Tata Technologies net profit rises 15% in third quarter

Tata Technologies registers 15% rise in net profit in Q3

Tata Technologies reported a net profit of Rs 170.2 crore for the third quarter of this financial year, a rise of 14.7% year-on-year (YoY) growth. The revenue during this period stood at Rs 1,289.45 crore, also a YoY rise of 14.7%.

The operating profit or EBITDA margin stood at 18.3% while the net margin was 13.2% for the quarter.

Commenting on the results, Tata Technologies CEO Warren Harris said, “Our deal win momentum has stayed robust, with 5 large deals won in the quarter, including one deal with over $50 million in TCV and another one with $25 million in TCV. We remain positive on customer spending in the automotive vertical as OEMs continue to pivot towards electrification and other alternative propulsion systems. The Aerospace industry is looking upbeat, with a good pickup in demand there.”

Xoriant appoints Mukund Rao as President - Global Markets

Xoriant, a ChrysCapital company and a global engineering tech services firm specialising in digital engineering and emerging technologies, appointed Mukund Rao as President of Global Markets.

The appointment is part of the global transformation at Xoriant that commenced last year, including a series of senior appointments, acquisitions, and the introduction of new service offerings.

Rao will take on the role of leading market expansion, strengthening strategic partnerships, and driving overall business growth. Before joining Xoriant, Rao was the chief business officer of banking financial services at LTIMindtree. He also held leadership positions in Cognizant as part of the company's banking financial services team.

Equinix unveils private cloud service for NVIDIA platforms

Equinix, a digital infrastructure company, announced a fully managed private cloud service that enables enterprises to acquire and manage their own NVIDIA DGX AI supercomputing infrastructure for building and running custom generative AI models.

The service also includes NVIDIA DGX systems, NVIDIA networking, and the NVIDIA AI Enterprise software platform. Equinix will install and operate each customer’s privately owned NVIDIA infrastructure and will deploy services on their behalf in key international business exchange (IBX) data centres globally.

Qlik establishes a council for responsible AI

Global data analytics company Qlik established its inaugural AI Council, where members will work within Qlik to guide the company’s R&D direction, inform its product roadmap, and ensure its customers’ use of Qlik’s AI is built with responsibility and ethics front of mind.

The council will also educate Qlik leaders and employees on how to harness the full potential of AI while providing insights into the priorities of business leaders tasked with demonstrating value from AI investment.

According to the company, by convening a distinguished set of advisors, Qlik will accelerate the responsible development of its AI-driven product portfolio, benefitting from the expertise of some of the world’s most prominent AI experts to help customers use their data to achieve more significant business outcomes.

Birlasoft bounces back into profits in Q3

Birlasoft, an IT services company, reported a net profit of Rs 161 crore for the third quarter of FY24 as compared to a loss of Rs 16.3 crore a year ago. Its revenue during this period stood at Rs 1,343 crore, a 10% year-on-year growth.

Commenting on the results, Birlasoft CEO Angan Guha said, “We have delivered a strong and well-rounded operating performance, with a 1.9% sequential growth in revenue to $161.3 million in a seasonally soft quarter and an expansion in EBITDA margin even after absorbing the full impact of compensation hikes. Deal signings during the quarter at $218 million TCV too have been robust, comprising both renewals as well as net new engagements.”