oppn parties All IT Majors Report Excellent Q3 Results

News Snippets

  • RSS chief Mohan Bhagwat calls for one temple, one well and one crematorium to do away with deep divisions in the hindu society
  • Staff unrest plagues craft beer manufacturer Bira as current and formaer employess allege delays in salary and other payments
  • Intel appoints India-origin Sachin Katti as CTO & AI chief
  • Sebi says there is no manufacturing activity reported from Gensol's EV plant in Pune
  • Shooting WC: Former world champion drops to last in 10m air rifle individual event as his rifle malfunctions
  • Shooting World Cup: Arjun Babuta misses gold by 0.1 pont, settles for silver in 10m air rifle while Radrankksh Patil and Arya Borse win silver in 10m air rifle mixed event
  • IPL: MI beat CSK as Rohit Sharma (76 no) and Suryakumar Yadav (68 no) make short work of PKBS bolwers. CSK, with 2 points from 8 matches, have reached a point of no return in this years' competition
  • IPL: RCB beat PKBS by 7 wickets as Virat Kohli (73 no) and D Padikkal (61) sizzle
  • After Bangladesh commented on the riots in bengal over the Waqf bill, the Indian government has asked it protect the minorities in its own country and stop commenting on India's internal affairs
  • PM Modi discussed collaboration in technical and innovation fields with Tesdla owner Elon Musk, who is visiting India before the imminent entry of his firm Starlink in the country
  • Murshidabad returning to normal after clashes over the Waqf bill, internet restored, curfew lifted
  • The murder of a 17-year-old boy sparked protests in Delhi's north-east area Seelampur
  • Allahabad HC stayed the demolition of a mosque in UP's Fatehpur after the district authorities order for razing it was challenged by the Masjid Waqf committee
  • Hyderabad Police pick up an alleged fraud accused from a hotel in Kolkata but Kolkata Police not kept in the loop. Relatives of the man file a missing complaint and FIR
  • An ICU technician was held in Gurugram's Medanta Hospital for sexually assaulting a patient
RSS chief Mohan Bhagawat calls for 'one temple, one well',as well as one crematorium, to end caste differences
oppn parties
All IT Majors Report Excellent Q3 Results

By Ashwini Agarwal
First publised on 2022-01-13 06:03:59

Wednesday was a red letter day for Indian IT sector. The big shots of IT industry - Infosys, TCS and Wipro - all declared their Q3 results on that day. And all came out with sterling numbers that gladdened the hearts of investors during these troubled times. The share market gave its thumbs up by rallying strongly. To add icing to the cake, TCS announced a whopping Rs 18000cr share buyback offer at Rs 4500 per share which was at 17 percent premium to the closing price on Wednesday.

While Infosys was the star of the pack as it reported sequential growth of 7 percent and year-on-year growth of 21.5 percent, TCS and Wipro lagged at 4 and 15.4 percent and 3 and 28.5 percent respectively. TCS earned the highest revenue of $6.5bn while Infosys earned $4.3bn. Wipro was far behind at $2.6bn.

All the companies reported high attrition rate but higher hiring. Hence, while TCS added 28238 people to the workforce, Infosys and Wipro followed at 12450 and 10306 respectively.

With the pandemic forcing people to adopt the digital route for almost everything from work to play to entertainment, the demand for the services of IT companies is only going to increase in future. As the world seeks solutions to problems generated by the pandemic, these IT giants will also have to come up with newer, betters solutions.

Infosys CEO Salil Parekh was very upbeat. He said that "our pipeline is very strong. The overall demand environment looks very strong beyond March as well." This is happy news for the sector and will confirm the IT sector's eminence as the driver of growth.