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Huawei Technologies reports 13.7% fall in Jan-Sep net profit

Economic Times

Economic Times · 9m ago

Huawei Technologies reports 13.7% fall in Jan-Sep net profit

Chinese telecoms giant Huawei Technologies reported a 13.7% decrease in net profit for the first nine months of the year, despite a 29.6% increase in revenue. The company's net profit dropped to 62.9 billion yuan ($8.83 billion), compared to 72.9 billion yuan in the same period last year. Revenue rose to 585.9 billion yuan from 452.3 billion yuan. Huawei did not provide further details in their statement to the Shanghai Clearing House.

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Huawei's profit more than doubles in 2023, sales up 9.6% as cloud and digital businesses grow

Economic Times

Economic Times · 1y ago

Huawei's profit more than doubles in 2023, sales up 9.6% as cloud and digital businesses grow

Chinese telecoms company Huawei Technologies reported a net profit of 87 billion yuan ($12 billion) for last year, more than double from the previous year, despite facing US sanctions. The profit increase was attributed to strong sales and growth in its cloud and digital businesses. Huawei's revenue also rose by nearly 10% to 704.2 billion yuan ($97.4 billion). The company has been affected by tensions between China and the US over technology and security, with the US banning companies from conducting business with Huawei. Nevertheless, Huawei has focused on cloud computing and digital services, with revenue from its cloud computing business growing significantly. The company's consumer unit, which sells smartphones, also experienced a revenue increase.

Bottomline: Warburg-owned Shriram Housing maintains profit, AUM growth trend in FY24

VCCircle

VCCircle · 10m ago

Bottomline: Warburg-owned Shriram Housing maintains profit, AUM growth trend in FY24

- Shriram Housing Finance reports a 58% increase in net profit for FY24 - Assets under management (AUM) continue to grow at a high double-digit rate - Private equity firm Warburg Pincus acquires Shriram Housing in May - Ravi Subramanian serves as the Managing Director and CEO of Shriram Housing - Net profit for the year ended March 2024 amounts to Rs 217.4 crore

Info Edge Q1 revenue rises 14% to Rs 676 crore, net profit down 50% amid weak IT sector hiring

Money Control

Money Control · 2y ago

Info Edge Q1 revenue rises 14% to Rs 676 crore, net profit down 50% amid weak IT sector hiring

Info Edge reports a 14% revenue increase to Rs 676 crore, but net profit drops 50% due to weakened IT sector hiring. The company's financial results reflect the impact of industry-specific challenges on hiring trends. The decline in net profit highlights the interconnectedness of economic sectors and their influence on recruitment dynamics, illustrating the broader effects of market fluctuations on employment trends.

Shein's annual profit down by more than a third: report

Economic Times

Economic Times · 5m ago

Shein's annual profit down by more than a third: report

Online fast-fashion retailer Shein saw a profit decline of over a third last year, as reported by the Financial Times. The company's net profit decreased nearly 40% to $1 billion in 2024, while sales increased by 19% to $38 billion. These figures fall short of initial projections of $4.8 billion in profit and $45 billion in sales. Shein is also considering reducing its valuation for an upcoming London IPO from $50 billion to potentially $30 billion.

HCLSoftware appoints Vikrant Chowdhary as Senior Vice-President, Country Head for India

YourStory

YourStory · 8m ago

HCLSoftware appoints Vikrant Chowdhary as Senior Vice-President, Country Head for India

HCL Software has appointed Vikrant Chowdhary as Senior Vice-President and Country Head for India. Chowdhary will lead HCL Software's business operations in India, focusing on growth and innovation across key sectors such as Enterprise, BFSI, and Government. With over 27 years of experience, Chowdhary has previously held leadership positions at CleverTap, Salesforce, SAP, Teradata, and IBM. This appointment comes as HCL Technologies reports a 6.2% increase in consolidated net profit for the three months ended December 2023, reaching a record high of Rs 4,350 crore.

China's Huawei set to re-enter mid-range 5G phone market

Economic Times

Economic Times · 1y ago

China's Huawei set to re-enter mid-range 5G phone market

Huawei is set to re-enter the mid-range 5G phone market, according to reports. The Chinese tech giant plans to launch multiple mid-range 5G smartphones to regain its position in the market. Huawei had faced significant setbacks due to US sanctions, resulting in a decline in its global market share. However, it aims to make a comeback with affordable 5G devices.

Bajaj Housing Finance Rs 6,560-cr IPO to open on Sep 9

YourStory

YourStory · 11m ago

Bajaj Housing Finance Rs 6,560-cr IPO to open on Sep 9

Bajaj Housing Finance is preparing for its IPO, which is expected to raise Rs 6,560 crore. The IPO will commence on September 9 and end on September 11, with bidding for anchor investors starting on September 6. The company plans to issue fresh equity shares worth Rs 3,560 crore and offer for sale equity shares worth Rs 3,000 crore. The funds raised will be used to meet future capital requirements and comply with RBI regulations. Bajaj Housing Finance provides financial solutions for property purchase and renovation. The company's net profit grew by 38% in FY2023-24.

For the first time since 2019, TCS sees a fall in Sep quarter margins | Mint

Livemint

Livemint · 10m ago

For the first time since 2019, TCS sees a fall in Sep quarter margins | Mint

- Tata Consultancy Services (TCS) reported a sequential decline in profit for the September quarter due to increased equipment costs and a decline in revenue from the Americas. - The net profit for the quarter stood at $1.43 billion, down 1.59% from the previous quarter, marking the first sequential decline in five years for TCS. - However, the company saw a 2.2% sequential and 6.38% yearly increase in revenue, reaching $7.67 billion. - The growth in revenue was primarily led by TCS's communication, media, and technology business segment, which accounted for more than 90% of the incremental revenue. - Despite the revenue growth, TCS experienced a decline in operating margins for the first time since September 2019, with profitability narrowing to 24.1%. - TCS's India business showed promise, contributing almost 9% or $681 million to its revenue, with domestic clients driving 74% of the incremental revenue in the quarter.

Geotech startup MapmyIndia net profit grows 32% in Q1, revenue up 38%

Economic Times

Economic Times · 2y ago

Geotech startup MapmyIndia net profit grows 32% in Q1, revenue up 38%

MapmyIndia, a geotech startup, reports a 32% rise in net profit during Q1, with revenue increasing by 38%. The company's robust financial performance reflects its sustained growth in the geospatial technology sector. MapmyIndia's impressive profit and revenue gains underscore its position as a prominent player in providing innovative mapping and location-based solutions, solidifying its presence in the tech startup landscape.

Tata Technologies net profit up 6.1% sequentially to ₹170.2 crore in Q3

Livemint

Livemint · 1y ago

Tata Technologies net profit up 6.1% sequentially to ₹170.2 crore in Q3

Tata Technologies, a pure-play automotive and engineering research and development (R&D) services firm, reported a 1.6% growth in rupee revenue to ₹1,289.5 crore in Q3. Its net profit also rose by 6.1% to ₹170.2 crore. However, its services vertical witnessed a 1.7% decrease in dollar revenue due to seasonality and the completion of a large deal. The company added 172 employees to its net headcount but did not make any net additions to its large clients. Tata Technologies remains bullish about FY25, despite potential growth tapering in Q4.

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