tech-Mahindra">Tech Mahindra</keyword> starting April 2.</li><li>The man who began his professional journey at Cadbury after becoming a qualified chartered accountant has been with Tech Mahindra for 18 and a half years now.</li><li>His last stint as CFO of Tech Mahindra was between 2013 and 2018 before he retired to become a Senior Advisor.</li></ul>He’s been here before and he’s set to make a comeback — the qualified chartered accountant, Milind Kulkarni, will be returning as Tech Mahindra’s Chief Financial Officer (CFO) in the next financial year. During his last stint as CFO, Kulkarni was at helm from 2013 to 2018. After his five year tenure was over, rather than leave the company, Kulkarni stuck around and served as a Senior Advisor for the IT services giant. In fact, Kulkarni’s been with Tech Mahindra for 18 and a half years now. When he first took up the post of CFO, the company was at the cusp of merging with its subsidiary Mahindra Satyam. This time around, Tech Mahindra is waiting on the boom from 5G to spur revenue growth and expand margins. Management expects that the gains from 5G will start flowing in during the second half of 2021. Kucch meetha ho jaye (let’s get something sweet) Before going on to become a chartered accountant in 1981, Kulkarni completed his Bachelor’s in Commerce from the ML Dahanukar College of Commerce in Mumbai. His first job was in the offices of Cadbury as a Manager of Accounts. After a brief stint at Standard Batteries after Cadbury, he moved onto become the General Manager of Finance at Mastek Limited, a software company that has a presence in the US and UK in addition to India. In another big career jump, Kulkarni went onto become the Group CFO of Venkateshwara Hatcheries — also known as the massive poultry brand Venky’s — in 1997. It was only in 2002 that he finally found his way to Tech Mahindra. Starting out as the Vice President of Finance, Kulkarni rose in the ranks to become the CFO in 2013. And in 2021, he’s making his comeback. SEE ALSO: <a href="https://www.businessinsider.in/tech/enterprise/news/two-things-on-tech-mahindra-cfos-wishlist-for-the-budget-2021-22-that-were-left-unaddressed/articleshow/80705389.cms" id="docs-internal-guid-17e9dda7-7fff-2a58-c6dc-6cfb6a7687db">INTERVIEW: Two things on Tech Mahindra CFO’s wishlist for the Budget 2021-22 that were left unaddressed</a>

Meet the 63-year old making a comeback as Tech Mahindra's CFO

IT major <keyword id="43217" type="DOMAIN" weightage="20" keywordseo="Tech-Mahindra">Tech Mahindra</keyword> on Monday posted a 34.6 per cent rise in consolidated net profit to ₹1,081.4 crore for the March 2020 <keyword id="6545597" type="UNKNOWN" weightage="20" keywordseo="quarter">quarter</keyword>. Its net profit stood at ₹803.9 crore in the corresponding period a year ago, Tech Mahindra said in a regulatory filing. The Mumbai-based company saw its <keyword id="1153513" type="PERSON" weightage="20" keywordseo="consolidated-revenue">consolidated revenue</keyword> from operations increasing 2.5 per cent to ₹9,729.9 crore as against ₹9,490.2 crore in the year-ago quarter, it added. For the full financial year, the net profit was up 9.8 per cent to ₹4,428 crore, while revenue from operations was higher by 2.7 per cent to ₹37,855.1 crore as compared to 2019-20. Tech Mahindra Managing Director and Chief Executive Officer C P Gurnani said, "Our continued focus on cutting-edge technologies has expanded client engagement with large deal wins this quarter. We are witnessing a strong demand acceleration." He added that the health and wellness of Tech Mahindra associates and community at large. <keyword id="1118568" type="PERSON" weightage="20" keywordseo="Milind-Kulkarni">Milind Kulkarni</keyword>, chief financial officer at Tech Mahindra, said the company has witnessed substantial margin improvement and cash flow generation during the year. "Our focus on delivery transformation will continue, as we increasingly witness a structural shift towards digital to adapt to the new normal. We are positioned uniquely to gain from this shift, while improving our financial and operating metrics going forward," he added. The board of directors have recommended a final dividend of ₹30 per share (including <keyword id="1729046" type="PERSON" weightage="20" keywordseo="special-dividend">special dividend</keyword> of ₹15 per share) for the financial year ended March 31, 2021, subject to shareholder approval. The special and final dividend, if approved, will be paid by August 11, 2021. This dividend is in addition to the special dividend of ₹15 per share paid as interim dividend. The total dividend for 2020-21 will be ₹45, the filing said. Tech Mahindra has also announced the acquisition of Eventus Solutions Group, a US-based consulting and technology service company. The acquisition will help Tech Mahindra bolster its consulting capabilities in customer experience (CX) and customer management space and move up the value chain in the BPS business. Tech Mahindra's total headcount stood at 1,21,054 at the end of March 2021 quarter, down 847 from the preceding quarter. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/sundar-pichai-and-satya-nadella-will-use-google-and-microsoft-resources-and-technology-to-support-india-during-the-covid19-crisis/articleshow/82253126.cms">From Sundar Pichai to Satya Nadella – Indian-Americans wake up to the COVID-19 crisis at home</a> <a href="https://www.businessinsider.in/science/health/news/covid-19-what-is-proning-and-how-can-it-help-you-increase-oxygen-levels-at-home/articleshow/82251671.cms">COVID-19 – What is proning and how can it help you increase oxygen levels at home</a> <a href="https://www.businessinsider.in/business/startups/news/upgrad-gets-its-first-external-funding-from-singapore-based-temasek/articleshow/82253861.cms">Edtech startup upGrad gets its first external funding – a $120 million cheque from Temasek</a> <a href="https://www.businessinsider.in/science/health/news/maharashtra-kerala-and-chhattisgarh-states-are-on-top-covid-19-positivity-rate-in-india/articleshow/82254421.cms">COVID-19: These are the five states in India with the highest positivity rates</a>

Tech Mahindra Q4 net profit jumps 34.6% to ₹1,081.4 crore

<ul><li>The National Association of Software and Service Companies (<keyword id="6372077" type="ORGANIZATION" weightage="20" keywordseo="nasscom">NASSCOM</keyword>) is urging the US administration to shorten the duration of <keyword id="6358066" type="UNKNOWN" weightage="20" keywordseo="h-1b-visa">H-1B visa</keyword> suspension to 90 days.</li><li>It believes that US President <keyword id="6354484" type="PERSON" weightage="20" keywordseo="Donald-Trump">Donald Trump</keyword>’s extension of the H-1B visa freeze is “misguided and harmful” for the US economy keeping companies from accessing the talent they need from overseas.</li><li>However, India IT giant <keyword id="43217" type="CITY" weightage="20" keywordseo="Tech-Mahindra">Tech Mahindra</keyword> doesn’t believe that Trump’s visa freeze will have much of an impact on the company in the near or medium term. </li></ul>The nodal Indian tech lobby, the National Association of Software and Service Companies (NASSCOM), has urged the US government to shorten the duration of the H-1B visa suspension to 90 days and to rethink US President Donald Trump’s stated plans to change laws to restrict immigration and increase the cost of the visa. NASSCOM — which represents Indian IT services giants like Tata Consultancy Services (TCS), Infosys, and HCL Tech — believes that Trump’s extension of the H-1B visa freeze will be “misguided and harmful” keeping companies from accessing the talent they need from overseas. The Trump administration ruled that H-1Bs or L-1s, as well as other visa types, will not be allowed to enter the United States after June 23, with very few exceptions, <a href="https://www.businessinsider.in/politics/world/news/trump-signs-a-proclamation-halting-h1b-work-visas-and-other-temporary-visas/articleshow/76520775.cms">until the end of the year</a>. “Lengthening these burdensome restrictions on U.S. companies that are trying to recover from the economic fallout of the COVID-19 pandemic will only serve to harm our economy,” it said in a statement. “Study after study from the Federal Reserve, National Academy of Sciences, General Accounting Office, National Foundation for American Progress, Pew Research Center, CATO, Brookings Foundation, PPI, top academics, business groups and others all reveal the immeasurable value nonimmigrants have and will bring to America,” the NASSCOM statement added. <div type="Article" hostid="261" msid="76522530" title="Google’s Sundar Pichai, Facebook and Amazon — here’s how American companies reacted to Donald Trump’s H1-B visa freeze" mstype="2" mssubtype="0"></div> Indian IT firms, like Tech Mahindra, Tata Consultancy Services (TCS), Infosys and others have been increasing their local workforce in the US over the last few years as denial rate of initial employment has been in an upwards trajectory. <div type="image" title="h1b (4)" msid="76524580" hostid="261" caption="&amp;lt;p&amp;gt;Denial of initial employment&amp;lt;/p&amp;gt;"></div> And therefore, the Indian IT majors have increased local hiring in US in recent years.“From a near or medium-term perspective, we don’t see much of an impact because of the current situation and travel restrictions,” Tech Mahindra CFO, Manoj Bhat told Business Insider in a statement. "Since April of 2017, we have hired about 9,100 people as of March 2019. This has actually helped us in strengthening our business model and becoming less dependent on visas for talent or ability," said Infosys COO UB Pravin Rao during the company’s annual general meeting (AGM) last year. Wipro, in its annual report, pointed out that its local employee base in the US has hit nearly 70% in 2020. The North American country is its largest market contributing nearly 59.1% to the company’s total revenue. TCS, on the other hand, hasn’t disclosed how many employees it has hired in the US but experts estimate that it’s close to 40,000 of its total headcount of 448,464 people. “The numbers are substantial and it has gone up year-on-year…In last few years, TCS has created more than 20,000 jobs in the US," Milind Lakkad, global head of HR at TCS told <a href="https://www.livemint.com/companies/news/tcs-continues-localisation-in-us-to-hire-1-500-employees-by-this-fiscal-11576119389690.html">LiveMint</a> in December 2019. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/googles-sundar-pichai-facebook-and-amazon-heres-how-american-companies-reacted-to-donald-trumps-h1-b-visa-freeze/articleshow/76522530.cms">Google’s Sundar Pichai, Facebook and Amazon — here’s how American companies reacted to Donald Trump’s H1-B visa freeze</a> <a href="https://www.businessinsider.in/politics/world/news/trump-signs-a-proclamation-halting-h1b-work-visas-and-other-temporary-visas/articleshow/76520775.cms">Trump signs a proclamation halting H-1B work visas and other temporary visas</a>

Donald Trump's H-1B visa ban incites a sharp reaction from India's tech lobby

<ul><li><keyword id="6357585" type="COMPANY" weightage="20" keywordseo="tata-consultancy-services">Tata Consultancy Services</keyword> (TCS), <keyword id="30331" type="CITY" weightage="20" keywordseo="HCL-Technologies">HCL Technologies</keyword>, and other Indian IT behemoths plan to onboard more freshers than lateral hires over the next six months. </li><li>With attrition rates at an all-time low, there is less need to replace the loss of workforce, explained HCL Technologies’ CHRO VV Apparao.</li><li>TCS is looking beyond India’s border and plans to hire another 10,000 employees in the US amid H-1B visa ban issues.</li></ul>Freshers have a better shot at getting hired at one of the big-wig Indian IT companies in the second half of the year than those looking for a job change. The churn of employees at Indian IT companies is settling down as the likes of Tata Consultancy Services (TCS), <keyword id="6354512" type="COMPANY" weightage="20" keywordseo="Infosys">Infosys</keyword>, HCL Technologies, <keyword id="10862" type="CITY" weightage="20" keywordseo="Wipro">Wipro</keyword>, and Tech Mahindra are witnessing some of the lowest attrition rates that they’ve seen in a while. “A large amount of lateral hiring happens because of attrition replacement. If I’m losing 20 people, I have to hire 20 people. To that extent, lateral hiring will come down,” HCL Tech CHRO Apparao VV told Business Insider. The company’s attrition rate was 12.2% this quarter — the lowest it has been in at least the last two years. <div type="image" title="attrition rates it companies" msid="79014772" hostid="261" caption="&amp;lt;p&amp;gt;Attrition rate at India&amp;#39;s IT companies over the last six quarters&amp;lt;/p&amp;gt;"></div> Indian IT companies are on the hunt for freshers HCL Tech plans to onboard another 9,000 freshers before March 31, bringing the total of new hires to 12,000 in the current fiscal year. But, it is yet to make up its mind about the coming year. “We have not yet finalised. We’re doing a bottom-up exercise where we ask each of the businesses, what is the growth they see. Part of it will be based on form booking and a part of it will be based on anticipation — past number. But it won’t be less than 10,000,” said Apparao. <div type="image" title="it companies headcount" msid="79014798" hostid="261" caption="&amp;lt;p&amp;gt;Net loss of employees in Q1 compared to net addition in Q2&amp;lt;/p&amp;gt;"></div> Infosys, which already onboarded close to 16,000 freshers this year, is planning on recruiting another 15,000 for the next year. With attrition at an all-time low of 8.9%, India’s biggest IT firm TCS too has been focused on onboarding freshers since July. “We started onboarding freshers and increased our recruitment globally in Q2 in anticipation of the growth trajectory,” said TCS CHRO, Milind Lakkad, during the second-quarter earnings call. The company is looking to onboard 10,000 employees over the next year in the US amid the uncertainty around H-1B visa regulations. Over the last five years, TCS has hired around 21,500 employees in the country in its efforts to localise. Wipro, which recently saw a change in leadership with Thierry Delaporte at the helm, did not disclose any exact numbers but does have ‘robust’ hiring plans for the second half of the current fiscal. “Very robust hiring this quarter, both laterally and campuses. We continue to see the same momentum going forward,” said the company’s CHRO Saurabh Govil during the second-quarter earnings call. He added that given the company’s current growth momentum, hiring — laterally and via campuses — is an important part of managing that growth. This includes hiring across geographies, including India and in the new business areas, especially cloud and cybersecurity, where the demand lies. India’s IT sector is among the first to recover from the economic impact of the coronavirus pandemic. Hiring freshers, rather than laterally, allows companies to pick up talent that’s relatively cheaper. It’s also easier to train fresh minds in-house for specific skills, especially because they are in short supply in the market. SEE ALSO: <a href="https://www.businessinsider.in/thelife/personalities/news/prajakta-koli-aka-mostlysane-advice-for-content-creators-on-the-fine-line-between-brand-collaborations-and-staying-honest-on-social-media/articleshow/79013162.cms">Prajakta Koli aka MostlySane’s advice for content creators on the fine line between brand collaborations and staying honest on social media</a> <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-acquires-gaming-startup-mech-mocha-as-it-looks-to-tap-the-social-gaming-space-for-more-consumers/articleshow/79014466.cms">Flipkart acquires gaming startup Mech Mocha as it looks to tap the social gaming space for more consumers</a> <a href="https://www.businessinsider.in/india/news/covid-19-vaccine-updates-pfizer-moderna-to-roll-out-covid-19-vaccine-by-december/articleshow/78924143.cms">COVID-19 vaccine tracker: German CureVac shows an immune response, Aspen Pharmacare and J&amp;J sign pact to make vaccine in South Africa</a>

TCS, Infosys, HCL Tech, and others to see more freshers than lateral hires in the next six months

By Yoshita Singh United Nations, May 19 () Four Indian corporations are among over 150 global companies that have signed a statement urging governments around the world to align their COVID-19 economic aid and recovery efforts with the latest climate science that prioritises a faster and fairer transition from a grey to a green economy.Dalmia Cement (Bharat) Chief Executive Officer Mahendra Singhi, Polygenta Technologies Chief Marketing Officer Makarand Kulkarni, Tech Mahindra Chief Executive Officer C P Gurnani and Wipro's Chief Executive Officer Abidali Neemuchwala are the signatories to the statement, along with top executives hailing from 34 sectors across 33 countries.The other signatories include global pharma giant Novartis headed by Vas Narasimhan and Adobe, led by Shantanu Narayen, AstraZeneca, Burberry, Capgemini, Colgate Palmolive, Hewlett Packard Enterprise, Nestlé, Sanofi and Unilever. The statement is the largest ever UN-backed CEO-led climate advocacy effort and has signatories from 155 companies with a combined market capitalisation of over USD 2.4 trillion and representing over five million employees."As countries work on economic aid and recovery packages in response to COVID-19, and as they prepare to submit enhanced national climate plans under the Paris Agreement, we are calling on Governments to reimagine a better future grounded in bold climate action," the joint statement said.Noting that the corporations remain committed to do their part to achieve a resilient, zero carbon economy, the top executives urged governments "to prioritise a faster and fairer transition from a grey to a green economy by aligning policies and recovery plans with the latest climate science.""We must move beyond business-as-usual and work together in solidarity to deliver the greatest impact for people, prosperity and the planet," they said adding that in order to recover better from COVID-19, the corporations will continue to demonstrate that the best decisions and actions are grounded in science, invest in recovery and resilience for a systemic socio-economic transformation and work with governments and scale up the movement."If we work together, these efforts will help reduce vulnerability to future shocks and disasters, and build community resilience. A systemic shift to a zero-carbon and resilient economy is within our reach - our only future depends on making this vision a reality," the statement said.UN Secretary-General António Guterres welcomed the ambitious, science-based actions from leading companies who are demonstrating to policy-makers that green growth remains the best growth strategy."Saving lives and livelihoods, and building a prosperous, inclusive and sustainable future, are at the heart of our efforts to recover from COVID-19. We can beat the virus, address climate change and create new jobs through actions that move us from the grey to green economy.Many companies are showing us that it is indeed possible and profitable, to adopt sustainable, emission-reducing plans even during difficult times like this."The statement comes as governments around the world are preparing trillions of dollars worth of stimulus packages to help economies recover from the impacts of the coronavirus pandemic, and as they prepare to submit enhanced national climate plans under the Paris Agreement.In the coming weeks, several major economies will take key decisions in their recovery efforts, including the European Union Recovery Plan, new stimulus packages from the United States of America and India, and the G7 Heads of State summit in June.The business voices are convened by the Science Based Targets initiative (SBTi) and its Business Ambition for 1.5°C campaign partners, the UN Global Compact and the We Mean Business coalition.The SBTi, which is a collaboration between CDP, the UN Global Compact, World Resources Institute and WWF, independently assesses and validates corporate climate targets against the latest climate science.A joint press release by the Science Based Targets initiative, the UN Global Compact, and the We Mean Business coalition said the 155 companies have already set, or committed to set, science-based emissions reduction targets.By signing the statement, they are reaffirming that their own decisions and actions remain grounded in science, while calling on governments to "prioritise a faster and fairer transition from a grey to a green economy." Policy and spending that incorporates climate targets will reduce vulnerability to future shocks and disasters, create good jobs, reduce emissions and ensure clean air, according to a study from Oxford University. YAS RUP

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Meet the 63-year old making a comeback as Tech Mahindra's CFO

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Tech Mahindra Q4 net profit jumps 34.6% to ₹1,081.4 crore

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Donald Trump's H-1B visa ban incites a sharp reaction from India's tech lobby

Prabhjote Gill

TCS, Infosys, HCL Tech, and others to see more freshers than lateral hires in the next six months

Prabhjote Gill

Four Indian corporations among companies urging world leaders for net-zero recovery from COVID-19

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