Infosys expects IT budgets in BFSI vertical to improve
Posted on 17th January 2018 |
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| Infosys has delivered a subdued performance with its revenue growing by 1% q-o-q (0.8% q-o-q in CC terms) to $2,755 million in 3QFY18, which is a seasonally weak quarter. Its EBIT margin expanded by 10 bps q-o-q, owing to improved operational efficiency and higher utilisation. While volume grew by a decent 1.6% q-o-q, blended billing rate declined by 0.7% q-o-q. From vertical perspective, BFSI continued to remain under stress with revenue growing by a meagre 0.1% q-o-q. However, within BFSI, the insurance sub-vertical clocked a healthy 7.3% q-o-q growth in dollar revenue, while pressure is clearly seen more on the BFS sub-vertical, which declined by 2.6% q-o-q. On a positive note, revenue from retail & CPG grew by 3.2% q-o-q, while revenue from transport & logistics increased by 6% q-o-q. Energy & Utilities vertical also grew by a healthy 6.5% q-o-q, marking the third successive quarter of >6% growth. On the flip side, revenue from life sciences and healthcare verticals declined by 3.2% and 4.1%, respectively. The management reiterated its CC revenue growth guidance at 5.5-6.5% for FY18E. Geo-wise, north America grew by 0.7% q-o-q, while Europe clocked a strong 6.2% q-o-q growth in dollar terms. Despite a subdued quarterly performance, the management has alluded to an improvement in IT spending environment in CY18. Infosys expects IT budgets in the key BFSI vertical to improve following rise in discretionary spend especially owing to initiatives like digitization, AI and Automation. In retail and CPG vertical, new opportunity conversions have been strong particularly in CPG. On an industry-wide basis, Infosys believes the deal pipeline continues to remain strong, though decision making cycle still remains elongated, ranging from 6-9 months. From other operating metric perspective, Infosys added a gross of >12,600 employees in 3QFY18, while the net headcount addition stood at 3,251, taking the total employee base past the 200,000-mark (201,691). Employee utilisation touched its highest-ever levels, with ex-trainee utilisation rising to 84.9% (84.7%) and cum-trainee utilisation rising to 82.1% (81.8%). |
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Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict
Posted on 29th October 2019 |
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Bharti Airtel said on Tuesday it has postponed its second-quarter earnings report to mid-November, as the wireless operator sought clarity on the court ruling asking telecom firms to cough up overdue payments to the government.
Shares of the company, which was expected to release its quarterly numbers later in the day, dropped 3.3 per cent in early trade. |
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Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices
Posted on 7th October 2019 |
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The rupee on Monday opened eight paise lower at 70.96 against the US dollar amid drop in crude oil prices and rise in Asian equities. The domestic unit on Friday closed almost flat at 70.88 against after the Reserve Bank of India (RBI) in a widely expected move cut key interest rates by 0.25 percentage point. On a weekly basis, the local unit slumped by 32 paise. |
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LIC pips private insurers in first-year premium growth during April-August
Posted on 13th September 2019 |
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In the first five months of the current financial year, first-year premiums of life insurance companies grew by 39.84% (year-on-year) at Rs 1.05 lakh crore as compared to Rs 75,588.35 crore in April-August of 2018-19. Life Insurance Corporation of India (LIC) continued to grow at a faster pace compared to private insurance players, shows the data from the Insurance Regulatory and Development Authority of India (Irdai). |
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Apollo Hospitals rules out further stake sale
Posted on 13th September 2019 |
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Apollo Hospitals Enterprise (AHEL) has ruled out further dilution of promoters’ stake in the company. The company also said its Rs 1,337-crore stake sale of Apollo Munich Health Insurance with mortgage major HDFC will be concluded by October. Following these stake sales, the promoters’ pledged position will come down from a high of 76% to 54% by October and eventually to 20% by November or December, company sources said here. |
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World trusts India on Kashmir, not us: Pakistan minister Ijaz Ahmed Shah
Posted on 13th September 2019 |
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In a major embarrassment for Pakistan and its Prime Minister Imran Khan, the country's Interior Minister Ijaz Ahmed Shah, a retired brigadier, said the international community didn't believe Pakistan's narrative on Kashmir; instead it is India whose version is trusted. |
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