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IT firm <keyword id="20282491" type="General" weightage="20" keywordseo="Happiest-Minds-Technologies" source="keywords" meta.keywordsubtype="org" meta.entityname="Happiest Minds Technologies" meta.hostid="261" meta.entityid="Happiest Minds Technologies">Happiest Minds Technologies</keyword> reported a 24.83 per cent increase in consolidated net profits at Rs 71.98 crore for the quarter ended March 2024, and said it expects to encash on its newly launched GenAI business unit. According to a stock exchange filing, the company clocked a profit of Rs 57.66 crore in the year-ago period. Revenue from operations for the reporting quarter stood at Rs 417.29 crore, as against Rs 377.98 crore in Q4FY23, translating into a 10.4 per cent rise. Revenue for the quarter was led by the edutech vertical (22.3 per cent), followed by healthcare (16.1 per cent). Executive chairman Ashok Soota said the newly created Gen AI business unit, the creation of six new industry groups, and the successful closure of two acquisitions have put the company back on course towards accomplishing its 'long-term vision of USD 1 billion in revenues by FY31'. Annual profits saw a 7.53 per cent rise to Rs 248.39 per cent, as compared to the previous fiscal's Rs 230.99 crore. Revenue for financial year 2023-24 was at Rs 1,624.66 crore, a 13.66 per cent climb over FY23's Rs 1,429.29 crore. "Happy to report a full-year revenue growth in constant currency of 11 per cent and EBITDA of 24.6 per cent. I am proud of our performance, especially in the face of a challenging year faced by our industry. "Acquisition of PureSoftware Technologies and Macmillan Learning should help us in our growth story while delivering value to all our stakeholders," MD and CFO Venkatraman Narayanan said. He gave an estimated growth guidance of 35-40 per cent for FY25. Happiest Minds Technologies has signed a definitive agreement to acquire 100 per cent equity interest in PureSoftware Technologies for a total purchase consideration of Rs 779 crore. The acquisition is expected to be completed before May 31, 2024. The company's headcount as of Mar 31, 2024 was 5,168, at an attrition of 13 per cent. "For FY24, part of our headcount has come from the campus batch... our latest batch is ready for deployment... for fresher hiring, we are being agile in approach in going back to campus, we will take a call around August... Given the nature of digital space, there is wide range of technologies... and based on the demand, we do need to go and bring people on board," <keyword id="20282489" type="General" weightage="20" keywordseo="joseph-anantharaju" source="keywords">Joseph Anantharaju</keyword>, executive vice chairman, said. He further said the company's deal pipeline continues to be strong, "there was a dip in Q3 but Q4 was reflective of the changes that we made... our efforts around GenAI are really paying off". In October last year, the company established a new business unit, Generative AI Business Services (GBS). Soota said foray into GenAI is a transformational opportunity for the company. Anantharaju said the IT firm expects to see growth through account expansion and 'aggressive account mining'. Pre-tax profit (EBIT) at Rs 96.15 crore was up 21.18 per cent year-on-year. Soota, during the company's press conference, said FY25 is poised to be the company's best year since its IPO. The company recommended a final dividend of Rs 3.25 per equity share of Rs 2 each for the financial year ended March 31, 2024, subject to shareholders approval. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/indegene-ipo-company-details-to-risk-factors-all-you-need-to-know/slidelist/109888922.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/indegene-ipo-company-details-to-risk-factors-all-you-need-to-know/slidelist/109888922.cms" target="_blank">Indegene IPO: Company details to risk factors, all you need to know</a><a href="https://www.businessinsider.in/tech/news/worldwide-tablet-shipments-grow-in-q1-2024-after-two-years-of-decline/articleshow/109876390.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/worldwide-tablet-shipments-grow-in-q1-2024-after-two-years-of-decline/articleshow/109876390.cms" target="_blank">Worldwide tablet shipments grow in Q1 2024 after two years of decline</a><a href="https://www.businessinsider.in/tech/news/asus-zenbook-duo-review/articleshow/109875023.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/asus-zenbook-duo-review/articleshow/109875023.cms" target="_blank">Asus ZenBook Duo review – an excellent dual-screen laptop for multitaskers</a>

Happiest Minds Tech Q4 profit up 25% to ₹72 cr, co hopes to see growth in GenAI vertical

<ul class="summary-list"><li>Nvidia CEO Jensen Huang defended production problems in a post-earnings call interview with Bloomberg TV.</li><li>The tech company beat revenue estimates but acknowledged production issues with its Blackwell chip.</li></ul>Nvidia CEO <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-jensen-huang-chipmaker-cofounder-ceo-wealth-net-worth-ai-2023-5#:~:text=Meet%20Jensen%20Huang%2C%20the%20Nvidia,of%20the%20world's%20richest%20people&amp;text=Nvidia%20CEO%20Jensen%20Huang%20is,a%20surge%20in%20Nvidia%20stock.">Jensen Huang</a> remains optimistic about the revenue prospects for its forthcoming Blackwell chip despite a snag in the product's rollout.The technology company officially logged another successful quarter with its <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-earnings-call-live-updates-nvda-stock-2024-8">Wednesday earnings report</a>, beating revenue estimates, earnings-per-share, and third-quarter guidance.Regardless of Nvidia's wins, the Wednesday earnings report and subsequent call left some analysts wanting more, especially with regard to the company's Blackwell chip design, which ran into <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-earnings-questions-product-delays-2024-8">production problems in recent months</a>.The company acknowledged this week that the <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-ai-chip-blackwell-delay-new-annual-product-launch-2024-8">Blackwell issues </a>required a rework and were partially responsible for a dip in Nvidia's gross margin.Soon after the initial call, Citi predicted Nvidia's earnings would fall short of the $2 billion estimate beat it has secured in the last four quarters due to the potential Blackwell delay, Business Insider previously reported.But in a post-earnings interview with <a target="_blank" class="" href="https://www.bloomberg.com/news/live-blog/2024-08-28/nvidia-second-quarter-earnings?cursorId=66CFAD0668B40000&amp;sref=yaJhKSOh">Bloomberg TV</a>, Huang defended Blackwell's rollout, saying the company made a "mass change to improve the yield" and insisting the platform's functionality is "wonderful.""We're sampling Blackwell all over the world today," Huang told the outlet. "I'm giving tours to people of the Blackwell systems we have up and running."The CEO reiterated that Nvidia has started volume production on Blackwell and said production will start shipping in the company's fiscal fourth quarter, leading to "billions of dollars" of Blackwell revenues and further ramping from there.Interest in the <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-demand-ai-chips-blackwell-hopper-ceo-jensen-huang-earnings-2024-5">next-generation chip</a> remains high, but standing up Blackwell capacity is still weeks or months away.As a result, Huang said on the earnings call that demand for <a target="_blank" class="" href="https://www.businessinsider.com/ai-nvidia-h100-hopper-processor-hottest-commodity-2023-8">Hopper</a>, the company's current graphics processing unit, remains "really strong."Analysts' disappointment in the lack of Blackwell specifics led to an after-hour stock decline.Huang, however, told Bloomberg that AI spending is still on the up and up."We're gonna have a great next year, as well," he said.

Nvidia CEO Jensen Huang defends Blackwell design problems in post-earnings interview, promising 'billions' in Q4 revenues

<ul><li><keyword id="10862" type="General" weightage="80" keywordseo="wipro" source="Orion">Wipro</keyword>’s board approved the merger of five of its subsidiaries into the company.</li><li>Wipro said that it has 22 accounts above the $100 million range as of September end.</li><li>Its voluntary attrition came in at a nine-quarter low of 13.4% in the second quarter.</li></ul> Wipro, the country’s fourth largest IT services company, reported a 2% sequential fall in constant currency revenues for the July-September quarter on Wednesday. This is the third consecutive quarter where it has reported sequential fall in revenues. Gross revenues declined 0.01% to ₹17,365 crore year-on-year. The IT major has also guided for yet another weak quarter ahead. It expects revenues to fall anywhere between 1.5-3.5% in the third quarter of FY24. The fall was steeper in its quarterly net profit, which declined by 8% in rupee terms to ₹2,667 crore against ₹2,887 crore it reported in the previous quarter. The Street was expecting Wipro to report a 1% sequential fall in constant currency revenues. In dollar terms, its IT segment revenues fell 2.3% to $2,713.3 million, the company said on Wednesday. Commenting on the quarterly numbers, <keyword id="3808309" type="General" weightage="50" keywordseo="thierry-delaporte" source="Orion">Thierry Delaporte</keyword>, Wipro’s CEO and MD, said: “Due to our higher exposure to the consulting and BFSI sector in the Americas, we have seen a higher than usual impact of macroeconomic conditions. As the markets start to turnaround, on the back of our transformation and efficiency plays, we expect to see improvement in the coming quarters. Wipro said that its total bookings for the quarter stood at $3.8 billion for the quarter which is 6% higher than what it was in the same quarter last year. Its large deal booking is at $1.3 billion – which is the highest it has seen in the last nine quarters. It said it has 22 accounts above the $100M range – twice as much they had in FY21. Wipro’s operating margin for the quarter was at 16.1%, up 10 bps QoQ. The company said it expects the margins to remain range-bound as seen in the last few quarters. Employees to get 80% variable pay Wipro’s voluntary attrition has continued to moderate sequentially, coming in at a nine-quarter low of 13.4% in the second quarter. The company also said it will give 80% of the variable pay to its employees based on performance. It did not disclose its plans of hiring at campuses this year. “Hiring is a function of demand and benching. We are focussed on honouring our commitments made to people before going to campuses, and there are still some offers left to honour,” said Saurabh Govil, chief human resources officer at Wipro. The company’s board also approved a scheme of amalgamation to merge five of its wholly-owned subsidiaries with itself. The subsidiaries are Wipro HR Services, Wipro Overseas IT Services, Wipro Technology Product Services, Wipro Trademarks Holding and Wipro VLSI Design Services. “The scheme is subject to necessary statutory and regulatory approvals under applicable laws, including approval of the National Company Law Tribunal,” the company said. IT companies are facing demand headwinds in their key markets. Wipro, like other peers, had also indicated that its revenues could contract during the second quarter. In July, the company had said while announcing its first quarter earnings that it expected revenue from IT services to be in the range of $2,722 million to $2,805 million. This would translate to sequential guidance of -2 per cent to +1 per cent in constant currency terms.

Wipro’s revenues fall 2% in Q2, guides for a steeper fall in Q3

<ul class="summary-list"><li>Wall Street turned even more bullish on Apple after its second-quarter earnings beat analyst expectations.</li><li>Analysts are focused on a rebound in Chinese iPhone sales and the new iPhone 16. </li></ul>Wall Street is growing even more bullish on <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/aapl-stock?miRedirects=1">Apple</a> stock after the company reported its <a target="_blank" class="" href="https://www.businessinsider.com/apple-aapl-stock-quarterly-earnings-call-report-live-updates-2024-7">second-quarter earnings results</a> on Thursday.The results, which beat analyst expectations for profit and revenue, revealed that Apple's iPhone business in China is finally turning a corner after a year-long slowdown, and that the company expects a strong third-quarter driven by the upcoming release of its new iPhone 16."This was an upbeat conference call in our view as stronger September guidance is just the opening act for the main event which is an AI-driven super cycle starting with iPhone 16 launching in mid-September," Wedbush analyst Dan Ives said, adding that "the worst is now behind Apple in the key China region."Ives raised his Apple price target to $285 from $275, representing potential upside of 30% from Thursday's close.Boosting Ives' confidence in Apple's business is the potential for it to significantly monetize artificial intelligence technologies."We believe AI technology being introduced into the Apple ecosystem will bring monetization opportunities on both the services as well as iPhone/hardware front and adds $30 to $40 per share," Ives said.Apple offered guidance for the third-quarter, with revenue expected to jump 5% year-over-year, ahead of Wall Street expectations for revenue growth of 4.3%."Our view is betting against Cook and Cupertino into an AI-driven supercycle led by iPhone 16 and Apple Intelligence is the wrong move for investors as the renaissance of growth returns to the Apple story," Ives said.<a target="_blank" class="" href="https://markets.businessinsider.com/stocks/gs-stock?miRedirects=1">Goldman Sachs</a> analyst Michael Ng also grew more upbeat on Apple stock following its results.Ng raised his Apple price target to $275 from $265, arguing that the iPhone maker is "on the cusp of a multi-year replacement cycle for iPhone.""The F4Q24E gross margin outlook supports our view that iPhone revenue in the September quarter should be strong given that iPhone has the highest margins in the Products portfolio, providing mix benefits, and that the recent Service gross margin expansion to the mid-70% range is durable," Ng said in a Thursday note.Shares of Apple jumped as much as 2% in Friday's trading session, bucking the trend of the broader market's 2% decline <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-today-july-jobs-report-nonfarm-payrolls-unemployment-increase-2024-8">following a weak July jobs report.</a>

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Happiest Minds Tech Q4 profit up 25% to ₹72 cr, co hopes to see growth in GenAI vertical

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Nvidia CEO Jensen Huang defends Blackwell design problems in post-earnings interview, promising 'billions' in Q4 revenues

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Wipro’s revenues fall 2% in Q2, guides for a steeper fall in Q3

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Wall Street seems to love Apple's latest guidance on the new iPhone and Chinese demand

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