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New Delhi, Feb 9 () A 12 per cent growth in tax collections next fiscal may look ambitious to some but for Revenue Secretary Ajay Bhushan Pandey it is achievable in an economy that is projected to clock a 10 per cent nominal GDP growth. The economy slowing down to its slowest growth in 11 years together with a cut in corporate tax rates led to the government missing its tax collection target by a wide margin in the current fiscal. The tax shortfall also led to slipping on fiscal deficit target for the third year in a row. In an interview to , Pandey exuded confidence of meeting the tax collection target of Rs 24.23 lakh crore for 2020-21. "In 2020-21 the nominal growth that has been projected is 10 per cent. So on a 10 per cent (GDP) growth, getting a 12 per cent growth in tax revenue is achievable," Pandey told . The 2020-21 Budget has pegged gross tax revenues for 2020-21 at Rs 24.23 lakh crore, up 12 per cent from Rs 21.63 lakh crore in the current fiscal. Around Rs 6.38 lakh crore is expected to come from personal income tax in 2020-21, a 14.13 per cent increase over Rs 5.59 lakh crore earned in 2019-20. Besides, corporate tax revenue is budgeted to increase by 11.63 per cent to Rs 6.81 lakh crore in 2020-21, from Rs 6.10 lakh crore in current fiscal. For current fiscal, the government has revised downwards the tax collection projections from budgeted Rs 24.61 lakh crore to Rs 21.63 lakh crore in the revised estimates. Pandey said the revenue growth budgeted for current fiscal was calculated assuming a 12 per cent nominal GDP growth. However, the nominal GDP growth came in at 7.5 per cent. He said in the current fiscal, the gross tax revenue is 4 per cent higher than Rs 20.80 lakh crore collected in 2018-19 fiscal. However, the government had estimated an 11 per cent gross tax revenue growth in 2019-20. Explaining further, Pandey said, "This year we have shown a tax revenue growth of 4 per cent. 7 per cent growth we had to forego on account of corporate tax (cut). So 4 per cent (growth) means actually 11 per cent achievement. On 7.5 per cent nominal growth if you are achieving 11 per cent (tax revenue) growth, we can't say that this is unrealistic". In September 2019, the government announced a cut in base corporate tax for existing companies to 22 per cent from current 30 per cent; and for new manufacturing firms, incorporated after October 1, 2019 and starting operations before March 31, 2023, to 15 per cent from current 25 per cent. The effective tax rate for existing units, after considering surcharges and cess such as Swachh Bharat cess and education cess - which are levied on top of the income and corporate tax rates, will be 25.17 per cent as compared to 34.94 per cent now. For new units, it will be 17.01 per cent as against 29.12 per cent now. The new tax structure cost Rs 1.45 lakh crore in revenue annually to the exchequer. Indian economy is projected to grow at 5 per cent in the current fiscal -- its slowest pace in 11 years. Fiscal deficit in 2019-20 is estimated to come in at 3.8 per cent as against 3.3 per cent estimated in Budget. JD ANZ MR

12% tax revenue growth achievable in 2020-21 fiscal: Revenue Secy

New Delhi, Despite the cut-throat competition coming from the Facebook family of apps, <keyword id="6358096" type="PERSON" weightage="20" keywordseo="snapchat">Snapchat</keyword> has added 16 million daily active users in the fourth quarter of 2020 to reach 265 million users -- up 22 per cent year-over-year -- and <keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword> has once again proved to be its <keyword id="10709492" type="UNKNOWN" weightage="20" keywordseo="high-growth-market">high-growth market</keyword>. OnePlus India created Lenses for Diwali as a means to bring people together safely during a pandemic. "Their Lenses garnered over 80 million impressions and reached over 14 million <keyword id="24754" type="COMPANY" weightage="20" keywordseo="snap">Snap</keyword>chatters in India. Overall, the campaign was highly successful and drove a 9 point lift in both ad awareness and a 7 point lift in message awareness," said Snap CEO Spiegel. Snapchat Camera is helping create an average of over 5 billion Snaps every single day. The Snapchat generation, primarily Gen Z and millennials, are 150 per cent more likely to communicate with pictures than words and 82 per cent of them believe they have a personal responsibility to change the world," Spiegel said on a call with investors late on Thursday. Spiegel said that the company has evolved Stories over time to embrace new formats like Shows with total time spent watching Shows increasing nearly 70 per cent year-over-year in 2020. "Each month, over 250 million Snapchatters open our Map where they can find the people and places that mean the most to them. There are now more than 35 million <keyword id="6358610" type="UNKNOWN" weightage="20" keywordseo="businesses">businesses</keyword> on the Map for our community to discover, and connecting local businesses," he informed. Today, more than 200 million people engage with AR on Snapchat every day on average. Looking forward, "we plan to accelerate our full-year revenue growth beyond the 46 per cent year-over-year growth achieved in 2020, and grow our community around the world by improving and localizing the Snapchat product experience". Snap reported revenue of $2.5 billion for 2020, growing 46 per cent year-over-year. "In Q4 2020, we generated revenue of $911 million, a significant acceleration of 18 percentage points to 62 per cent year-over-year growth," the company said. Snap said that the reach among 13 to 34-year-olds in many of its established markets continues to grow. SEE ALSO: <a href="https://www.businessinsider.in/policy/economy/news/how-big-is-indias-debt-and-should-it-be-a-worry/articleshow/80688623.cms">How big is India's debt and should it be a worry?</a> <a href="https://www.businessinsider.in/stock-market/news/heres-why-you-arent-being-able-to-apply-for-brookfield-reit-ipo-through-zerodha-groww-angel-broking-and-other-stockbroking-apps/articleshow/80686457.cms">Here's why you aren't being able to apply for Brookfield REIT IPO through Zerodha, Groww and other stockbroking apps</a>

Snapchat is gaining traction in India as it hits 265 million daily active users

Credit rating agency <keyword id="125045" type="General" weightage="50" keywordseo="fitch-ratings" source="Orion">Fitch Ratings</keyword> on Thursday said <keyword id="1417402" type="General" weightage="50" keywordseo="tata-consultancy-services-limited" source="Orion">Tata Consultancy Services Limited</keyword>'s (<keyword id="6357150" type="General" weightage="80" keywordseo="tcs" source="Orion">TCS</keyword>) revenue growth is likely to slow in the financial year ending March 2024 (FY24) amid the global economic slowdown, after strong 3QFY23 results. TCS reported 19 per cent year-on-year (yoy) revenue growth in 3QFY23 and 50bp quarter-on-quarter (qoq) expansion in the EBITDA margin, reflecting continued growth and the company's ability to pass on higher costs to customers, <keyword id="82981" type="General" weightage="100" keywordseo="fitch" source="Orion">Fitch</keyword> said. Fitch expects TCS's revenue growth to slow to 11 per cent - 12 per cent in FY24 (FY23F: 18 per cent), as Fitch's December 2022 <keyword id="503893" type="General" weightage="20" keywordseo="global-economic-outlook" source="Orion">Global Economic Outlook</keyword> forecasts US GDP growth to decline to 0.2 per cent in 2023 (2022F: 1.9 per cent) and eurozone GDP growth to decline to 0.2 per cent (2022F: 3.3 per cent), the rating agency said. "We expect a relatively short recession in the US in 2Q23 and 3Q23 but the recovery is unlikely to be rapid with GDP growth still subdued at 1.6 per cent in 2024. We forecast that the Eurozone qoq GDP growth will be negative in 1Q23 before turning positive in the second quarter," Fitch said. TCS received new orders worth $7.6 billion in 3QFY23 (3QFY22: $7.6 billion, 2QFY23: $8.1 billion). The book-to-bill ratio declined to 1.07x in 3QFY23 (3QFY22: 1.17x, historical average since 1QFY19: 1.24x), suggesting some signs of impending slowdown, the credit rating agency said. According to Fitch, its adjusted EBITDA of TCS is expected to remain stable yoy at 25 per cent - 26 per cent in FY24 (FY23F: 25 per cent, 3QFY23: 25.8 per cent) as easing cost pressures are offset by a weakening demand environment. "We expect employee attrition and wage pressures to subside as the global economy slows in 2023 even though TCS's last 12 months' employee attrition remained high at 21 per cent in 3QFY23 (FY19-21 average: 10 per cent), due to the continued shortage of skilled IT labour that led to the increased talent competition," Fitch said. Fitch also expects TCS to generate pre-dividend-free cash flow of Rs 465 billion in FY24 (FY23: Rs 390 billion), which is likely to be almost entirely distributed to shareholders via dividends and share buybacks. "We expect the company to continue to keep a net cash position of more than Rs 400 billion (FY22: Rs 440 billion). We do not expect the company to undertake any major M&amp;A," Fitch added. As regards the Indian information technology sector, Fitch's outlook is stable for 2023. "We expect Indian IT services companies' revenue growth to slightly exceed global competitors' in 2023 and 2024, as customers will most likely prefer lower-cost IT vendors amid an economic downturn," Fitch said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/sun-mobility-aims-to-serve-10-lakh-vehicles-through-its-battery-swapping-platform-by-2025/articleshow/96932578.cms">Sun Mobility aims to serve 10 lakh vehicles through its battery swapping platform by 2025</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/global-pc-demand-sees-its-deepest-collapse-since-mid-90s-amid-recession-fears-gartner/articleshow/96932794.cms">Global PC demand sees its deepest collapse since mid-90s amid recession fears: Gartner</a>

TCS revenue growth to slowdown in FY24: Fitch Ratings

India's second largest software exporter <keyword id="6354512" type="CITY" weightage="80" keywordseo="Infosys">Infosys</keyword> would aim to return to industry-level growth rates by financial year 2017, if it manages to reach 10-12% <keyword id="6492838" type="UNKNOWN" weightage="80" keywordseo="revenue-growth">revenue growth</keyword> forecast this year, said the company’s chief financial officer <keyword id="347003" type="PERSON" weightage="80" keywordseo="Rajiv-Bansal">Rajiv Bansal</keyword>. 

	While attending an investor meet in Bengaluru on Thursday, Bansal said, the company would touch industry-level growth rates if it puts up a good show this year as compared to last year, when it grew at a meager 5.6%. 
 “When Mr Murthy came back (in 2013), we clearly said that we would take 3 years to get back to <keyword id="2896835" type="UNKNOWN" weightage="80" keywordseo="industry-level-growth-rate">industry-level growth rate</keyword> -- and that will be FY17," said Bansal. 

	"If 5.6% goes upto 10-12%, then next year we should see industry-level growth rates....I think we're on the right trajectory -- once we reach that 10-12% mark, I think it will give us a lot of confidence to touch industry-level growth rates," he added.
 Recently, Infosys has created a special team looking specifically at mergers and acquisitions, said UB Pravin Rao, the chief operating officer of the Bengaluru-headquartered IT firm. In 2014, Infosys hired former SAP executive <keyword id="2558261" type="UNKNOWN" weightage="60" keywordseo="Ritika-Suri">Ritika Suri</keyword> to lead <keyword id="101447" type="EVENT" weightage="80" keywordseo="MA">M&amp;A</keyword> for the company. 

	Moreover, Infosys expects acquisitions can bring in additional revenues of about $1.5 billion as the IT services behemoth aims to achieve a goal of generating $20 billion by 2020.
 

	"We have created a separate team looking at it -- a corporate development team looking at M&amp;A," said Rao.
 Ever since Suri joined Infosys, the company has pulled off two large acquisitions -- in January, it bought over Israel-based automation technology startup <keyword id="2728667" type="UNKNOWN" weightage="80" keywordseo="Panaya">Panaya</keyword> for $200 million, while in April, Infosys acquired eCommerce service provider <keyword id="2822352" type="UNKNOWN" weightage="80" keywordseo="Skava">Skava</keyword> for $120 million. 

	Infosys would aim to keep margins in the 25-26% range for the near term, depending on currency fluctuations, said Bansal.

	 
	 
	(Image: Reuters)

Infosys sees industry-level growth in FY17, if it meets 10-12% revenue growth that is

<div class="KonaFilter image-container display-table float_right"><div><div class="image">Jessica Rinaldi/Getty ImagesAOL CEO Tim Armstrong.</div></div></div>AOL's earnings for Q4 2013 are out. 
Revenue is up 13% year over year.
Here's the score. It's a beat on revenue, but miss on earnings per share:
Revenue: $679 million (analysts expected about $655 million)
EPS: $0.43 (analysts expected $0.60)
AOL says this was the strongest revenue growth for the company in a decade.
Developing...<a href="http://www.businessinsider.com/aol-earnings-2014-2">refresh this page for the latest</a>.

AOL Reports Strong Revenue Growth For Last Quarter

New Delhi, Jan 31 () Contraction in domestic revenue growth "softened" the overall pace of revenue growth of the IT-BPM sector to 6.8 per cent in 2018-19 from 8.2 per cent in the previous year, the Economic Survey said on Friday.
 Nearly 83 per cent of the IT-Business Process Management (BPM) industry continues to be export-driven, with export revenues crossing USD 135 billion in 2018-19, it said.
 "During 2018-19, the revenue growth (y-o-y) for IT-BPM sector (excluding hardware) softened to 6.8 per cent from 8.2 per cent in 2017-18. This was driven by a contraction of 0.3 per cent in domestic revenue growth even as export revenue growth accelerated to 8.3 per cent," it added.
 Of the total USD 135.5 billion of exports of the IT-BPM sector in 2018-19, IT services accounted for 55 per cent, and BPM and software products &amp; engineering services for the remaining 45 per cent (with each accounting for almost half of the share).
 "All three sub-sectors witnessed a pick-up in export revenues in 2018-19, with IT services growing (year-on-year) by 7.3 per cent, BPM services by 8.3 per cent and software products and engineering services by 11.2 per cent," it added.
 The survey termed the Indian IT-BPM industry as the flag-bearer of India's exports over the past two decades, and noted that the industry size has reached about USD 177 billion in March 2019.
 It also noted that the sector had contributed significantly to the economy by way of employment generation and value addition.
 It said the Indian start-up ecosystem has been progressing and is now the third largest in the world with 24 unicorns, but added that its gap with the largest (China at 206) and second largest (USA at 203) markets "remains significant".
 Cities such as Bengaluru, Delhi-NCR and Mumbai account for around 55 per cent of the total start-ups in India, it said citing industry data. SR MBI MBI HRS

Contraction in domestic revenue growth softened IT-BPM sector growth in FY19: Survey

<ul class="summary-list"><li><keyword id="10296" type="ENTERTAINMENT" weightage="60" keywordseo="Zoom">Zoom</keyword> reported 355% revenue growth from a year prior in its second quarter <keyword id="6357061" type="SPONSORED" weightage="60" keywordseo="earnings">earnings</keyword> on Monday.</li><li>Zoom's business has grown tremendously this year due to the coronavirus pandemic and the subsequent <keyword id="1591611" type="PERSON" weightage="60" keywordseo="remote-work">remote work</keyword> mandates. </li><li>The second quarter's beat follows <a href="https://www.businessinsider.com/zoom-doubled-guidance-earnings-growth-risks-competition-analysts-2020-6">Zoom's blockbuster Q1 earnings report in June</a>, when it reported 169% revenue growth from a year prior. </li></ul>Zoom stock rose roughly 23% after-hours on Monday after its second quarter earnings soared past Wall Street's estimates on both the top and bottom line.Zoom's business has grown tremendously this year due to the coronavirus pandemic and the subsequent remote work mandates, and its revenue in Q2 grew a stunning 355% from a year prior. The second quarter's beat follows <a href="https://www.businessinsider.com/zoom-doubled-guidance-earnings-growth-risks-competition-analysts-2020-6">Zoom's blockbuster first quarter earnings report in June</a>, and blows past the 169% year-over-year revenue growth it reported in Q1. Zoom reported revenue of $663.5 million in its second quarter, much higher than the $500.2 million analysts forecasted. Meanwhile, it reported earnings per share of $0.92, surpassing analyst expectations of $0.45. Zoom also raised its full-year revenue guidance by about $590 million, to between $2.37 billion and $2.39 billion. It previously forecasted between $1.78 billion and $1.80 billion in full-year revenue. The new guidance takes into account the increase in remote work and the likelihood of a higher number of customers paying on a monthly basis in the second half of the year, Zoom said. Its number of large customers also increased, with 988 customers paying over $100,000 in trailing 12 months revenue. In the first quarter, Zoom reported 769 large customers. CEO <keyword id="9011175" type="UNKNOWN" weightage="60" keywordseo="eric-yuan">Eric Yuan</keyword> called out new deals with ExxonMobil and Activision Blizzard as new customer wins in a call with analysts. 81% of the revenue growth can be attributed to new customer subscriptions in the quarter, CFO Kelly Steckelberg said on the call. "Organizations are shifting from addressing their immediate business continuity needs to supporting a future of working anywhere, learning anywhere, and connecting anywhere on Zoom's video-first platform," Yuan said in an earnings release.Zoom's valuation has surged this year: Even before the earnings on Monday, its stock was up more than 340% for the year to-date.Still, it hasn't been all good news. After <a href="https://www.businessinsider.com/zoom-facing-multiple-reported-security-issues-amid-coronavirus-crisis-2020-4">a spat of security blunders in the spring</a>, Zoom faced backlash earlier this summer over its initial plan to only provide end-to-end encryption to paid users. It eventually <a href="https://www.businessinsider.com/zoom-end-to-end-encryption-update-all-free-paid-users-2020-6">revised those plans to provide it to all users</a>.Then, in August, it <a href="https://www.businessinsider.com/zoom-stop-direct-sales-mainland-china-partner-only-model-2020-8">halted direct sales of its video conferencing products in mainland China</a>, and decided to only offer its technology through a few third-party partners. The decision came as Zoom's surge in popularity has led to scrutiny of its ties to China, though Zoom didn't cite that as the reason for the change. When asked on the earnings call what impact this would have on the company, Yuan said that it has had almost no impact on revenue, and that the decision was tied to simplifying its go-to-market model in China. Zoom also has a large research and development team in the country. Zoom also brought on some <a href="https://www.businessinsider.com/zoom-power-players-eric-yuan-security-hiring-2020-6">new leaders in the second quarter</a>, including Jason Lee as its new chief information security officer, VMware veteran Velchamy Sankarlingam as its new president of engineering and product, and Damien Hooper-Campbell as its chief diversity officer. Zoom also acquired secure messaging startup Keybase in early May to help it build end-to-end encryption into its product, with cofounder and CEO Max Krohn becoming Zoom's new head of security engineering. Earlier this month it also hired Jeff True as its new general counsel after promoting Aparna Bawa to chief operating officer in May.In May, it also announced plans to <a href="https://www.businessinsider.com/zoom-cfo-hiring-500-engineers-phoenix-pittsburgh-remote-work-2020-5">build two new R&amp;D centers in Phoenix and Pittsburgh</a>, to hire a combined 500 new engineers over the next several years. It has also been expanding its hardware offerings, including a new $600 screen dedicated for Zoom calls, and plans to add Zoom capabilities to <a href="https://www.businessinsider.com/zoom-for-home-smart-display-device-facebook-amazon-google-2020-8">smart devices like Amazon Echo Shows and Facebook Portals</a>. Here are the most important numbers:<ul><li>Revenue: $663.5 million. Analysts were expecting $500.2 million</li><li>Earnings per share (adjusted): $0.92. Analysts predicted $0.45. </li><li>Revenue (next quarter): $685 million and $690 million. Analysts had predicted $492.8 million.</li><li>Earnings per share (adjusted, next quarter): $0.73 and $0.74. Analysts predicted $0.35.</li><li>Full year revenue: $2.37 billion to $2.39 billion forecasted.</li><li>Customers paying more than $100K in trailing 12 months revenue: 988, up approximately 112% from the same quarter last fiscal year.</li></ul>Got a tip? Contact this reporter via email at <a href="mailto:pzaveri@businessinsider.com">pzaveri@businessinsider.com</a> or Signal at 925-364-4258. (PR pitches by email only, please.) You can also <a href="https://www.businessinsider.com/how-to-tip-business-insider-securely-guide-signal-securedrop-2017-6">contact Business Insider securely via SecureDrop</a>.

Zoom's stock soars as it reports blockbuster earnings with 355% revenue growth

New Delhi [India], May 22 (ANI): Benefiting from strong sales, organised gold jewellery retailers are set to clock 17-19 per cent <keyword id="19965932" type="General" weightage="20" keywordseo="revenue-growth" source="keywords">revenue growth</keyword> in the current financial year 2024-25, according to <keyword id="19898320" type="General" weightage="20" keywordseo="Crisil" source="keywords" meta.keywordsubtype="org" meta.entityname="Crisil" meta.hostid="261" meta.entityid="Crisil">Crisil</keyword>. The rating agency asserted that the projected revenue would be driven by higher realisations stemming from elevated <keyword id="19910265" type="General" weightage="20" keywordseo="gold-prices" source="keywords">gold prices</keyword>, while volume remains steady. Gold, considered a safe haven asset for investment, has been in demand for considerable period of time, with its prices rallying to hit record highs every now and then. Geopolitical conflict in the West Asia that stretched for long now, buying by several central banks including RBI, physical demand, have altogether pushed gold prices towards northwards. Retailers are likely to step up marketing and promotional campaigns this fiscal to combat the moderation in demand amid rising gold prices, Crisil said on Wednesday. Hence, operating profitability may marginally moderate 20-40 basis points (100 basis points is equal to 1 percentage point) year-on-year to 7.7-7.9 per cent. "Working capital requirements may rise, too, resulting from increased inventory due to a substantial rise in gold prices and new stores additions. That said, credit profiles should remain stable," the rating agency noted. The organised gold sector accounts for slightly more than a third of the market, with the highly fragmented unorganised sector making up the rest. Domestic gold price increased 15 per cent during fiscal 2024 and reached Rs 67,000 per 10 gm as on end of March 2024. Now, they are trading at over Rs 74,000. Gold kept its shine as one of the safer investment options seen by various central banks across the world as well as end consumers amid geopolitical uncertainties. Gold is a scarce commodity, and any mismatch in demand-supply conditions may invariably trigger sharp price rise. Moreover, Crisil believes <keyword id="21263075" type="General" weightage="20" keywordseo="organised-retailers" source="keywords">organised retailers</keyword> will continue to gain market share at the expense of the unorganised ones, supported by changing consumer preferences and store expansion into Tier 1 and 2 cities and beyond. Himank Sharma, Director, CRISIL Ratings, "Stronger cash generation, due to healthy revenue growth and adequate profitability, will keep credit profiles of organised gold jewellery retailers stable, despite an expected rise in working capital borrowings." At the global level too, gold prices too are at their peaks. Historically, gold, as an asset, is considered to be a haven as it typically manages to retain or appreciate its underlying value in times of turbulence. (ANI)

Benefiting from strong sales, gold jewellers set for 17-19% revenue growth in 2024-25: Crisil

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

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

<ul><li>Infosys has reported 7% on quarter rise in consolidated net profit to ₹5,809 crore in October-December quarter.</li><li>It has added eight new clients in the last three months with an annual revenue potential of $100 million or more.</li><li>However, the IT major continues to struggle with the highest number of employees leaving the organisation with an attrition rate at 25.5%.</li></ul>Technology services giant Infosys saw its revenue grow by 7% on quarter in constant currency terms, that’s the best in the last eight quarters. Subsequently, the Bengaluru-based company increased the guidance for full-year revenue growth to 19.5% to 20% from 16.5% to 17.5%. <div type="image" title="infosys revenue growth" height="900" width="1200" msid="88855633" hostid="261"></div>The IT major has added eight new clients in the last three months with an annual revenue potential of $100 million or more. "We expect the healthy technology spend to continue with large enterprises progressing on their digital transformations”, said Salil Parekh, chief executive officer and managing director at Infosys. Infosys, which is the second largest information technology firm by market capitalisation, reported a 7% on quarter rise in consolidated net profit to ₹5,809 crore in October-December quarter. Revenue for the firm stood at ₹31,867 crore for the quarter. The IT firm continues to struggle with the highest number of employees leaving the organisation as its attrition rate stood at 25.5% with a total headcount of 2.92 lakh employees as of December 31, 2021. Rise in attrition leads to higher employee cost and narrower margins. This has been a problem for all technology companies in India in recent months. For Infosys, the margin shrunk by 190 basis points between October and December 2021 compared to the preceding three months. 100 basis points make one percent. “We continue to prioritize investments in talent acquisition and development and have further increased our global graduate hiring program to over 55,000 for FY22 to support our growth ambitions”, said Nilanjan Roy, chief financial officer at Infosys. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/enterprise/news/infosys-saw-its-revenue-grow-by-7-in-q3-fy22/articleshow/88855661.cms">Infosys raises full year guidance after the best quarter in at least eight</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/enterprise/news/wipro-guidance-for-dollar-revenue-is-2-to-4-percent/articleshow/88854705.cms">Wipro CEO says dollar revenue will grow 2-4% in the next three months</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/wipro-plans-to-hire-30000-freshers-in-2023-as-attrition-rate-increases-to-22/articleshow/88855676.cms">Wipro increases hiring plan to 30,000 as attrition hits a new high</a>

Infosys raises full year guidance after the best revenue growth in at least eight quarters

<table class="image-container float_right click-to-enlarge" width="200"><tr><td><div class="image"><a title_source="AP" title_caption="HP CEO Meg Whitman" class="zoomin" href="http://static4.businessinsider.com/image/50357101ecad044663000004-960/meg-whitman-grin.jpg"></a></div>APHP CEO Meg Whitman</td></tr></table>HP CEO <keyword id="168518" type="PERSON" weightage="60" keywordseo="Meg-Whitman">Meg Whitman</keyword> says that by the end of this year, or maybe the beginning of next, the company's decline in sales will reverse itself.
That's one of the milestones she says HP will hit in her five-year plan to turn HP around.
The first year has not been good. HP has announced massive layoffs, a pair of $8 billion writeoffs on the company's two biggest acquisitions, and accusations of fraudulent accounting. The company's battered shares are trading at about half what they were before Whitman took office.
But that was all part of the plan, she hinted in <a href="http://www.businessinsider.com/meg-whitman-blames-deloitte-for-autonomy-2013-1">an interview with Wall Street Journal's Alan Murray</a>.
Here's a partial transcript:
Alan Murray: How much patience are you going to need from investors? When do you get out of the hole? Meg Whitman: I was very clear about the turnaround. One of the things that I think is so important, and that I learned on the governor's campaign, which is transparency of communication. Say what you mean. Mean what you say and deliver along the lines that you say you will deliver. So we laid out a turnaround that last year we characterizes as figure out what was wrong -- really wrong and lay out a foundation to turn it. This year is fix and rebuild, introducing, as I said, whether it be our mid-tier 3Par storage, or our networking product or our new devices that will access this whole new style of IT. And then you'll start to see the sales trajectory turn at the end of this year, beginning of next. But I said to get HP running the way I want it to be running, I said this is a five-year turn. There will be milestones along the way along the way.
Despite all the drama surrounding HP's litany of bad news, the real problem is the declining state of the company's business. <a href="http://www.businessinsider.com/hp-accounting-fraud-and-business-outlook-2012-11">In its most recent quarter,</a> revenue was down 5% to 14% year over year in each business unit.
And there don't seem to be any amazing new products or services in the wings that could pull the company out of this nosedive.
But the ship will stop sinking by year's end, Whitman has now promised.
<a href="http://www.businessinsider.com/meg-whitman-blames-deloitte-for-autonomy-2013-1">We've posted the full video interview here.</a>

Meg Whitman: HP Will Show Revenue Growth This Year

Mumbai, Revenue growth for multiplexes will slow down to 10-15 per cent in FY25 from the 20-24 per cent expected in FY24, a domestic ratings agency said on Wednesday. The profit margins will widen marginally, but will continue to be lower than the pre-pandemic levels due to the competition faced by the industry from over the top service providers like <keyword id="19897536" type="General" weightage="20" keywordseo="netflix" source="keywords">Netflix</keyword> and Amazon Prime, the report by <keyword id="19955699" type="General" weightage="20" keywordseo="crisil-ratings" source="keywords">Crisil Ratings</keyword> said. The topline will grow 10-15 per cent to Rs 7,300 crore in FY25, it estimated, adding that in FY24, the revenue growth was higher due to a slew of big-budget releases, especially from Hindi films like Gadar 2 and <keyword id="19897076" type="General" weightage="20" keywordseo="jawan" source="keywords">Jawan</keyword>, it said. The operating profit will grow by 4 percentage points to 14 per cent in FY24 on the rising revenues, and will widen further to 15 per cent in FY25, the agency said. "But that number (margins) will still be lower than the pre-pandemic level of 18-20 per cent, given the competition from Over-The-Top (OTT) content," the report said. The agency said OTT continues to benefit from high-quality and diverse content available on-tap and the competition from such platforms will keep occupancies below the pre-pandemic level going forward as well. Occupancy surged to 25 per cent in FY23 from 16 per cent in FY22, but remained below the pre-pandemic level of 30-32 per cent in FY20 amid increased penetration of OTT, it said, adding that Hindi films significantly underperformed than regional ones. "With movie producers aligning better with audience preferences and a stronger regional film pipeline, occupancies should remain at 26-28 per cent next fiscal and over the medium term," the agency's Director <keyword id="19955698" type="General" weightage="20" keywordseo="naveen-vaidyanathan" source="keywords">Naveen Vaidyanathan</keyword> said. Continued supply of high-quality movies focusing on the large-screen experience will be crucial to sustain and improve occupancy at multiplexes, the agency noted. The agency's team leader, <keyword id="20763273" type="General" weightage="20" keywordseo="shivaramakrishna-kolluri" source="keywords">Shivaramakrishna Kolluri</keyword>, however, said the slower revenue growth will take the topline to an all-time high, and attributed the same to factors such as addition of screens, rising movie ticket prices amid cost inflation and focus on premium formats. Increasing spends on refreshments following more offerings and menu revisions will also help drive the revenues, Kolluri said.

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