LTTS posts 13% rise in net profit, Happiest Minds raises Rs 500 Cr in QIP
Here is your daily dose of key developments from the technology world of India.
L&T Technology Services reports 13% rise in net profit
L&T Technology Services (LTTS), the engineering services company has reported a net profit of Rs 311 crore for the first quarter of FY24 registering a year-on-year (YoY) growth of 13%. The revenue during the quarter stood at Rs 2,301 crore with a 13% YoY.
The company reported an EBIT margin of 17.2% which was 70 basis points fall sequentially and 20 bps YoY. L&T Technology Services has retained its revenue growth guidance for FY24 at 20% and its target of achieving $1.5 billion in annual revenues by FY25.
During the quarter, LTTS won a $50 million plus deal, and additionally five deals with total contract value of more than $10 million each.
“We had a quarter of strong deal wins across all five segments, the highlight being a $50M plus deal in telecom and hitech. Our customers continue to spend on transformational technologies and seek ER&D partners who can deliver innovation, speed-to-market and cost synergies,” said LTTS CEO Amit Chadha.
Happiest Minds raises Rs 500 Cr through QIP
Happiest Minds Technologies, an IT services company has announced that it has successfully raised Rs 500 crore through a Qualified Institutions Placement (QIP) of equity shares.
The proceeds of the issue will predominantly be utilised for funding working capital requirements, investments in subsidiaries, funding inorganic growth and other general corporate purposes. The company board had approved the allotment of 54,11,255 equity shares of face value Rs 2 to eligible investors at Rs 924 per share (including a premium of Rs 922 per equity share).
This is the first-ever equity capital raised by the company after its IPO in 2020. reported a consolidated income of Rs 1,450 crore and a profit after tax of Rs 231 crore for FY 2023.
Bira 91 partners with Accenture to set up digital platforms
, a premium beer company, is collaborating with Accenture to drive growth, increase business agility, and accelerate innovation through an enterprise reinvention programme.
As part of its transformation strategy, Accenture will help Bira 91 design and deploy a digital core—which includes data, artificial intelligence, and machine learning—using SAP S/4HANA to enable a total reinvention of its enterprise through the integration of disparate technology platforms. Powered by cloud, the scalable technology platform will increase the visibility and accessibility of data across the organisation, helping to inform decision-making and raise productivity.
Accenture will help redesign the master data management (MDM) system to provide a single, integrated data model, across business processes and applications. The beer company will have access to intelligent search and analytics to unlock the full value of its enterprise data. Furthermore, the new platform will redefine business processes by streamlining operations, enhancing automation, and improving asset utilisation and cash flows.
Cognizant collaborates with Max Life Insurance for new development centre
has launched an innovation and development centre in collaboration with Max Life Insurance in Chennai. The aim is to bring together teams from both companies to accelerate Max Life's digital transformation efforts.
The innovation and technology development centre aims to drive product innovations, enhance customer experiences, and lead operational excellence for Max Life. Cognizant will utilise its expertise in consulting and emerging technologies, including artificial intelligence, automation, and cloud transformation to further enhance the digital experience for customers.
Cognizant and Max Life’s 15-year-long partnership has resulted in the deployment of several digital transformation initiatives, including cloud migration, cutting-edge applications, payment gateway unifications and faster onboarding systems, among others, which have helped Max Life modernise operations at scale and deliver seamless services to customers.
Amazon retains top position in cloud market
The worldwide infrastructure as a service (IaaS) market grew 29.7% in 2022, to total $120.3 billion, up from $92.8 billion in 2021, according to Gartner, Inc. Amazon retained the number one position in the IaaS market in 2022, followed by Microsoft, Alibaba, Google, and Huawei.
“Cloud has been elevated from a technology disruptor to a business disruptor,” said Sid Nag, VP Analyst at Gartner. “IaaS is driving software-as-a-service (SaaS) and platform-as-a-service (PaaS) growth as buyers to continue to add more applications to the cloud and modernize existing ones.”
In 2022, the top five IaaS providers accounted for over 80% of the market. Amazon continued to lead the worldwide IaaS market with revenue of $48.1 billion and a 40% market share.
“IaaS growth in 2022 was stronger than expected, despite a slight softening in the fourth quarter as customers focused on using their previously committed capacity to its fullest potential,” added Nag. “This is expected to continue until mid-2023 and is a natural outcome of the market’s maturity. We expect an acceleration in 2024, as there is still room for plenty of additional future growth.”
Infosys delivers project for Bendigo, Adelaide Bank
has successfully completed the foundation phase of a major digital programme for Bendigo and Adelaide Bank, one of Australia's biggest banks. Delivered in collaboration with Microsoft, the programme enabled Bendigo and Adelaide Bank to consolidate multiple legacy document management systems into a single enterprise document management system (EDMS) and deliver better customer service.
Using Microsoft’s SharePoint Online, the new platform built with Infosys leveraging Infosys Cobalt cloud offerings allows for the democratisation of data, streamlined document storage, and better collaboration across Bendigo and Adelaide Bank. The programme stems from Bendigo and Adelaide Bank’s commitment to leverage data for better customer outcomes—and this programme plays a key role in strengthening the required data governance.
The consolidation of document management systems into a cloud-based platform also enables a better employee experience. The bank can define security groups and better manage permission levels to meet stringent audit and compliance requirements. The platform has enabled Bendigo and Adelaide Bank to deliver a more uniform user experience across its products and services, while improving privacy and document retention compliance.
ManageEngine adds OpenAI observability feature
, the enterprise IT management division of Zoho Corporation, has added OpenAI observability as a native capability to Site24x7, its cloud-based observability platform. The offering enables application owners to monitor the utilisation of different OpenAI models while tracking real-time performance and cost metrics—all within a unified view.
This capability empowers businesses to leverage the potential of emerging AI technologies, such as OpenAI's ChatGPT, to drive innovation and achieve their strategic objectives while being cost-conscious.
As organisations increasingly embrace OpenAI's latest generative AI model and explore the potential of ChatGPT across multiple teams, gaining a comprehensive understanding of user interactions with GPT-powered applications becomes crucial. This understanding enables the identification of valuable opportunities to optimise models and enhance user experiences. Additionally, closely monitoring API usage and token consumption becomes essential to managing costs and enhancing overall application performance.
The Site24x7 Observability module automatically tracks and analyses various metrics related to OpenAI usage, such as token usage, latency and errors. It is easy to integrate with applications that use OpenAI modules and leverage the platform's built-in alerting system to take quick actions on malfunctions.
Edited by Kanishk Singh
