LTIMindtree delivers 2.6% QoQ USD revenue growth in CC

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LTIMindtree , a global technology consulting and digital solutions company, announced its consolidated results for the first quarter ended June 30, 2024, as approved by its Board of Directors.

“While the environment remains unchanged, fiscal 25 started on a positive note for us with Q1FY25 revenue of USD 1.1 billion, registering a 2.5% QoQ and 3.5% YoY revenue growth in USD terms. Our Q1FY25 EBIT expanded to 15% and order inflow remained stable at USD 1.4 billion. Our top 3 industry verticals and our largest geography have performed well sequentially. This is attributed to a measured uptick in IT spending for critical initiatives with clients balancing innovation and fiscal prudence.” said Debashis Chatterjee, Chief Executive Officer and Managing Director.

 

About LTIMindtree

LTIMindtree is a global technology consulting and digital solutions company that enables enterprises across industries to reimagine business models, accelerate innovation, and maximize 

growth by harnessing digital technologies. As a digital transformation partner to more than 700 clients, LTIMindtree brings extensive domain and technology expertise to help drive superior competitive differentiation, customer experiences, and business outcomes in a converging world. 

Powered by 81,000+ talented and entrepreneurial professionals across more than 30 countries, LTIMindtree — a Larsen & Toubro Group company — solves the most complex business challenges and delivers transformation at scale. 

Tata Motors ‘Automotive Skill Labs’ initiative nurtures over 4000 students annually with future-ready automotive skills

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Reaffirming its commitment to nurturing talent and creating a skilled workforce for the automotive industry, Tata Motors’ in collaboration with Navodaya Vidyalaya Samiti (NVS) has established dedicated ‘Automotive Skill Labs’ at Jawahar Navodaya Vidyalayas (JNVs). To date, 25 labs, fully equipped with essential tools, have been set up across select JNVs in Maharashtra, Karnataka, Gujarat, Jharkhand, West Bengal, Uttar Pradesh, and Uttarakhand. This unique industry-academic joint initiative equips approximately 4000 students annually with practical automotive skills, with 30% of students enrolled being girls.

Aligned with the vocational courses envisioned in the ‘National Education Policy 2020’, Tata Motors’ ‘Automotive Skill Labs’ focuses on providing secondary and senior secondary students. Additionally, students can visit Tata Motors’ plants, interact with service and dealership professionals, and attend lectures by industry experts to gain real-world experience and deepen their knowledge. Furthermore, instructors teaching at these labs are provided with the necessary training at the company’s plant locations. A testament to this immersive learning experience is an E-Rickshaw constructed by the students at the Skill Lab in Pune.

Upon successful completion of the programme, students receive joint certificates from Tata Motors and NVS. Post-schooling, the students can opt for a Diploma in Manufacturing Technology, including a full stipend and on-the-job training at Tata Motors’ manufacturing facilities. Alternatively, those interested in continuing with Tata Motors can pursue a BTech in engineering—a 3.5-year executive education programme in collaboration with select engineering institutes—leading to permanent employment after five years.

Emphasizing the commitment to enriching the lives of youth and bridging the skills gap in the automotive industry, Vinod Kulkarni, CSR Head, Tata Motors, said, “Our Automotive Skill Labs empowers youngsters from the underserved communities with employable skills, relevant for the evolving automotive sector in India. It creates pathways for students in grades 9th – 12th to pursue higher education and secure employment opportunities. Contributing to the ‘Skill India Mission’, this programme instills innovative thinking, entrepreneurial spirit, analytical mindset and critical communication skills amongst the students. 

In 2023, over 1,600 students from this programme participated in the National Automobile Olympiad organised by the Automotive Skill Development Council (ASDC), out of which 17 succeeded in reaching the second stage of the competition.

Henkel further invests in its largest Indian manufacturing facility

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Henkel Adhesives Technologies India Private Limited (Henkel India) announced the completion of Phase III of its manufacturing facility in Kurkumbh, near Pune, Maharashtra. The Kurkumbh site, which was launched in 2020, serves the growing demand of Indian industries for high-performance solutions in adhesives, sealants, and surface treatment products. The new Loctite plant, named after Henkel’s renowned brand Loctite, was inaugurated by Mark Dorn, Executive Vice President, Henkel Adhesive Technologies, along with other Senior Management members of the company.

Henkel Adhesive Technologies entered the Indian market in 1996 and is a significant growth driver for this business today. Henkel has been expanding its presence in the country through consistent strategic investments to meet the rapid growth. Today, the company has a strong footprint in India and operates five manufacturing sites, two innovation centers, a customer experience center, a packaging academy, and an application center for the footwear industry.

The new Loctite plant in the Kurkumbh manufacturing site reflects Henkel’s vision to drive growth in the Indian market. The plant will serve Indian businesses, further localize the product portfolio, and thus, reduce dependence on imports. It will also help address the supply-demand gap of high-performance adhesive solutions for the manufacturing, maintenance, repair and overhaul (MRO), and automotive components sectors. Henkel Adhesive Technologies is well-positioned to meet the demand arising in these fast-growing market sectors.

Speaking on the launch, Mark Dorn, Executive Vice President at Henkel Adhesive Technologies, said, “India has emerged as a focus market for Henkel globally. The new Loctite plant highlights our vision to emerge in the country as a self-reliant global market player with a strong local presence. With continued investments, efficient supply chains, and customer-focused solutions, Henkel is committed to driving growth in India and building ecosystems of innovative and sustainable solutions with our partners and customers.”

The Kurkumbh site also showcases Henkel’s dedication to the local community as a responsible corporate citizen. It meets the highest standards of sustainability and is LEED Gold certified, a rare feature among chemical plants. In addition, Henkel aims to achieve carbon-neutrality in Kurkumbh for Scope 1 and 2 emissions by 2030. To support this ambition, the site has signed a green electrical energy Power Purchase Agreement and installed on-site solar panels.

S. Sunil Kumar, Country President of Henkel India, commented, “The expansion of our manufacturing footprint reinforces Henkel’s sustained commitment to making India a manufacturing hub for advanced and high-performance adhesive, sealant, and functional coating solutions. A key highlight of the new Loctite plant is the Automated Storage and Retrieval System (ASRS), which enables fast execution of material storage and retrieval. The plant will leverage Industry 4.0, optimize production efficiency, and further drive profitable, organic growth for Henkel India, while continuing to contribute to the ‘Make in India’ initiative of the Indian government.”

Union Health Minister Shri J P Nadda reviews Regulation of Drugs, Cosmetics and Medical Devices

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“For India to become the global leader in drugs regulation to match our global reputation of ‘Pharmacy of the World’, we need to have world class regulatory framework matching our scale of operations and international expectations”. This was stated by Union Health Minister Shri J P Nadda, as he reviewed the regulation of drugs, cosmetics and medical devices, here today. Union Health Secretary Shri Apurva Chandra, Drugs Controller General of India (DCGI) Dr Rajeev Singh Raghuvanshi and senior officers of Central Drugs Standard Control Organization (CDSCO) and Union Health Ministry were present at the high level review meeting.

Highlighting the global position of India as the leading producer and exporter of drugs, Shri J P Nadda stressed on CDSCO to draw a roadmap with timelines of achieving global standards in its mandated activities. He stated that the upscaling needs to be systems-based focusing on highest standards of uniformity, technical upgradation and futuristic approach. For export of drugs and pharmaceuticals, the system should be designed for proper intervention to maintain the quality of drugs being exported, he emphasized.

Shri Nadda underscored the importance of transparency in the working of CDSCO. He stated that “In order to achieve global standards, our focus needs to be on transparency of procedures at CDCSO and within the drugs and medical devices industry”. Both the Drugs Regulatory body and the industry should work on highest principles of transparency to ensure that the products manufactured and sold by India meet the highest indices of global quality standards, he said.

The Union Health Minister stated that it is important for CDSCO to be in continuous dialogue with the drugs and medical devices industry to understand their issues and support them to fulfill the quality expectations and standards of CDSCO. “Our focus should be on developing mechanisms that ensure easy of doing business for the drugs industry within the regulatory requirements. For this, CDSCO needs to be a user-friendly organization with state-of-the-art facilities matching global standards”, he stated. 

On the topic of Micro, Small & Medium Enterprises (MSME) sector in drugs manufacturing and the issues faced by the small scale industries to meet quality standards, the Union Health Minister “Let us understand the issues faced by MSME sector and support them to strengthen their capacity and quality of products on the one hand, and encourage them to meet the regulatory requirements on the other.”

Shri Nadda was briefed about the mandated activities of CDSCO, its achievements, future plans and various issues and challenges faced by CDSCO. The Minister was also updated on the progress of the Scheme for strengthening state drug regulatory system with a budget of Rs.850 crores which was launched in 2016 during his earlier tenure.

The Union Minister was briefed on the roles and responsibilities of the central and state drugs regulatory bodies, and some of the challenges faced in alignment between them. Noting that the States are integral part of our regulatory value chain, Shri Nadda underscored the importance of working in tandem with the States so as to enhance their skills and capacities, and also encourage them to align with quality standards of the Central Government. “This is especially important in view of upgradation of Good Manufacturing Practices to global level embarked upon by CDSCO”, he added.

 

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HCLTech delivers another solid quarter with revenue growth of 5.6% YoY (CC)

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HCLTech, a leading global technology company, today announced its financial results for the quarter ended June 30, 2024. 

HCLTech won new deals worth $1.96 billion across industries and geographies during the quarter. Revenue in constant currency (CC) grew 5.6% YoY, while dollar revenue came in at $3.36 billion, up 5.1% YoY.  

Services revenue was up 5.8% YoY (CC) while Digital revenue was up 6% YoY (CC). Engineering and R&D Services business (ERS) grew by 8.4% YoY (CC). HCLSoftware continued its strong growth momentum with revenue for the quarter growing at 3.5% YoY (CC).  

Net Income for the quarter was ₹4,257 crores, up 20.4% YoY. The company retained revenue growth guidance of 3-5% (CC) and EBIT margin guidance of 18-19% for FY25.

“We are pleased to report another quarter of industry-leading performance with 5.6% YoY revenue growth on constant currency basis. Our Q1 revenue and EBIT performance was slightly better than our expectations. We clocked in $2B TCV of new business bookings. We are confident of decent growth in the coming quarters, positioning us well to deliver our revenue guidance for the year as clients continue to spend on GenAI and other emerging technologies,” said C Vijayakumar, CEO & Managing Director, HCLTech.

Americas was the fastest-growing geography with revenue growth of 8% YoY (CC), followed by Europe at 3% YoY (CC). Industry vertical growth was led by Telecommunications, Media, Publishing and Entertainment (69.2% YoY in CC), followed by Retail and CPG (9.7% YoY in CC). 

“HCLTech delivered an INR revenue growth of 6.7% YoY, healthy given the global environment. EBIT margins came in at 17.1%, steady on YoY basis. We delivered PAT of ₹4,257 crores for the quarter, which translates to YoY growth of 20.4%. Our cashflow generation remains robust with LTM FCF at ₹21,637 crores, 133% of PAT and 88% of EBITDA,” said Prateek Aggarwal, Chief Financial Officer, HCLTech.

Attrition (last twelve months) at 12.8% was among the lowest in the industry. The company hired 1,078 freshers during Q1 FY25.

HCLTech continues to leverage technologies from GenAI to cloud computing to help clients future-proof their businesses.

Among the select GenAI deals that HCLTech won in the quarter are:

  • A Europe-based financial services major has partnered with HCLTech to develop and manage its next-gen low latency electronic trading platform and compliance analytics platform by leveraging GenAI. 
  • A global technology major has selected HCLTech to deploy GenAI to transform its content life cycle management and processes. HCLTech will help the client to automate its content processing with intelligent features such as persona filters. 
  • A US-based hi-tech major has engaged HCLTech to create and maintain a GenAI-as-a-service (GaaS) platform. 

Other Achievements:

  • HCLTech was the most decorated India-headquartered IT services company in the Institutional Investor Research Annual Asia Executive Team survey with #1 ranks in 21 categories in the Technology IT Services & Software sector.      
  • Won SAP Pinnacle Award in the Social Impact category for the HCLTech AquaSphere solution that helps enterprises achieve their water conservation goals.
  • Secured the #3 spot in Brand Finance’s Sustainability Perception Index in India.
  • Ranked # 7 in BW Businessworld India’s Most Respected Companies 2024 list. 

About HCLTech

HCLTech is a global technology company, home to more than 219,000 people across 60 countries, delivering industry-leading capabilities centered around digital, engineering, cloud and AI, powered by a broad portfolio of technology services and products. We work with clients across all major verticals, providing industry solutions for Financial Services, Manufacturing, Life Sciences and Healthcare, Technology and Services, Telecom and Media, Retail and CPG and Public Services. Consolidated revenues as of 12 months ending June 2024 totaled $13.4 billion.

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Infosys Foundation USA joins forces with Congressional App Challenge to Champion STEM Education across the U.S

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Infosys Foundation USA, a non-profit organization dedicated to expanding computer science, maker, and STEM education, today announced that it is a sponsor of The Congressional App Challenge.

The Congressional App Challenge is an official initiative of the U.S. House of Representatives, where members of Congress host contests in their districts for middle school and high school students, encouraging them to learn to code and inspiring them to pursue careers in computer science. Since its inception in 2015, the Challenge has inspired over 58,000 students across all 50 states to engage with STEM education, transforming Congress’ approach to expanding skilling and STEM education.

This initiative exemplifies Infosys Foundation USA’s commitment to increasing diversity and equity in computer science education, through focused initiatives that reach under-represented communities.

The 2023 Challenge saw record high participation, with 374 members of Congress representing all 50 states hosting app challenges for a remarkable 11,334 students. Among the participants, nearly 40% were girls and around 25% were Black, Hispanic or Native Americans. The Challenge is demonstrating remarkable results, with 80% of the program’s alumni studying STEM fields in college.

“We are excited to join forces with Infosys Foundation USA in our shared commitment to promoting STEM education for all,” said Joseph Alessi, Program Director, Congressional App Challenge. “Together, we will continue to expand opportunities for student innovators from all backgrounds to showcase their talents and give them the tools to enhance the future of technology.”

“We are delighted to be a sponsor of the Congressional App Challenge and advance our shared mission to expand STEM education,” said Kate Maloney, Executive Director, Infosys Foundation USA. “By sponsoring this initiative, we hope to inspire more students nationwide to learn CS and pursue a career that leverages digital skills. Together, we will empower students from all backgrounds to unlock their potential and contribute to the future of technology.”

As the 2024 Challenge gains momentum following its launch on May 1st, the Congressional App Challenge pledges to leverage this collaboration and its growing network of supporters to deliver the most impactful and inclusive program yet.

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REC Limited avails green loan facility of JPY 31.96 Billion (USD 200 Million) from Deutsche Bank AG, Gift City Branch

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In a significant step towards sustainable development in India, REC Limited, a leader in the Indian power sector, has successfully availed a green loan of JPY 31.96 Billion (equivalent to USD 200 million) to finance eligible green projects in India. This strategic investment reinforces REC’s commitment to foster sustainable growth, in alignment with the Company’s Green Finance Framework.  

This green facility is a first of its kind successful collaboration between an Indian government entity and Deutsche Bank AG, GIFT City branch. This facility sets a benchmark in the Indian public sector landscape for similar green financing transactions, highlighting a growing commitment to sustainable financing. The facility also marks one of the first JPY-denominated green loan transaction for Deutsche Bank AG, GIFT City.

This facility demonstrates dedication of REC Limited and its partners for supporting projects that meet rigorous environmental standards, promote renewable energy and contribute to reducing carbon emissions throughout India. Additionally, it also reflects the growing momentum towards green financing and the collective efforts of stakeholders to address environmental challenges.

Commenting on this occasion, Mr. Vivek Kumar Dewangan, IAS, CMD, REC said, “This successful transaction is in line with REC’s commitment to enhance its green energy financing and sustainable projects capabilities as well as the global community’s support for sustainable development projects in India. This benchmark transaction is anticipated to pave way for more such collaborations in future which can help in achieving nation’s goals in green space financing.”

 

Mr Kaushik Shaparia, CEO, Deutsche Bank Group, India said, “Our collaboration with REC underscores our steadfast commitment to advancing environmentally responsible initiatives and promoting sustainable financing within India. This transaction reinforces Deutsche Bank’s expertise in green financing, demonstrating our ability to support clients in their transformation towards a carbon-free future.”

About REC Limited:

REC is a ‘Maharatna’ company under the administrative control of the Ministry of Power, Government of India, and is registered with RBI as Non-Banking Finance Company (NBFC), Public Financial Institution (PFI) and Infrastructure Financing Company (IFC). REC is financing the entire Power-Infrastructure sector comprising Generation, Transmission, Distribution, Renewable Energy and new technologies like Electric Vehicles, Battery Storage, Pump Storage projects, Green Hydrogen, Green Ammonia projects etc. More recently REC Limited has also diversified into the Non-Power Infrastructure sector comprising Roads & Expressways, Metro Rail, Airports, IT Communication, Social and Commercial Infrastructure (Educational Institution, Hospitals), Ports and Electro-Mechanical (E&M) works in respect of various other sectors like Steel, Refinery, etc. REC Limited provides loans of various maturities to State, Central and Private Companies for creation of infrastructure assets in the country.

REC Limited continues to play a key strategic role in the flagship schemes of the Government for the power sector and has been nodal agency for Pradhan Mantri Sahaj Bijli Har Ghar Yojana (SAUBHAGAYA), Deen Dayal Upadhaya Gram Jyoti Yojana (DDUGJY), National Electricity Fund (NEF) Scheme which resulted in strengthening of last mile distribution system, 100% village electrification and household electrification in the country. REC has also been made the nodal agency for certain States and Union Territories for the Revamped Distribution Sector Scheme (RDSS). It is also designated as the National Programme Implementation Agency (NPIA) for “PM Surya Ghar: Muft Bijli Yojana” with aim to increase the share of solar rooftop capacity and empower residential households to generate their own electricity. The loan book of REC stands at ₹ 5.09 lakh crore and Net Worth at Rs. ₹ 68,783 crore as on 31 March, 2024.

About Deutsche Bank

Deutsche Bank is Germany’s leading bank, with a strong position in Europe and a significant presence in the Americas and Asia Pacific. The bank provides commercial and investment banking, retail banking, transaction banking and asset and wealth management products and services to corporations, governments, institutional investors, small and medium-sized businesses, and private individuals.

The Deutsche Bank group has been operating in India since 1980 with a strong presence in the businesses of corporate and investment banking, retail banking, private wealth management and global business services. With more than 21000 staff and operations across 18 locations in India, the group is recognised as one of the leading foreign financial service providers in India.

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Second Regional Event of ‘Hamara Samvidhan Hamara Samman’ to be held in Prayagraj, Uttar Pradesh on Tuesday

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The second regional event of the year-long celebration, ‘Hamara Samvidhan Hamara Samman’ campaign is being organised under the aegis of Designing Innovative solutions for Holistic Access to Justice (DISHA), a Central Sector Scheme implemented by Department of Justice, Ministry of Law and Justice, Government of India.  The event is set to take place on 16th July 2024 at the Allahabad Medical Association Convention Centre in Prayagraj, commemorating the 75th anniversary of the adoption of the Indian Constitution and India as a Republic.

This event will feature the distribution of prizes to the winners of the online competitions held from 24th January to 23rd April 2024 on the MyGov platform. The competitions include the Samvidhan Quiz, Panch Pran Rangotsav (Poster-making), and Panch Pran Anubhav (Reel-making). Additionally, probono advocates panel of the Hon’ble High Court of Judicature at Allahabad registered under the Nyaya Bandhu programme of the Department of Justice will be recognized and felicitated for their significant contributions in encouraging a large number of advocates to enroll for pro bono services.

In an effort to enhance citizen participation, the ‘Hamara Samvidhan Hamara Samman’ portal will be launched at the event. This portal will serve as a repository of knowledge, providing citizens with easy access to information to create awareness about the Constitution and legal rights. It will also feature glimpses of the activities carried out under the campaign.  Additionally, it will also consist of an event calendar and tools to make learning about constitutional rights interactive and participative through a community-based collaborative approach. 

The event will be graced by the presence of the Minister of State for Law and Justice (Independent Charge) and Minister of State for Parliamentary Affairs, Shri Arun Ram Meghwal, and the Honourable Chief Justice of the High Court of Judicature at Allahabad, Shri Justice Arun Bhansali. Approximately 800 participants, including advocates from the Allahabad Bar, government counsels, judicial officers, village-level entrepreneurs from Common Service Centers, the vice-chancellor, faculty and law students from Rajendra Prasad National Law Institute, Prayagraj, senior officials from the Central and State administration, and citizens will attend the event, in person besides several citizens and stakeholders of DoJ who will join digitally.

The ‘Hamara Samvidhan Hamara Samman’ campaign was inaugurated at the Dr. B.R. Ambedkar International Centre in New Delhi by the Hon’ble Vice-President of India on 24th January 2024. The campaign aims to popularize the understanding of the Constitution and awareness about legal rights. Going forward, it was decided that this campaign needs to be organised at regional levels to increase the participation and inclusivity.  Accordingly, first regional event was inaugurated by Honourable Chief Justice of India, Shri Justice D.Y.Chandrachud, in Bikaner, Rajasthan on 9th March 2024. 

Some key milestones for this pan-India campaign include:

  • Commemorating ‘Hamara Samvidhan Hamara Samman’ at the regional level.
  • Promoting and spreading awareness about the Constitution in simplified ways for the local populace.
  • Organizing and popularizing sub-campaigns such as Sabko Nyaya Har Ghar Nyaya, Nav Bharat Nav Sankalp, and Vidhi Jagriti Abhiyaan.
  • Encouraging citizens to actively participate on the ‘Hamara Samvidhan Hamara Samman’ portal.
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NITI Aayog Unveils GearShift Challenge to Accelerate Zero-Emission Truck Adoption in India

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NITI Aayog, in collaboration with IIM Bangalore, Smart Freight Centre India, CALSTART/Drive to Zero, and WRI India, announced the launch of the NITI GearShift Challenge as part of the e-FAST India initiative. This pioneering hackathon aims to foster innovative business models for the adoption of zero-emission trucks (ZETs) in India, addressing the nation’s pressing economic and environmental challenges.

The NITI GearShift Challenge invites students, transport service practitioners, academics, and researchers to develop innovative business models that address financial, technical, and operational challenges in the adoption of electric trucks. The program has garnered participation from e-FAST India knowledge partners, financial institutions, and industry forums.

The hackathon will unfold in two rounds. In Round 1, teams will submit their initial business models addressing a specific barrier—technical, operational, or financial—supported by high-level strategies and research. Shortlisted teams in Round 2 will present detailed business models with an implementation roadmap, backed by both primary and secondary research. These proposals will be mentored by industry leaders to ensure practical and impactful solutions.

India’s freight sector is vital to the economy, ensuring the smooth delivery of goods to over 1.4 billion people. With road freight accounting for a staggering 55% of India’s annual diesel consumption and nearly 40% of CO2 emissions from road transport, there is an urgent need to transition to more sustainable solutions. The electrification of freight transportation is a key priority, as electric trucks offer a transformative opportunity to reduce emissions, improve air quality, and enhance energy security.

The GearShift Challenge marks a pivotal move towards sustainable freight transportation in India. By tapping into the creativity and expertise of participants, the hackathon aims to generate practical solutions that will accelerate the adoption of zero-emission trucks, thereby benefiting both the economy and the environment.