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Wipro Q3 net profit rises 21% to Rs 2,968 crore

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NEW DELHI: Software services exporter Wipro on Wednesday reported a 21 per cent rise in its consolidated net profit for the third quarter (Q3) ended December 31.
The company posted a net profit of Rs 2,968 crore for the period under consideration as against a profit of Rs 2,456 crore.
Its revenue from operations grew nearly 1.3 per cent to Rs 15,670 crore from Rs 15,470.5 crore in the quarter ended December 2019.
Wipro expects revenue from its IT services business to be in the range of $2,102 million to $2,143 million. “This
translates to a sequential growth of 1.5 per cent to 3.5 per cent,” the company said.
Thierry Delaporte, CEO and managing director of Wipro said, “Wipro has delivered a second consecutive quarter of strong performance on order booking, revenue and margins. Five of our sectors grew over 4 per cent sequentially. The demand environment is steadily improving, especially for digital transformation, digital operations, and cloud services. I am also pleased to share with you that we have moved into our new organization structure and are stabilizing quickly.”

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Investors lose over Rs 8L cr in 4 days as mkts fall

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NEW DELHI: Investors’ wealth eroded by more than Rs 8 lakh crore in four consecutive sessions of stock market loss.
Recording its fourth straight session of loss on Wednesday, the sensex tumbled 937.66 points or 1.94 per cent to close at 47,409.93. In the four straight sessions, the benchmark has fallen by 2,382.19 points or 4.78 per cent.
Tracking the muted sentiment, the market capitalisation of BSE-listed firms declined by Rs 8,07,025.09 crore to Rs 1,89,63,547.48 crore in these four days.

Sensex dives 938 points amid selloff across all sectors; Nifty ends at 13,968

“Volatility is normally higher on the last two days of monthly expiry but this time the fall with higher volatility show cautiousness amongst market participants before the Budget event.
“Earnings are coming out better-than-expected but profit-booking is seen in most companies that have declared results so far barring a few cases,” according to Rusmik Oza, executive vice-president and Head of Fundamental Research at Kotak Securities.
Axis Bank, Titan, IndusInd Bank, HDFC Bank, Dr Reddy’s, HDFC and Asian Paint were the major laggards among the 30-share frontline companies’ list, falling up to 4 per cent.
In the broader market, the smallcap and midcap indices fell up to 1.38 per cent. Sectorally, banking stocks declined 2.93 per cent, followed by finance (2.72 per cent), metal (2.54 per cent), realty (2.28 per cent) and auto (2.11 per cent).
“Caution ahead of the Union Budget and scheduled derivatives expiry also added to the pressure,” Ajit Mishra, VP – Research, Religare Broking Ltd, said.

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HUL Q3 net up 18.8% at Rs 1,938cr; sales rise 20%

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NEW DELHI: FMCG major Hindustan Unilever Ltd on Wednesday reported a 20.3 per cent rise in consolidated net profit to Rs 1,938 crore for the third quarter ended December 2020.
The company had posted a net profit of Rs 1,631 crore in the October-December quarter previous fiscal.
Its sales during the quarter increased 20.26 per cent to Rs 11,969 crore, as against Rs 9,953 crore in the corresponding period a year ago, Hindustan Unilever Ltd (HUL) said in a regulatory filing.
HUL’s total expenses too rose 21.65 per cent to Rs 9,548 crore in Q3 FY2020-21 compared to Rs 7,849 in the year-ago period.
“Our consumer-relevant innovations, market development and execution excellence have enabled us to drive broad-based growth across our categories in the December quarter.
“I am particularly pleased with the performance of our Nutrition business and with the recovery in the discretionary segments of our portfolio; these are structurally attractive and offer immense growth potential,” HUL CMD Sanjiv Mehta said.
He further noted that the near-term demand outlook is improving.
“We expect to see a revival in urban while rural should continue to do well. Inflationary pressures are building up in select commodities and we will manage them judiciously. I am confident that we are very well positioned to capture the growth opportunities and accelerate momentum,” he added.
Shares of HUL on Wednesday settled at Rs 2,390.75 on BSE, down 0.87 per cent from the previous close.
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'TCS 3rd most-valued IT services brand globally'

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NEW DELHI: Tata Consultancy Services (TCS) has been ranked third most-valued IT services brand globally, after Accenture and IBM, according to a report by Brand Finance.
Four Indian IT services companies — TCS, Infosys, HCL and Wipro — secured spots in the top-10 global tally.
“Third-ranked TCS is rapidly closing the gap with IBM following a healthy 11 per cent brand value increase to $15 billion,” the report by Brand Finance said.
TCS has celebrated strong revenue growth as demand grows for its core transformation services and through winning deals – worth over $6.8 billion in the fourth quarter of 2020 alone, it added.
“With the brand benefitting from the long cycle of technology spending in its overseas markets, and the increase in spending from the financial sector in the US and European markets as the road to recovery begins, TCS will be hoping the coming year will prove even more fruitful,” the report said.
Accenture retained the title of world”s most valuable and strongest IT services brand with record brand value of $26 billion, while IBM continued at the second place with brand value of $16.1 billion.
The report said “Brand value” refers to the present value of earnings specifically related to brand reputation.
“With what was a very tough 2020, led so ably by its CEO Rajesh Gopinathan, TCS has excelled itself once again. Along with 10 per cent growth in its brand, its market cap also hit pole position in its industry and it is increasingly closing in on the top two in the IT services sector table,” Brand Finance CEO (chief executive officer) David Haigh said.
Rajashree R, chief marketing officer at TCS, said this recognition of TCS brand strength is a stellar reaffirmation of the continued trust that customers have placed in the company.
“We are proud and excited to embark on the next phase of our growth, building on our beliefs, and harnessing the passion, dedication and strength of our 469,000 associates who are the true custodians of Brand TCS,” she added.
The report noted that Infosys has overtaken Cognizant at the fourth spot, following a 19 per cent brand value increase to $8.4 billion. Cognizant has suffered a 6 per cent brand value loss of $8 billion. The Bengaluru-based company has entered the “Big 4 of IT services brands globally and making it the fastest growing brand in the top 10”, it added.
“Even before the pandemic, Infosys leadership recognised the importance of focusing on its service offering, including data security and cloud services. This focus, paired with key acquisitions to bolster the brand’s end-to-end customer experience offerings, has propelled Infosys to a position where it consistently wins larger consulting, data management and cloud service projects,” the report said.
Infosys CEO Salil Parekh said the execution of the company’s ‘Navigate your Next’ strategy over the last three years, has strengthened the brand, positioning Infosys as the industry’s leading digital services provider.
“Continued strategic investments in building differentiating digital capabilities along with increased sales and marketing effectiveness have amplified our ability to grow in client relevance and deepen partnerships with global businesses,” he added.
HCL was at the seventh spot, while Wipro ranked 9th in the tally.
Tech Mahindra saw 11 per cent brand value growth to $2.3 billion that has enabled the brand to jump to the 15th spot in this year’s ranking as it continues to work towards accelerated growth through building on its healthy pipeline deals and embracing new 5G opportunities, the report said.
“Being recognised as one of the fastest growing organisation globally is a true testimony of our collective spirit of resilience…At Tech Mahindra, we took this challenge on war footing to ensure business continuity and enhanced customer experience through innovative and purpose-driven initiatives, while also living up to our promise of delivering “Connected World and Connected Experiences”, Harshvendra Soin, global chief people officer and head of marketing at Tech Mahindra, said.
LTI was named as the sector’s fastest growing with 37 per cent brand value growth to $982 million (ranked 21) by the report.
“For the last five years, LTI has consistently delivered double digit growth year-on-year and shows no signs of slowing down. As a young brand, it is rising quickly within a highly competitive space, and is fast becoming one of the most exciting challenger brands within the sector,” it added.
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