LTIMindtree posts 17% rise in net profit for Q3

LTIMindtree posts 17% rise in net profit for Q3

IT services company LTIMindtree reported a net profit of Rs 1,169 crore for the third quarter of FY24 recording a year-on-year (YoY) growth of 16.8%. Its revenue during this period stood at Rs 9,017 crore—a 4.6% YoY growth.

Commenting on the company's performance, LTIMindtree CEO Debashis Chatterjee said, “For the quarter, we reported a revenue of $1.08 billion, a 3.5% YoY growth in USD terms; an EBIT margin of 15.4%, an increase of 150 bps YoY; and a PAT margin of 13%, an increase of 140 bps YoY.”

He noted that the company booked its highest-ever order inflow at $1.5 billion, representing a 21% increase YoY, and the cash & investments balance crossed Rs 10,000 crore.

TCS, Macquarie University partner on sustainability initiatives

Tata Consultancy Services (TCS) has partnered with Macquarie University to launch the TCS GoZero Hub, a research and innovation centre to enable Australian organisations to work towards their net zero carbon emissions target.

The hub will focus on five core themes—energy transition, carbon management, nature-positive future, circular economy and sustainable waste management, and climate adaptation and resilience—and how to limit and prepare for future climate change.

TCS and Macquarie University will collaborate to bring together multi-disciplinary and multi-faceted approaches and ideas from across industry and academia to drive research and innovation that will help enterprises, governments, regulatory bodies, and communities across Australia develop pathways to accelerate the transition to a net-zero future and beyond while focusing on nature and people.

IIT Madras partners with Altair to launch eMobility Simulation Lab

IIT Madras has partnered with tech company Altair to launch an eMobility Simulation Lab. Set up in the IIT Madras's Department of Engineering Design, the lab will have the products and tools besides financial support from Altair. It will be followed with other labs and facilities to deliver research and training in the eMobility Domain.

The lab will host Altair’s modelling and simulation tools, which will support the academic activities that IIT Madras will carry out in the other eMobility labs for batteries, charging, power electronics, motors and controllers, and vehicle engineering, among other related areas. These facilities will together support the multiple academic initiatives that the Department of Engineering Design, IIT Madras, has started in the area of eMobility.

SAP Labs India appoints new strategy head

SAP Labs India has appointed Milesh J as the Head of Strategy and Operations, effective February 1, 2024. Milesh will be responsible for the overall location strategy and operational efficiency of SAP Labs India. He will also manage strategic cross-organisational projects synergising across all lines of business in SAP Labs India and liaising externally with industry, government, and ecosystem.

Milesh has been associated with SAP for 23 years, with a career spanning across domains, including product engineering, product management, business development, customer engagement, and consulting.

Happiest Minds posts 3.6% rise in net profit for Q3

IT services company Happiest Minds Technologies reported a net profit of Rs 59.62 crore for the third quarter of FY24, a year-on-year (YoY) growth of 3.5%. The total revenue during this period stood at Rs 410 crore, which is a YoY growth of 12%.

Happiest Minds MD Venkatraman N said, “We have delivered healthy growth in profits of 12% in the current nine-month period and have beaten profit guidance for the fifteenth quarter in a row.”

Altimetrik opens new office in India

Altimetrik, a digital business company, has expanded its operations in Gurugram with the opening of new shared office space, making it its sixth office in India.

Altimetrik is present in 22 global locations with six offices, and over 80% of the workforce is based in India. The company noted that India remains pivotal for the company in talent acquisition, playing a crucial role in delivering outcomes for its client base across the BFSI/fintech, automotive/manufacturing, retail/CPG, and pharma/life sciences sectors.

Honeywell, Analog Devices sign MoU for digitisation of commercial buildings

Honeywell and Analog Devices have signed a Memorandum of Understanding (MoU) to explore the digitisation of commercial buildings by upgrading to digital connectivity technologies without replacing existing wiring, expected to reduce cost, waste, and downtime. The strategic alliance would bring this new technology to building management systems for the first time.

A statement said, "Digitising building management systems will allow managers to reduce energy consumption through real-time decisions, while it will upgrade a building's network performance and security to current Internet-protocol networks without extensive costs and remodelling."