1.
Quess Corp
reports strong Q3FY24 performance with 24% YoY EBIDTA growth
Quess Corp,
a leading business services provider, reported a robust Q3 FY24, marking a 24
per cent year-on-year (YoY) growth in earnings before interest, taxes,
depreciation, and amortisation (EBITDA) to Rs 181 crores. Revenue climbed 8 per
cent YoY to Rs 4,842 crores, fuelled by consistent growth in their global
technology solutions platform and profitability gains in operating asset
management. Adjusted profit after tax (PAT) skyrocketed by 162 per cent YoY,
reaching Rs 84 crores, reflecting their improved bottom line. The company
further sweetened the deal with an interim dividend of Rs 4 per share for FY24.
Headcount swelled by 11 per cent YoY, reaching 557,000 employees, primarily
driven by the workforce management platform. Within their individual platforms,
global technology solutions saw a 19 per cent YoY leap in EBITDA, thanks to
strong performances in both employee experience management and customer
experience management segments. The workforce management platform added 13,000
employees during the quarter, reaching a total headcount of 444,000. Notably,
the manufacturing and BFSI sectors collectively contributed over 45 per cent to
the business. Operating asset management achieved 16 per cent YoY growth in
EBITDA, with both their food business and telecom infrastructure experiencing
significant improvement.
2.
TCS ties pay hikes,
promotions to return-to-office mandate
This policy
signals a potential shift in the IT industry's post-pandemic remote work
practices. India’s IT services major, Tata Consultancy Services (TCS), has
linked pay hikes, promotions, and even variable payouts to its recent
return-to-office mandate. This policy shift, effective October 2023, requires
most employees to work from their designated offices five days a week, marking
an end to the work-from-home option for many. TCS emphasises that adherence to
the return-to-office policy will be a crucial factor in determining employee
performance and eligibility for promotions and pay raises. This applies not
only to seasoned employees but also to freshers who have completed assigned
courses and are eligible for higher salaries beyond their standard Rs 3 lakh
annual compensation.
3.
Byju’s
pays Jan. salary to staff; CEO admits to financial challenges
Byju Raveendran wrote to the employees sharing how the company
has been struggling to pay salaries and that the successful rights issue will
ensure operational profitability. While the employees of Byju’s have received
their January salaries before the promised date, they have also been apprised
of the financial struggles the company has been undergoing. Byju Raveendran,
founder and CEO, Byju’s, has written to the employees admitting that he has had
to go to great lengths to be able to pay the salaries of the staff members, and
that the challenges have been mounting with time. Raveendran reportedly
acknowledged being distressed by the challenges but also admitted to having
managed to overcome them. Media reports peg the payroll cost of the edtech
company at about Rs 70 crore a month! However, Raveendran also assured the
employees that once the old dues are cleared and short-term growth is achieved,
the company will become operationally profitable.
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