<ul><li>The midcap IT firm’s net profit grew marginally by 0.5% quarter-on-quarter to ₹341 crore in September quarter.</li><li>The company delivered 9.8% quarter-on-quarter direct revenue growth in the quarter. It believes no other peer has given 30% organic growth in the first half of FY22.</li><li>“I am of the school of thought that lack of supply or lack of adequate talent is as much a headwind to us as it is a tailwind,” said Nitin Rakesh, chief executive officer at <keyword id="46598" type="General" weightage="20" keywordseo="mphasis" source="Orion">Mphasis</keyword>.</li></ul>Bengaluru-based midcap information technology (IT) company Mphasis seems to be unaffected by the industry-wide issue of attrition, which is bothering IT giants like Tata Consultancy Services (TCS) and Infosys. Demand for digital transformation is booming and so is demand for techies. As a result of this, a huge number of employees are leaving IT organisations for <a href="https://www.businessinsider.in/careers/news/infosys-wipro-shares-up-as-q2-earnings-excite-investors/articleshow/87013663.cms">better opportunities</a>. On the other hand, the management of Mphasis is pretty confident of surpassing this phase without stressing much about the rising attrition rate. "I am of the school of thought that lack of supply or lack of adequate talent is as much a headwind to us as it is a tailwind. Because, you know (when) our clients are not able to find the talent, they can't go (and) execute the project...so shortage of supply is always a good thing for our business," said Nitin Rakesh, chief executive officer at Mphasis in an interview with Business Insider. The midcap IT company believes that their trained workforce is the reason behind successful completion of deals and they want to focus on skilling employees. “Everybody at the same time all over the world decided that they need more tech. And, you know, unfortunately, we can't put up, you know, plants and start manufacturing people. So we have to go and find those people and create that talent. So I think we have set up our own talent factories,” said Rakesh. Besides, Mphasis does not reveal its attrition rate like other IT firms but it mentioned the rate has increased in the September quarter from what it was last year. The company even hired a lower number of employees in the September quarter compared to the last few quarters as it was not very much worried about the attrition rate. “We hire to demand. In fact the numbers are in line with business,” said Rakesh. <div type="image" title="mphasis empl" height="900" width="1200" msid="87358262" hostid="261"></div> Further, Mphasis has not set a particular target for hiring a set number of employees and wishes to hire as per client demand. This is contrary to the industry trend of hiring an increasing number of employees with the growing demand for digital transformation. The company’s strong and consistent financial performance in comparison to its peers shows why it remains so unaffected and focused towards its growth. “Both quarters in a row, we've actually delivered market leading growth in the direct business. I don't think there is any other peer of ours that has delivered 30% plus organic growth in the first half of FY22,” said Rakesh. Mphasis’ direct segment, which caters predominantly to sectors like banking, diversified financial services and insurance accounts for 50% of its revenue. Not to forget, BFSI is a core client base for most IT firms as there is accelerated demand for cloud migration, software products for digital banking, cybersecurity and so on. <div type="image" title="Mphasis BFSI chart" height="900" width="1200" msid="87358304" hostid="261"></div> Tech investment supercycle will last for next three to five years COVID-19 has enabled work-from-home globally and IT firms are trying hard to provide seamless customer experiences from remote locations with accelerated demand for digital transformation and cloud adoption. Undoubtedly, IT companies have benefited from this phase with IT stocks rallying more than the benchmark index. <div type="ExtQuote" text="“Tech spending is not just within the traditional IT organisations, it's actually coming out of other parts of the business as well. So...we definitely think that the tech investing supercycle will actually last for the next three to five years,”" auname="Nitin Rakesh, chief executive officer at Mphasis in an interview with Business Insider."></div> In the September quarter, the IT firm’s revenue grew 6.6% on a quarterly basis to ₹2,869 crore while profit grew marginally by 0.5% to ₹341 crore. Further, the company is bullish on delivering revenue from its core BFSI segment, which contributes about 50% revenue for the company. “Almost (from) 5-8 quarters in a row, or even when our peers were actually not growing BFSI by 2% 3%, we were growing at double digits, now that they're growing at double digits, we're growing at 25%. So I think this is something that we will continue to focus on, because that is our whole market. But having said that, we also seeded new markets and new engines of growth,” Rakesh told Business Insider. <div type="image" title="Mphasis revenue" height="900" width="1200" msid="87358324" hostid="261"></div> Moreover, analysts believe the company will continue with its industry leading revenue growth. “We believe the company will report an industry-leading double-digit revenue growth rate over FY22E-FY24E [earnings in the next three financial years],” said a report by Reliance Securities. Further analysts at Phillip Capital said that, “With a strong H1 [first half of FY21] growth, strong deal flow and pipeline, we believe direct business is well poised for industry leading growth again in FY22.” <div type="image" title="mphasis" height="900" width="1200" msid="87358339" hostid="261"></div> ALSO WATCH: <div type="Video" msid="86941119" hostid="261" title="TCS is getting a lot of business but it needs hands to deliver them" dataSource="BUSINESSINSIDER" thumbUrl="https://denmark.timesinternet.in/cmslite/api/app/images.jpg?msid=86941119"></div> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/irctc-stock-recovers-losses-as-government-reportedly-withdraws-decision-on-convenience-fee-revenue-share/articleshow/87356555.cms">IRCTC stock recovers losses as government reportedly withdraws decision on convenience fee revenue share</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/shaktikanta-das-to-be-rbi-governor-for-three-more-years-till-december-2024/articleshow/87353252.cms">Shaktikanta Das to be RBI Governor for three more years till December 2024</a>

INTERVIEW: Mphasis CEO explains why he is hiring fewer people even when a lot of employees are leaving the firm

New Delhi, IT services company <keyword id="46598" type="General" weightage="20" keywordseo="Mphasis" source="Orion">Mphasis</keyword> has reported 1.4 per cent decline in net profit for June quarter to Rs 396 crore, according to a BSE filing. Net profit stood at Rs 401 crore in the year-ago period (Q1FY23). The company registered a revenue of Rs 3,252 crore, a 4.66 per cent decline from Rs 3,411.2 crore in the same period last year. Sequentially, profit was down 2.3 per cent from Rs 405 crore in March quarter. "While the macro-economic environment is still uncertain, we continue to broad base our growth across client segments, verticals, and geographies, with strong pipeline growth," Chief Executive Officer and Managing Director of Mphasis Nitin Rakesh said. He also predicted a revenue growth pick-up in the remaining quarters of the year "based on improved visibility driven by deal wins, bottoming of the mortgage cycle and early signs of increased activity".

IT services company Mphasis  reports 4.66% dip in Q1 2023-24 revenue

<ul><li>Companies that are focused on maintaining legacy <keyword id="6355118" type="General" weightage="20" keywordseo="technology" source="Orion">technology</keyword> platforms will have to battle cost take-outs as they are managing tech estate that is obsolete and will, over time, fade out as companies move to the cloud. </li><li>Nitin Rakesh, CEO of Mphasis, tells Business Insider India that computing on demand is a trend that has not fully played out and is definitely not mainstream yet. Those on the right side of the trade will stand to gain even during <keyword id="6357558" type="General" weightage="100" keywordseo="Recession" source="Orion">recession</keyword>. </li><li>Economic turmoil is a great time because it provides an opportunity to stay focused on gaining wallet share.</li></ul>If there’s one word that has dominated all conversations around business this year, it has to be recession. Six months into the year, shares of leading <keyword id="6368235" type="General" weightage="60" keywordseo="it-services" source="Orion">IT services</keyword> companies came under selling pressure, as analysts started building in slower growth on the back of lower discretionary spends. Since June, most sell-side analysts have been monitoring not just quarterly growth and attrition but even headcount addition to justify their bearish stance on the sector. But this may be a simplistic way to analyse the sector, feels Nitin Rakesh, CEO and managing director of Mphasis. There’s no doubt that recession does impact growth and spending, but in the last five years, companies have embarked on a massive transformational journey, as their customers began demanding more from them. This is a journey that begins at the front end and then leads to the backend. So the nature of spending has pivoted from maintenance and infrastructure services to transformation that can enable clients to deliver better service to customers and go to market faster using data analytics. For those looking for evidence, you just need to look at the size of the industry – which is 50% bigger than it was in 2016. Says Rakesh, “The message back then was that digital will have a much larger role to play. From consumer to internal employees, everyone embraced all things digital. The first big trend we backed was that in the last five or seven years there was an alternative thanks to the proliferation of all things consumer, companies did not have time to consume tech in the same manner – which was in their premise, in their data centre and under their control – as they did earlier. This was capex intensive as you had to build the processing plant for all that data. Now you don’t need the power plant – data centre – in your office.” <cmsannotation type="cmsannotation" annotationid="‘We made the right bets’" comment="subhead2" text="‘We made the right bets’">‘We made the right bets’</cmsannotation> Analysts need to look out for companies that have a significant portion of their revenues coming from managed services and infrastructure. The legacy technology platforms that were put in place to automate the processes back in the 80s and 90s are obsolete and will, over time, fade out because companies are now moving to the cloud. But there’s a lot of legacy technology assets that are being managed that will move to the cloud. Computing on demand is a trend that has not fully played out and is definitely not mainstream, even though AWS launched its cloud services back in 2006. What has helped IT companies leverage on these new technologies is the size. It is a lot more difficult for companies with a large workforce and revenue base to pivot to the digital and transformation side of the business, which requires completely different capabilities and talent. Not surprising then that the smaller IT services companies have managed to grow faster than the Tier 1 companies. Rakesh says that his clients tell him that they no longer want to own or manage their data centres. He says: “The way companies look at budgets is very different as no more money will be spent on data centres and servers. Nobody wants to be in the business of owning real estate for data centres.” The looming recession will be an opportunity for the players that are focused on transformation, while those focused on legacy technology estates will see cost take-outs and revenue pressure. Mphasis, as a company, picked three themes a few years ago – consumer, software as a service and cost. It seems all these are still in fashion. The smaller tech companies (beyond the top four Tier 1 players) are of the view economic turmoil is nothing but an opportunity to stay focused on gaining wallet share. However, not all companies will have the same growth profile. There are players that will grow at plus 20% and then there are those that will see revenues contract by 20% in the global tech space and not just in Indian IT. This is because some of these players have continued to run data centres for customers – which is nothing but running the technology infrastructure of clients – and this is shrinking now. But if you are on the right side of the trade, says Rakesh, then there is a lot of money to be made. “We are fortunate because we made the right bets. The first mega trend that we have bet on is technology as a service. Second, all things consumer, which means cloud, data, cyber security and the ability to engage with consumers on experience. The third is cost,” he says. <cmsannotation type="cmsannotation" annotationid="Wage inflation unlikely to go down as war for talent continues" comment="subhead2" text="Wage inflation unlikely to go down as war for talent continues">Wage inflation unlikely to go down as war for talent continues</cmsannotation> Given that the industry will see divergent growth trends, the war for talent is nowhere near cooling. A lot of these areas that tech companies are focusing on are still nascent and, therefore, the pool of talent is still limited. What is also making matters more challenging is the tug of war that is playing out between employees and employers in India. Be it flexi working, compensation or moonlighting, the two sides are not able to come to an amicable agreement. Explains Rakesh, “The talent market has been muddied by the future of work or what the workforce of the future will look like. The equation has to play out. There is a tug of war playing out between employees and employers. The balance will be formed and it is not near equilibrium. The equation is warped.” Occupancy in IT campuses across India remains near 20% levels and companies would ideally like to take it to 40% but it is unlikely to happen in a hurry. While attrition is gradually coming off its peak seen in mid-2022, Rakesh believes that the devil is in the detail. While attrition is expected to remain elevated for skills that are in demand (like cloud architecture, cyber security and data analytics), wage hikes going forward could be nuanced. He explains, “Wage inflation is unlikely to go down in the near future because the talent is not available.” The one problem that the industry is contending with is that of creating a pipeline of talent and the costs involved in doing so. Even though boardroom discussions revolve around this vexing issue, companies realise that they no longer have the option of not investing, even if it means they lose some of the reskilled talent to competition. Says Rakesh, “We have to create a talent pipeline. We are running academies for niche skill areas.” Clearly, the journey of Indian IT services is not headed in any one direction. Companies focused on linear business models and legacy infrastructure services will take a hit in 2023, while the nimble ones that pivoted a few years ago will shine.

Recession will be an opportunity for IT services firms focused on transformation: Mphasis CEO

<ul><li><keyword id="46598" type="General" weightage="80" keywordseo="mphasis" source="Orion">Mphasis</keyword> has rolled out an Innovation Lab for <keyword id="15098967" type="General" weightage="80" keywordseo="vmware-tanzu" source="Orion">VMware Tanzu</keyword> to drive hybrid and multi-cloud experiences on Kubernetes. </li><li>The company aims to offer end-to-end consultation and pilots for enterprise and mid-market customers using <keyword id="15098966" type="General" weightage="100" keywordseo="tanzu" source="Orion">Tanzu</keyword>. </li><li>As more organisations adopt the hybrid work model, the need for robust cloud foundations has become an essential need across industries.</li></ul>Information technology solutions company Mphasis on Tuesday launched <keyword id="15098968" type="General" weightage="50" keywordseo="mphasis-innovation-lab-for-vmware-tanzu" source="Orion">Mphasis Innovation Lab for VMware Tanzu</keyword> to drive hybrid and multi-cloud experiences on Kubernetes. With this launch, the company aims to offer an end-to-end consultation and pilots for enterprise and mid-market customers using Tanzu, Mphasis said. The innovation lab will help demonstrate the features and adoption frameworks for <keyword id="141089" type="General" weightage="80" keywordseo="vmware" source="Orion">Vmware</keyword> Tanzu enterprise customers that will help in aligning their cloud journey with their growth. “Our strong global partnerships with public cloud providers, including AWS, Microsoft, and Google Cloud, combined with partnerships with regional COLO providers further emphasise our commitment to ensuring robust &amp; reliable cloud adoption journeys for our clients,” said Nitin Rakesh, chief executive officer and managing director at Mphasis. Rakesh further added, “ We are now one of the first multi-cloud innovation labs for Tanzu products in delivering Front2Back™-led accelerated cloud-native legacy transformations. We are excited to further accelerate our mutual success in the fast-evolving Kubernetes ecosystem.” As more organisations adopt the hybrid work model, the need for robust cloud foundations has become an essential need across industries. The IT solutions company further aims to assist its customers in enriching their multi-cloud journey through structured assessments, and pilots, efficiently managing multi-cloud operations, especially on Kubernetes, and working together to build a scalable and secure multi-cloud journey. “Vmware and Mphasis are driven by the common goal of striving towards transforming customers’ businesses through cloud-based technologies. The Mphasis Innovation Lab featuring Vmware Tanzu will help our account teams architect, prove, deploy, and scale the applications of tomorrow,” said Ajay Patel, SVP and GM Modern apps and management, VMware. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/heres-why-heart-problems-are-rising-among-young-indians/articleshow/94470756.cms">Here’s why heart problems are rising among young Indians</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/india-to-benefit-from-greater-trade-and-investment-as-quad-countries-seek-to-cut-reliance-on-chinese-goods-says-moodys/articleshow/94478013.cms">India to benefit from greater trade and investment as Quad countries seek to cut reliance on Chinese goods, says Moody’s</a>

Mphasis to provide multi-cloud experiences to customers with VMware Tanzu

<ul><li>The Indian IT mid-cap, <keyword id="46598" type="COMPANY" weightage="20" keywordseo="MphasiS">Mphasis</keyword>, has plans to join the leagues of Tata Consultancy Services (<keyword id="6357150" type="ORGANIZATION" weightage="20" keywordseo="tcs">TCS</keyword>), <keyword id="6354512" type="COMPANY" weightage="20" keywordseo="Infosys">Infosys</keyword>, Wipro, and others.</li><li>In an interview with Business Insider, chief executive Nitin Rakesh revealed that the company is likely to go from its current $4 billion market cap to $10 billion within the next three to five years.</li><li>According to him, banking may be the Blackstone-backed firm’s main vertical right now but Mphasis is looking to hi-tech as well as travel and logistics to boost the next phase of its growth.</li></ul>The Blackstone-backed Indian information technology (IT) player, Mphasis, is looking to enter the big league alongside the likes of Tata Consultancy Services (TCS) and Infosys. And it plans to do so by becoming a $10 billion company in the next three to five years. That means growing faster than the top five IT services companies, at present, in India. <div type="Video" msid="82706209" hostid="261" title="Mphasis aims to be a $10 billion company in the next 3-5 years ⁠— that’s twice the current size" dataSource="BUSINESSINSIDER" thumbUrl="https://denmark.timesinternet.in/cmslite/api/app/images.jpg?msid=82706209"></div> <div type="ExtQuote" text="“The goal that we’ve set for ourselves is a $10 billion market cap in the next Blackstone innings… Typically, you can imagine that to be in the next three to five years window.”" auname="Mphasis CEO, Nitin Rakesh told Business Insider"></div> Right now, Mphasis is worth around $4.3 billion. The bulk of the IT mid-cap’s revenue comes from banks, financial services and insurance (BFSI) segment. While this segment will continue to be at the core of the company’s future growth, it’s also looking at other verticals — like hi-tech as well as travel and logistics. <div type="image" title="Mphasis vs ROW rev BFSI" msid="82701165" hostid="261" caption="&amp;lt;p&amp;gt;Percentage of revenue that IT companies operating in India make from the BFSI segment&amp;lt;/p&amp;gt;"></div> “We have almost doubled the business in the last four years, we can repeat that in the next four,” Mphasis’ Chief Executive Officer (CEO) Nitin Rakesh told Business Insider in an interview. According to him, as Mphasis accelerates its growth, it will also get the muscle it needs to look at strategic mergers and acquisitions. “We are looking for companies that can bolster our revenue by 4% to 5%,” he said. <div type="image" title="MPhasis share price" msid="82701090" hostid="261" caption="&amp;lt;p&amp;gt;Mphasis share price over the last one year&amp;lt;/p&amp;gt;"></div> <cmsannotation type="cmsannotation" annotationid="Looking for greener pastures when it comes to banking" comment="subhead" text="Looking for greener pastures when it comes to banking">Looking for greener pastures when it comes to banking</cmsannotation> For Mphasis, the UK is the next big market for banking outside of the US. The segment has grown consistently for six straight quarters for the company. “We moved one of our key leaders from the US to oversee the UK and Europe business,” explained Rakesh. According to him, clients from the UK and Europe used to account for around 10% of the company’s revenue three years ago. Today, that contribution has grown to 13%. <div type="image" title="Copy of Mphasis vs ROW rev BFSI" msid="82701195" hostid="261" caption="&amp;lt;p&amp;gt;Growth of BFSI segment for IT companies operating in India from 1 April 2020 to 31 March 2021 (FY 20-21)&amp;lt;/p&amp;gt;"></div> <cmsannotation type="cmsannotation" annotationid="Banking is only one piece of the puzzle" comment="subhead" text="Banking is only one piece of the puzzle">Banking is only one piece of the puzzle</cmsannotation> As Mphasis enters the realm of large-cap IT companies, it doesn’t intend for banking to be its niche. “Travel and logistics vertical has shown 35% to 40% compounded annual growth in the last three years,” said Rakesh. <div type="ExtQuote" text="“While we’re known for banking, there are other pockets that are really turbo charging our growth right now.”" auname="Mphasis CEO Nitin Rakesh told Business Insider"></div> The hi-tech vertical, which includes medical device companies and businesses that service chip makers, has so far grown to become a $100 million vertical for Mphasis. That’s a 50% jump in the last financial year, which ended March 2021. Being in the running for hi-tech opportunities doesn’t only mean competing against software companies. According to Rakesh, it also means competing against product engineering companies as well as niche embedded design and software firms. “The skill set there is engineering and design, much more than just software development. It needs a lot of architectural muscle,” he said. Last month, the US investment management behemoth Blackstone committed $2.8 billion for a majority stake in Mphasis. “Given that the commitment to Blackstone is continuity and acceleration, we definitely expect to be in the segment where we’re market leaders in growth,” said Rakesh. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/elon-musk-hints-that-tesla-may-dump-its-billion-dollar-bitcoin-investment/articleshow/82699553.cms">Elon Musk hints that Tesla may dump its billion dollar Bitcoin investment — here’s why his tweets have so much power</a> <a href="https://www.businessinsider.in/tech/apps/news/battlegrounds-mobile-india-pre-registrations-to-begin-on-may-18/articleshow/82702403.cms">PUBG Mobile: Battlegrounds Mobile India pre-registrations to begin on May 18 – rewards, maps and more</a> <a href="https://www.businessinsider.in/india/news/cyclonic-storm-tauktae-likely-to-reach-gujarat-coast-between-porbandar-and-mahuva-districts-on-monday-imd-issues-orange-alert/articleshow/82700848.cms">Cyclonic storm 'Tauktae' likely to reach Gujarat coast between Porbandar and Mahuva districts on Monday, IMD issues 'orange' alert</a>

Mphasis aims to be a $10 billion company in the next 3-5 years ⁠— that's twice its current size

New Delhi, June 8 (IANS) Mphasis, one of India's leading IT solutions providers, on Monday announced the implementation of Microsoft's Power Apps to ensure the safety of its employees and maintain productivity during the current lockdown due to the Covid-19 pandemic. Titled "Employee Outreach", the solution tracks the health of employees and their families without compromising on privacy, enables them with work from home facilities, monitors their attendance and work hours, and resolves IT complaints, among other issues, Mphasis said, adding that over 26,000 employees are using the app daily. Microsoft Power Apps is a low-code platform for building and using custom business apps that connect to data and work across web and mobile without the time and expense of custom software development. "As our employees are now working from home, it is imperative that leaders keep them informed and provide them with tools and processes that can enhance their productivity," Nitin Rakesh, Chief Executive Officer &amp; Executive Director, Mphasis, said in a statement. "We intend to create an easily integrated system that can track the overall health of the employees, and measure their productivity without violating their personal space," he said. Employee Outreach was developed on Microsoft's Power Apps' crisis communications template, which was released by Microsoft in March 2020. The template helps in providing organisations the agility to innovate and use rapidly those applications that are of the essence in these unprecedented times. "Microsoft Power Platform was designed to empower everyone, regardless of their technical ability, to collaborate and solve problems fast. The idea that rapid, valuable innovation can come from virtually anywhere has never been as impactful as in the current situation," said Sashi Sreedharan, Managing Director, Microsoft India. Within the Employee Outreach app, employees can access a drop-down menu with an option to share an update on their health and that of their families -- before and after their work shifts. In case they report any kind of distress, an email is triggered to notify their managers and the organisation arranges the necessary support required. Mphasis is also using the app to ensure seamless productivity of its workforce. Using the app, employees can now select whether they are enabled to work from home or not. If they are not, the app alerts the IT team by email for a resolution. In addition to registering attendance, employees can log in their shift start and end timings, activities during the day, and breaks taken in between. --IANS gb/vd

Mphasis uses Microsoft solution to track employee health, work

<ul><li><keyword id="4943836" type="COMPANY" weightage="20" keywordseo="Acko">ACKO</keyword>'s film to commemorate the first <keyword id="6583338" type="UNKNOWN" weightage="20" keywordseo="Pride-march">pride march</keyword> says that even though we have come a long way in recognizing the LGBTQ+ (Pride) community, it does not necessarily equate to true acceptance. </li><li>The film, that urges people to rethink what it means to truly welcome and become an ally to the <keyword id="1218847" type="PERSON" weightage="20" keywordseo="LGBTQ-community">LGBTQ community</keyword>, is 'a reflection of ACKO’s ongoing effort to create a workplace that reflects its core values of embracing and supporting true diversity'.</li><li>The campaign, featuring <keyword id="1366336" type="PERSON" weightage="20" keywordseo="Neeraj-Kabi">Neeraj Kabi</keyword>, has been conceptualized by Leo Burnett Orchard.</li></ul>Purely digital insurance platform <a href="http://acko.com/" target="_blank">ACKO</a>, today launched a powerful digital marketing campaign on Pride Day, celebrated to commemorate the first pride march. The film communicates a powerful message, that even though we have come a long way in recognizing the LGBTQ+ (Pride) community, this does not necessarily equate to true acceptance, we still need to work on it and ensure that we can welcome one of our own if they belong to the group. The film urges us to rethink what it means to truly welcome and become an ally to the LGBTQ community. <div type="Youtube" id="63JMPlbJl70" title="ACKO celebrates Pride Month" thumbUrl="https://i.ytimg.com/vi/63JMPlbJl70/mqdefault.jpg"></div> Starring popular film &amp; theatre actor, Neeraj Kabi, who has won acclaim for his roles in the web series Sacred Games and Paatal Lok, the film opens with four friends at a get together. As one of the friends, Rakesh Kapoor (RK), proudly shows that he has changed his profile cover picture on social media to the Pride colours in support of the community, the other friends pat him on the back, assuming that RK has now learned of his son’s sexual identity. The accidental reveal leaves RK speechless as he tries to reconcile with his own conflicting actions and emotions. The film is based on the Pride Research conducted by ACKO and YouGov in June 2021, which found that only 2 out of every 5 Indian parents said that they would be supportive if their child was part of the LGBTQ+ community. The campaign highlights this important point - “Post pride, Support pride, but more importantly, be ready to accept Pride.” This campaign is a reflection of ACKO’s ongoing effort to create a workplace that reflects its core values of embracing and supporting true diversity. The company is among the early and a handful of startups that extends a group medical insurance cover to include the partners of LGBTQ+ employees. ACKO prioritizes training and education programs to sensitize and raise awareness about the LGBTQ+ community and to ensure ongoing support of LGBTQ+ staff in the company. Talking about the campaign, <keyword id="486140" type="COMPANY" weightage="20" keywordseo="Ashish-Mishra">Ashish Mishra</keyword>, Executive Vice President- Marketing, ACKO General Insurance, said, “From denial to recognition, Indian society has come a long way in terms of their attitude towards the LGBTQ+ (PRIDE) community. However, there is still a huge amount of work to be done to make sure that people are willing to accept, if one of their own is part of this community. #TalkPride Campaign is our way to progress on this front”. This campaign has been conceptualized by Leo Burnett Orchard. “We are so used to sharing our support for the LGBTQ+ community on social media. But we never take a moment to stop and think how open we will be to having someone in the family who identifies as the same. I think it is time for the country as a whole to take a step towards accepting that love is love, no matter how you choose to express it.’ added Pravin Sutar, Head of Creative, Leo Burnett Orchard. Campaign credits: Agency: Leo Burnett Orchard, Bangalore CEO and Chief Strategy Officer - South Asia Leo Burnett: <keyword id="1988206" type="PERSON" weightage="20" keywordseo="Dheeraj-Sinha">Dheeraj Sinha</keyword> CEO and Chief Creative Officer - South Asia Leo Burnett: Rajdeepak Da Managing Director India and Chief Creative Officer Leo Burnett South Asia: <keyword id="2289556" type="PERSON" weightage="20" keywordseo="Rajdeepak-Das">Rajdeepak Das</keyword> National Head and EVP: Gaurav Dudeja National Creative Director: Vikram Pandey Head of Creative: Pravin Sutar Creative Team: Geo Joseph, Suketu Gohel, Mohammad Faisal Firoz, Dilin Mathew, Akash Mohan Account Management Team: Sriya Banerjee, Chirag Jain Production House: Content Factory Head and Senior VP, Prodigious: Varun Shah Director: Puneet Prakash Sr. Content Producer: Tanaya Barve Associate Producer: Surbhi Bafna Client: ACKO General Insurance Ashish Mishra, EVP, Marketing Shilpi Saini, Senior Manager, Content Nitin Khanna – Senior Director, Brand

ACKO’s Pride campaign urges people rethink what it means to truly welcome and become an ally to the LGBTQ community

<img class="gwt-Image" src="/photo/58143748.cms" />The net worth of all the <keyword id="4408438" type="UNKNOWN" weightage="20" keywordseo="Indian-IT-billionaires">Indian IT billionaires</keyword> has gone down. Ever since US President <a href="http://www.businessinsider.in/searchresult.cms?query=donald+trump&amp;sortorder=effectivedate">Donald Trump</a> has vowed to bring back jobs to Americans and promised a clampdown on H1-B visas, it has eroded the Indian IT sector. 
 
Ever since Trump government took over, net worth of IT tycoons in India went down as clamour for <a href="http://www.businessinsider.in/searchresult.cms?query=H1B+visa&amp;sortorder=effectivedate">H1-B visa</a> reform and protectionist stance gained steam. 
 <keyword id="6419840" type="PERSON" weightage="20" keywordseo="Azim-Premji">Azim Premji</keyword>, chairman of Wipro Ltd. and India's fifth-richest man, and Shiv Nadar, the sixth-richest person in the country and chairman of HCL Technologies, have seen their shares slide. Narayana Murthy, <keyword id="44604" type="PERSON" weightage="20" keywordseo="Nandan-Nilekani">Nandan Nilekani</keyword> and three other founders of Infosys Ltd., all among the top 100 of India's richest billionaires, have taken a hit too. IT stocks have dropped about 3 percent over that stretch, while the benchmark index has climbed 0.6 percent. 
 
"Whether these changes are a precursor for more radical measures is what is worrying companies," DD Mishra, a Pune-based research director at Gartner, told <a href="https://www.bloomberg.com/politics/articles/2017-04-11/every-tech-billionaire-in-india-takes-hit-from-trump-visa-reform">Bloomberg</a>. 
 
“Infosys, which reports earnings April 13, may have the most at stake. The Bangalore-based company is most vulnerable to U.S. visa reforms because it has the lowest percentage of local hires in the U.S.,” stated Goldman Sachs analysts Sumeet Jain and Saurabh Thadani. 
 
Bloomberg reported information technology is the largest employer in the private sector, providing a livelihood to nearly 4 million, and contributes about 9 percent of gross domestic product. India's software and services exports total about $110 billion, with nearly two thirds of that revenue coming from the U.S. 
 
"Difficulties in getting visas or rising salaries of H-1B employees will have a material impact on companies," Rostow Ravanan, chief executive officer of Mindtree Ltd., a Bangalore-based outsourcer that uses hundreds of H-1B visas every year, told Bloomberg. 
 
Ever since the protectionist stance, Indian IT companies have been devising plans to counter the heat. 
 
Nitin Rakesh, chief executive officer of tech services provider Mphasis Ltd. is optimistic. He told Bloomberg the industry has gone through four or five reincarnations since the outsourcing business began. A Trump crackdown may lead to more innovation in the model.

Net worth of Indian IT billionaires has gone down, thanks to Donald Trump. Here is the list

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5644d41b2491f92b008b49d0-3056-2292/rtr2d4sx.jpg" alt="Blankfein Cohn" data-mce-source="REUTERS/Natalie Behring" />REUTERS/Natalie Behring</div></div></div>Goldman Sachs has promoted 425 people to managing director."Our new Managing Directors represent the best of our firm's dedication to excellence, leadership and client service, and we wish them continued success in their careers," Goldman CEO Lloyd Blankfein said in a statement.It's a big deal to be named a managing director. The title is just one step below "partner," which is one of the most highly-coveted titles in investment banking. The next class of MDs won't be selected until 2017. In 2013, <a href="http://www.businessinsider.com/goldman-managing-director-selection-2013-3">Goldman changed its managing director selection process</a> from every year to every two years. That year, <a href="http://www.businessinsider.com/goldman-managing-director-class-2013-11">280 people</a> made the cut.The following individuals have been promoted:Catherine Addona-Peña Alokik Advani Sam Agnew Daniel Ahern Murtaza Ahmed Fusae Akamatsu Phil Almond Ana Alonso Roy Appelman Juliano Arruda Alex Ashwal Daniel Avery Misty Bailey Tom Barkes Jose Barreto Sushil Bathija Gregoire Baudot Olivier Belaich Sharon Bell Allison Beller Christine Benson Schwartzstein Sam Berberian Todd Berger Sandy Bernhardt Greg Berube Shashi Bhushan (Bengaluru) Lyla Bibi Julie Billings Alexander Blanchard Tristan Blood Katherine Bloom Alexander Blostein John Blythe Andrea Bonini Vijay Borkar Jean-Pierre Boudrias Dyson Bowditch Rhett Brewer Sean Brewer Cameron Brien Tyler Brooke Marios Broustas Melissa Brown Jacob Buitelaar Jason Burgess Manuel Camacho Tim Campbell Eliot Camplisson Susana Cao Miranda Nicholas Chan Sorubh Chandani Amy Chang Dennis Chang Scott Chastain Scott Chen (IBD) Yu Chikami Vikram Chima Sung Cho Caroline Chu Simon Clarke Ray Clifford Jorge Combe William Connolly Ron Cortina Daniela Costa Yasmine Coupal Patricia Creedon Brian Culang Michelle Daly Ranga Dattatreya Christopher Daur Brian DeCenzo Alexis Deladerriere Robert Devens Devanshu Dhyani Scott Dias Johanna Diaz Simon Dickinson Andrew DiMaria Darren Dixon Terence Donnelly Christopher Droege Lindsay Drucker Mann Frank Drury Caroline Dunne Steven Edwards (Internal Audit) Jeffrey Egee Naoko Ehara Inna Elyashkevich Jason English Andrew Erekson Joris Esch Ana Estrada Cristina Estrada Owain Evans Julia Feldman Jing Feng Albert Ferng Val Feygin Dan Fishman Dennis Fleck Terence Flynn Ian Foster (IBD) Kelly Galanis Ilya Gaysinskiy Libardo Gerardino Said Ghusayni Michael Gillott Arvind Giridhar Mark Glotfelty Chloe Goddard Lakshya Goel Peter Goertzen Andres Gonzalez Clara Gonzalez-Martin Claire Goodeve Anton Gorshkov Simon Gosling Jessica Binder Graham Michael Graham (Securities) Glenn Greilsamer Fabrizio Grena Alain Griveau Pierre-Yves Guerber Renaud Guidée Renu Gupta Christoph Haenschel Simon Hale Jay Handfield Deirdre Harding Nada Hassan Frances Hawkins Tobias Heilmaier Christoph Heuer Kenneth Ho Luke Hodges Jennie Holloway Matthew Hostasa Henry Howell Soomin Hu Victor Hu Andrew Huang Lee Hughes Michael Hui Shinichiro Ichiki George Ingram Francesca Innocenti Karen Ip Yuichiro Isayama Shubha Iyer Kristy Jago Matt Jahansouz Lear Janiv Jessica Janowitz Franklin Jarman Jabe Jerram Lei Jin Moritz Jobke Charles Johnston Ganesh Jois Katherine Jollon Colsher John Jonke Shrut Kalra Emiko Kamoda Markus Kant Yugandhar Karna Lotfi Karoui Vanya Kasanof Ting Ke Kyle Kendall Richard Kendrick Corey Kenyon Anthony Kim Seong Eun Kim Sean Kingston Teresa Kingswood David Kirschner Michael Klym Jared Klyman Andrew Knight Timur Kocaoglu Kevin Kochar Christina Kopec David Korpi Caroline Kraus Jennifer Krevitt Ajay Kumar Raj Kumar Kosuke Kurosawa Marc Kurz Takashi Kuwano Loredana La Pace Phil Labbe Marco Laicini Vidya Lakshmi Lia Larson Kinger Lau Max Layton Jerome Lebuchoux Andrew Lee (GIR) David Lee (IMD) Jay Hyun Lee (MBD) Jerry Lee Shane Lee Valerie Leeder Panayiotis Lemonidis Joe Lenehan Daniel Levy Yael Levy Olga Lewis Christina Sun Li Chuan Li James Li Edmund Lim Stephen Little David Liu Daniel Lochner Michael Loetzsch Donald Lu Rochelle Lucas Matthias Ludemann Christopher Lvoff Andrew Lyons Kristen Macleod Manju Madhavan Lynn Magnus Thomas Malafronte Sajith Maliakel Rakesh Manani Elizabeth Mann Jim Mannoia John Manzi Jia Mao Guillaume Marinacce Jeremie Marrache Matthew Mason Gaurav Mathur Yuji Matsumoto Tom McAndrew Scott McHugh Andrew McIlroy Jenny Meng Shahmil Merchant Joann Mercurio Maryline Mertz Marco Messeri Hideo Michiba Jared Miller Stacey Miller Elizabeth Milonopoulos Pascal Mischler Pooja Mishra Prahlad Doretta Mistras Matthew Mizrahi Hillel Moerman Soren Moller-Rasmussen Fausto Monacelli Q Montazeri Leonie Morel Owen Morris Daniel Motta Ricardo Mourao Christian Mueller-Glissmann Niladri Mukhopadhyay Mathieu Munuera Francis Murphy Thomas Murray Charles Myers Harsh Nanda Asad Naqvi Ryan Nash David Naulty Toh Ne Win Shapour Neshatfar Billy Newport Anya Newton Katrina Niehaus Christos Nifadopoulos Ryan Nolan Brian Nordahl Steven Nowak Matthew O'Callaghan John Olivo Oscar Ostlund Marco Paesotto Kanak Palanisamy Sundaram Pandiarajan Mrudang Pandya Francesco Paolicelli Dhaval Parekh Keyur Parekh Akash Patel Himin Patel Jatin Patel Cristina Patron Nicholas Peach Agostina Pechi Xi Pei Shlomit Perry Joseph Persky Carlos Prieto Ricardo Puggina Tim Quandt Stephanie Rader Emilie Railhac Amit Raje Sudarshan Ramakrishnan Akila Raman Vishaal Rana Robert Rancitelli Zeeshan Razzaqui Paolo Re David Reis Kevin Relihan Ben Reuter Matt Rhodes Clare Richards Brian Richardson Richard Rivero Duane Robinson Fabiano Romeiro Agustin Romo Calvo Karen Rossi Matias Rotella Anne Russ C. Kyle Russ Jamie Russell Isidoor Rutten Timothy Ryan Craig Sabal Carolyn Sabat Michael Sachs Hassan Salamony Nicholas Saunders Carly Scales Marc Schaffer Tom Schouwenaars Jameson Schriber Leonard Seevers Masataka Sera Arpan Shah (Internal Audit) Dhruv Shah Nitin Shah Ashoke Sharma Nik Sharma Salil Sheth Jonathan Shugar Aaron Siegel Eric Siegel Julie Silverman Jim Sinclair Balaji Sivasubramanian Neil Slee Martin Smith (IMD) Scott Smith Lin Smyth Douglas Spell David Sprake Jack Springate Sujatha Srinivasan Ricardo Stabile John Startin John Stecher Alexander Stiles Peter Stone Miruna Stratan Matthew Straughen Hiroyuki Sugiura Joseph Sumberg Philip Sun Lawrence Tankel Richard Tarling Ian Taylor Mike Taylor (Services) Sophie Taylor Latifa Tefridj-Gaillard Kurt Tenenbaum Prasanna Thati Radha Tilton Vincent Tiseo Jandirk tom Dieck Margo Topman Shinsaku Toriyama Dom Totino Joseph Traina Matthew Traina Alexis Tsang Tetsuya Ukai Silvia Valente Laura van Alkemade Carol Van der Vorst Alexis Vassilakas Kerone Vatel Thomas Vaughan Meriel Vessey Alexandra Vincenzi David Wade Dennis Walsh Alex Wang Jun Wang Moon Wang Katherine Ward Amy Watson Peter Watson Whitney Watson Gregory Watts Jie Wei Michael Weiss Miriam Wheeler Pete Williams Wes Williams Jiahong Wu Tony Xu Michael Yaeger Satoshi Yamagata Huan Yang Jonathan Yarrow Sylvia Yeh Vincent Yeung Derek Yi Jon Yoder Jaewon Yu Brendan Zeigon Daniel Zimmerman Martin Zoll <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/seaworld-end-killer-whale-show-san-diego-blackfish-2015-11">SeaWorld is ending its killer whale show after being criticized for how it treats them</a></h3> <div> <div> <script src="http://player.ooyala.com/v3/6e12e8b3387a44daacfb73afba25a76e"></script> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="VjdnBxeDr7ABHNOUF_pwCshHV8m9AMwX" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> <script> if (typeof RunFunctions === 'undefined') { var RunFunctions = []; } RunFunctions.push(function() { var ooyalapopvideo = OO.Player.create('ooyalaplayer_popvideo', 'VjdnBxeDr7ABHNOUF_pwCshHV8m9AMwX',{ autoplay: 'false' }); }); </script> <noscript><div>Please enable Javascript to watch this video</div></noscript></div> </div> <script>(function() { function createPlayer() { OO.ready(function() { RunFunctions.forEach(function(ooyalaFunction) { ooyalaFunction(); }); RunFunctions = [];}); } createPlayer(); }()); </script> </div>

You Searched For "nitin rakesh ceo mphasis" and got 9 results

INTERVIEW: Mphasis CEO explains why he is hiring fewer people even when a lot of employees are leaving the firm

Bhakti Makwana

IT services company Mphasis reports 4.66% dip in Q1 2023-24 revenue

PTI

Recession will be an opportunity for IT services firms focused on transformation: Mphasis CEO

Malini Bhupta

Mphasis to provide multi-cloud experiences to customers with VMware Tanzu

Vaamanaa Sethi

Mphasis aims to be a $10 billion company in the next 3-5 years ⁠— that's twice its current size

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IANS

ACKO’s Pride campaign urges people rethink what it means to truly welcome and become an ally to the LGBTQ community

BI India Partner

Net worth of Indian IT billionaires has gone down, thanks to Donald Trump. Here is the list

BI India Bureau

The Goldman Sachs new managing director list is out!

Julia La Roche