oppn parties All IT Majors Report Excellent Q3 Results

News Snippets

  • The Indian envoy in Bangladesh was summoned by the country's government over the breach in the Bangladesh mission in Agartala
  • Bank account to soon have 4 nominees each
  • TMC and SP stayed away from the INDIA bloc protest over the Adani issue in the Lok Sabha
  • Delhi HC stops the police from arresting Nadeem Khan over a viral video which the police claimed promoted 'enmity'. Court says 'India's harmony not so fragile'
  • Trafiksol asked to refund IPO money by Sebi on account of alleged fraud
  • Re goes down to 84.76 against the USD but ends flat after RBI intervenes
  • Sin goods like tobacco, cigarettes and soft drinks likely to face 35% GST in the post-compensation cess era
  • Bank credit growth slows to 11% (20.6% last year) with retail oans also showing a slowdown
  • Stock markets continue their winning streak on Tuesday: Sensex jumps 597 points to 80845 and Nifty gains 181 points to 24457
  • Asian junior hockey: Defending champions India enter the finals by beating Malaysia 3-1, to play Pakistan for the title
  • Chess World title match: Ding Liren salvages a sraw in the 7th game which he almost lost
  • Experts speculate whether Ding Liren wants the world title match against D Gukesh to go into tie-break after he let off Gukesh easily in the 5th game
  • Tata Memorial Hospital and AIIMS have severely criticized former cricketer and Congress leader Navjot Singh Sidhu for claiming that his wife fought back cancer with home remedies like haldi, garlic and neem. The hospitals warned the public for not going for such unproven remedies and not delaying treatment as it could prove fatal
  • 3 persons died and scores of policemen wer injured when a survey of a mosque in Sambhal near Bareilly in UP turned violent
  • Bangladesh to review power pacts with Indian companies, including those of the Adani group
Devendra Fadnavis to be the next chief minister of Maharashtra after Eknath Shinde agrees to join the government as deputy CM
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.