oppn parties All IT Majors Report Excellent Q3 Results

News Snippets

  • Supreme Court sentences Congress leader Navjot Singh Sidhu to one year rigorous imprisonment in the 1988 road rage case
  • Home Minister Amit Shah says rights should not be demanded before fulfilling responsibilities and that universities are no place to wage ideological battles
  • NIA court convicts JKLF chief Yasin Malik in terror funding case after he pleads guilty of all charges
  • A study backed by PM-EAC has recommended universal basic income and urban job guarantee and greater spend on social sector schemes
  • Supreme Court rules that the decisions of the GST Council are not binding on the Centre and the states, leaving the door open for states to levy further taxes
  • After sustained campaign by BJP MP Arjun Singh, the Centre today withdrew the jute price cap order, industry welcomes move
  • Akasa Air might postpone its July launch due to late arrival of aircrafts
  • Metro Cash & Carry decides to sell Indian operations. All major players, including Reliance retail and Amazon, are likely to bid
  • Local and global cues spook the markets on Friday - Sensex crashes 1416 points to 52792 and Nifty by 430 points to 15809
  • IPL: RCB crushes GT by 8 wickets as Virat Kohli returns to form with a well-made half century
  • Nikhat Zareen is world champion in flyweight category. Wins gold at Women's World Championships at Instanbul
  • Supreme Court uses its special powers under Article 124 to release A G Perarivalan, a Rajiv Gandhi assassination convict
  • Indrani Mukherjea, prime accused in the Sheena Bora murder case, gets bail from Supreme Court after 6.5 years in jail
  • Hardik Patel quits Congress, says top leaders distracted by mobile phones and state leadership busy arranging 'chicken sandwiches' for them
  • Anil Baijal resigns as Lieutenant Governor of Delhi citing "personal reasons"
Nikhat Zareen is crowned world champion in the flyweight (52Kg) category at the Women's World Championships in Istanbul /////// Supreme Court sentences Navjot Singh Sidhu to rigorous imprisonment of one year in the road rage case /////// Sunil Jakhar, who quit the Congress a few days ago, joins the BJP
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.