LTIMindtree, the technology consulting and digital solutions company, reported a sequential growth of 3.4% in consolidated profit for the quarter ending June FY24, reaching Rs 1,151.5 crore. This growth was mainly supported by other income and improved operating margin. The company’s revenue from operations also saw a slight increase of 0.13% QoQ, amounting to Rs 8,702.1 crore. In constant currency and dollar terms, the revenue growth stood at 0.1% each QoQ. On the operating front, the company’s EBIT increased by 2.1% sequentially to Rs 1,450.8 crore, accompanied by a margin expansion of 32 basis points for the quarter.
Tata Elxsi, a design-led technology services provider, achieved a 2.2% year-on-year growth in profit, totaling Rs 188.85 crore for the quarter ending June FY24. However, the company faced challenges with weak operating margins. Its revenue from operations, on the other hand, experienced a significant increase of 17.1% compared to the year-ago period, amounting to Rs 850.3 crore. At the operating level, Tata Elxsi’s EBIT increased by 4.1% year-on-year to Rs 230.1 crore, but the margin dropped by 340 basis points to 27.1% for the quarter.
IDFC, a financial services company, has received board approval for the reappointment of Mahendra N Shah as the Managing Director. Additionally, Bipin Gemani has been appointed as the Whole Time Director and Chief Financial Officer. Gemani has been associated with IDFC for over 25 years.
Hindware Home Innovation, a building products maker, has obtained board approval for the appointment of Salil Kapoor as the Chief Executive Officer, effective from July 18. Previously, Kapoor served as the business unit head leading the appliances division at Orient Electric.
Reliance Industries has announced that Jio Financial Services will be included in a total of 19 NSE indices, starting from July 20. This follows the demerger of Reliance Industries’ financial services business into Reliance Strategic Investments, which will be renamed as Jio Financial Services. The NSE indices that Jio Financial Services will be a part of include Nifty50, Nifty 100, Nifty 200, Nifty 500, Nifty Oil & Gas, Nifty Energy, Nifty Commodities, and Nifty Infrastructure.
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