IT Quarterly Report Card is out
In this week's newsletter, Indian IT has been put in the?spotlight?, showcasing its second-quarter results and performance for FY23.?
While TCS, HCL Technologies, and Infosys have shown stable growth, Wipro has shown?poor performance?, with revenue growth of 12.9 per cent and profit plummeting to 9.3 per cent. On the bright side,?L&T Infotech?and Mindtree –?ahead of the merger?– have shown stellar performance, with revenue growth at 21.6 per cent and 31.5 per cent. Also, their profit stood at 18.8 and 27.5 per cent, respectively.?
AI & Analytics fuels revenue??
For instance, L&T Infotech, which saw good revenue and profit numbers for FY23 Q2, noted?41.4 per cent revenue growth?coming from AI and analytics services, followed by enterprise and mobility services at 34.6 per cent. Meanwhile, it saw a decline in cloud infrastructure and security services at 7.3 per cent.
Attrition flattens?
On the attrition side of things, Indian IT shows some relief as it continues to flatten to an extent, indicating a downward trend for the coming quarters. This includes TCS, Infosys, HCL Technologies, Wipro, and others.?
In comparison, Infosys has recorded the highest attrition rate, while TCS has the lowest attrition rate compared to other IT companies. However, the company has witnessed its?highest-ever attrition rate?for the latest quarter, standing at 21.5 per cent, up from 11.9 per cent last year.?
On Freshers' Hiring Spree
In the first half of FY23, Infosys, Wipro, TCS and HCL Technologies have added over?one lakh plus freshers?and are expected to hire close to 1.57 lakh freshers by the end of FY23. On the contrary, the IT majors added over 2.3 lakh freshers last year. However, the number is set to drop over 30 per cent. The drop is said to be due to market uncertainties and stabilising attrition rate.?
Top Stories of the Week >>
With a wrap on the first half of the earnings season for major?Indian IT companies?, the contrast between the state of the sector and startups in India gets starker. Even as the anticipation of a?recession?feeds fears of a cut in IT spending, Indian IT has done reasonably well. The continued robust demand for?Indian IT services?was cut by caution due to the macroeconomic environment. In contrast, the job crisis in the Indian?startup?scene looms large.?
After?Abhishek Patil's?LinkedIn post?on UPI killing the candy business, renowned publications carried the discussion forward. However, most forgot to consider whether the discussion is based on correlation or causation. Yes, a few players may have recorded a decline in profits since the adoption of UPI. Still, many candy companies?have reported record profits?since the adoption of UPI.?
Like all races, Formula 1 is essentially about speed. Whether an F1 car wins or loses ultimately depends on how long it can stay in the lead and how well the team can leverage machine learning, data analytics, edge computing, and data science. Through partnerships with tech giants like AMD, Cognizant, Dell and Oracle, these teams leverage big data analytics to simulate, analyse and enhance their car's performance on the track.?
In the last few years, the Indian government has started leveraging blockchain for various initiatives, including filing police complaints, real-estate?katha?, payments etc. But, on the contrary, the Indian government is the dead opposite regarding cryptocurrencies, which essentially have been built on the same technology –?the blockchain.
People & Tech >>
In Bangalore, the safe city project will be implemented in phases, and Honeywell has won the bid to run and maintain the security infrastructure. Bangalore city police said they are already equipped with around 1100 CCTV cameras for surveillance. AI and analytics have a huge role in identifying suspects, mitigating crime, catching criminals on the go, etc.?
Since 2004, October has been recognised as Cyber Awareness month to raise awareness about cyber security. AIM got in touch with?Dr Gaurav Gupta?, the first Indian to earn a doctorate in digital forensics, who is now on a mission to create awareness about technological fraud in society.?
For advertising professional?Tapan Aslot?, AI?text-to-image tools?brought a momentous shift in work life. In conversation with AIM, Aslot discusses what tools he uses, how he works, the contentious issues with these tools, and more.
AIM Videos >>
In our latest episode of 'Oye Techie,' we asked the techies of?Namma Bengaluru?about their fitness regime, food habits, mental health, and more.?
Warning:?The answers will make you rethink your perspective on your diet, fitness, and wellness. ???
领英推荐
Enjoy the video! Make sure to?watch it till the end ??
Startups, Apps & Tools >>
Based in Kolkata, Scalenut is an AI-powered content research and writing tool for original, high-ranking, long and short-form content.
An AI-based Location Intelligence Enterprise platform, Data Sutram helps businesses leverage location-based insight.
unScript.ai generates thousands of videos with face and voice.
Research & Papers >>
Chinese researchers recently proposed Maximum Entropy Coding (MEC), a more principled objective that explicitly optimises the structure of the representation so that the learned representation is less biased and thus generalises better to unseen downstream tasks.
Check out?the GitHub repository?here.?
Researchers from Microsoft, alongside Carnegie Mellon and the University of Pennsylvania, conducted a theoretical and empirical analysis of how shallow Transformers can learn shortcut solutions to the problem of simulating the transitions of semiautomata.?
In this research paper, Google researchers explore the use of jointly learned speech and text representations in a massively multilingual, zero-supervised speech, real-world setting to expand the set of languages covered by ASR (automated speech recognition) with only unlabelled speech and text in the target languages.?
Events in Focus >>?
Powered by?Yubi?(formerly CredAvenue), in association with?Analytics India Magazine?, is organising the?Women in Data Summit?, where we are bringing in industry leaders in data and analytics, along with women professionals who are carving a niche in this rapidly evolving field.
Date & Time:??November 2, 2022 (6 pm onwards)?
Location:?Radisson Blu, Bengaluru?
Click?here?to register.
Top News of the Week >>