{"id":30814,"date":"2024-04-19T23:50:16","date_gmt":"2024-04-19T23:50:16","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/04\/19\/wipro-q4-results-rbi-nod-for-creds-payment-aggregator-biz\/"},"modified":"2024-04-19T23:50:16","modified_gmt":"2024-04-19T23:50:16","slug":"wipro-q4-results-rbi-nod-for-creds-payment-aggregator-biz","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/04\/19\/wipro-q4-results-rbi-nod-for-creds-payment-aggregator-biz\/","title":{"rendered":"Wipro Q4 results; RBI nod for Cred\u2019s payment aggregator biz"},"content":{"rendered":"<div style=\"text-align:center\"><img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"900\" src=\"https:\/\/i2.wp.com\/img.etimg.com\/photo\/msid-109437982\/Srini%20Pallia.jpg?resize=1200,900&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Wipro Q4 results; RBI nod for Cred\u2019s payment aggregator biz\" title=\"Wipro Q4 results; RBI nod for Cred\u2019s payment aggregator biz\" \/><\/div><p> <br \/>\n<\/p>\n<div>IT services major Wipro saw an 8% fall in its consolidated net profit in the March quarter. This and more in today\u2019s ETtech Top 5.<\/p>\n<p><span class=\"subHead\">Also in this letter:<\/span><br \/>\u25a0 Startups hold back CXO hikes<br \/>\u25a0 Indian smartphone market continues recovery<br \/>\u25a0 Aurionpro to acquire Arya.ai<\/p>\n<hr style=\"border-bottom: solid 1px #979797; margin: 20px 0 14px;\" data-attr-sectionload=\"jsSectionLad_1\"\/>\n<p>Wipro Q4 profit falls 8% on year to Rs 2,835 crore<\/p>\n<div class=\"imageHolder\"><\/div>\n<p><em>Wipro MD and CEO Srini Pallia<\/em><\/p>\n<p>IT major Wipro on Friday <a href=\"https:\/\/economictimes.indiatimes.com\/markets\/stocks\/earnings\/wipro-q4-results-profit-falls-8-yoy-to-rs-2835-crore-marginally-misses-estimates\/articleshow\/109433181.cms\">reported an 8% fall in consolidated profit<\/a> for the fourth quarter of FY24 at Rs 2,835 crore, as against Rs 3,074 crore a year ago. The company&#8217;s revenue from operations declined 4% to Rs 22,208 crore.<\/p>\n<p><span class=\"subHead\">Financial highlights:<\/span><\/p>\n<ul class=\"ulCommon\">\n<li>Revenue from IT services segment fell 6.4% to $2,657.4 million<\/li>\n<li>Deals worth $3.6 billion were booked in the quarter, with large deals at $1.2 billion<\/li>\n<li>Operating margin for the quarter stood at 16.4%<\/li>\n<\/ul>\n<p><span class=\"subHead\"><br \/>Outlook:<\/span> For June quarter, the company expects revenue from IT services to be in the range of $2,617 million to $2,670 million, which means a sequential guidance of -1.5-0.5% in constant currency terms. <\/p>\n<p>&#8220;FY24 proved to be a challenging year for our industry, and the macroeconomic environment remains uncertain. However, I am optimistic about the opportunities that lie ahead,&#8221; said newly appointed MD and CEO Srini Pallia.<\/p>\n<p><span class=\"subHead\">Headcount dips: <\/span>Wipro <a href=\"https:\/\/economictimes.indiatimes.com\/tech\/information-tech\/wipro-headcount-falls-by-9-5-in-fy24\/articleshow\/109434375.cms\">saw its headcount decline by 9.5 % in FY24<\/a>. This is the third time in a decade that the IT major saw a full-year decline in its headcount, by ending the fiscal at a lower number compared to the start of the year.<\/p>\n<p>Wipro started the fiscal with a total headcount of 2,58,570. It ended the financial year with a total strength of 2,34,054 employees, down by 24,516 employees<\/p>\n<p>Rivals <a href=\"https:\/\/economictimes.indiatimes.com\/tech\/information-tech\/tcs-reports-dip-in-q4-hiring-attrition-cools-to-12-5\/articleshow\/109245708.cms\">TCS<\/a> and <a href=\"https:\/\/economictimes.indiatimes.com\/tech\/information-tech\/infosys-reports-drop-in-hiring-for-fifth-straight-quarter-in-q4\/articleshow\/109405452.cms\">Infosys<\/a> saw their headcount decrease by 13,249 and 25,994, respectively.<\/p>\n<p><span class=\"subHead\">Also read | <\/span><a href=\"https:\/\/economictimes.indiatimes.com\/tech\/information-tech\/infosys-q4-net-profit-jumps-30-company-buys-german-tech-firm-for-450-million\/articleshow\/109412111.cms%E2%80%8B%E2%80%8B%E2%80%8B\" data-type=\"tilCustomLink\" target=\"_blank\" rel=\"noopener\">Infosys Q4 net profit jumps 30%; company buys German tech firm for \u20ac450 million<\/a><\/p>\n<hr style=\"border-bottom: solid 1px #979797; margin: 20px 0 14px;\" data-attr-sectionload=\"jsSectionLad_2\"\/>\n<p>Cred secures in-principle nod from RBI for payment aggregator business <\/p>\n<div class=\"imageHolder\"><img decoding=\"async\" class=\"artimg\" align=\"center\" style=\"width:100%;\" src=\"https:\/\/img.etimg.com\/photo\/msid-109438028\/Kunal Shah founder CEO Cred.jpg\" alt=\"Kunal Shah founder CEO Cred\" title=\"Kunal Shah founder CEO Cred\"\/><\/div>\n<p><em>Kunal Shah, founder, Cred<\/em><\/p>\n<p>Fintech unicorn <a href=\"https:\/\/economictimes.indiatimes.com\/tech\/startups\/cred-receives-in-principle-approval-from-the-rbi-for-payment-aggregation-business\/articleshow\/109430430.cms\">Cred has received an in-principle approval from the Reserve Bank of India <\/a>(RBI) for operating its payment aggregation (PA) business, people in the know told us.<\/p>\n<p><span class=\"subHead\">What\u2019s happening?<\/span> Once it secures the final approval, Cred, which primarily runs a credit card bill payment platform for creditworthy customers, can double down on the merchant payments business too, joining the ranks of Razorpay and Cashfree.<\/p>\n<p>As an online payment aggregator, Cred can offer merchant payments to any online seller. The RBI allows PAs to manage funds through an escrow account and offer value-added services on top of payments.<\/p>\n<p><span class=\"subHead\">UPI push: <\/span>Cred is also developing an offline payments business and will start deploying QR code-based \u2018scan and pay\u2019 payments at retail outlets. It will build on the UPI payments facility that Cred is pushing.<\/p>\n<div class=\"imageHolder\"><img decoding=\"async\" class=\"artimg\" align=\"center\" style=\"width:100%;\" src=\"https:\/\/img.etimg.com\/photo\/msid-109439642\/UPI market share among top apps Apr 2024 Graphic.jpg\" alt=\"UPI market share among top apps Apr 2024 Graphic\" title=\"UPI market share among top apps Apr 2024 Graphic\"\/><\/div>\n<p>As per industry data for March, <a href=\"https:\/\/economictimes.indiatimes.com\/tech\/technology\/paytm-upi-payments-drop-further-in-march-phonepe-google-pay-show-gains\/articleshow\/109167691.cms\">Cred was the fourth largest UPI payments application<\/a> after PhonePe, Google Pay and Paytm. <\/p>\n<p><span class=\"subHead\">In other news:<\/span> The <a href=\"https:\/\/economictimes.indiatimes.com\/tech\/technology\/rbi-moves-to-regulate-pos-payment-players\/articleshow\/109355150.cms\">regulator recently issued draft guidelines for payment aggregators <\/a>suggesting strict know-your-customer requirements on the part of merchants.<\/p>\n<p>Industry insiders said that the stricter norms could <a href=\"https:\/\/economictimes.indiatimes.com\/tech\/technology\/rbis-kyc-norms-may-slow-down-payment-aggregators\/articleshow\/109378604.cms\">slow the onboarding of online merchants by as much as 90%<\/a>.<\/p>\n<p><span class=\"subHead\">Also read | <\/span><a href=\"https:\/\/economictimes.indiatimes.com\/tech\/technology\/explained-the-headlong-rush-for-a-payment-aggregator-licence\/articleshow\/106153547.cms%E2%80%8B%E2%80%8B\" data-type=\"tilCustomLink\" target=\"_blank\" rel=\"noopener\">ETtech Explainer: The headlong rush for a payment aggregator licence<\/a><\/p>\n<hr style=\"border-bottom: solid 1px #979797; margin: 20px 0 14px;\" data-attr-sectionload=\"jsSectionLad_3\"\/>\n<p>Startups, ecommerce firms withhold CXO hikes amid profitability focus<\/p>\n<div class=\"imageHolder\"><img decoding=\"async\" class=\"artimg\" align=\"center\" style=\"width:100%;\" src=\"https:\/\/img.etimg.com\/photo\/msid-109438074\/Startup pay cut cost cutting THUMB IMAGE ETTECH.jpg\" alt=\"Startup pay cut cost cutting THUMB IMAGE ETTECH\" title=\"Startup pay cut cost cutting THUMB IMAGE ETTECH\"\/><\/div>\n<p>Despite early signs of easing of the so-called funding winter, startups and ecommerce firms have continued to <a href=\"https:\/\/economictimes.indiatimes.com\/jobs\/hr-policies-trends\/amid-cost-conservation-focus-startups-keep-tighter-rein-on-top-rung-hikes-during-appraisals\/articleshow\/109410279.cms\">keep a tight rein on senior management hikes <\/a>during appraisals amid a focus on cost conservation.<\/p>\n<p><span class=\"subHead\">Driving the news:<\/span> Founders, investors and compensation experts said that some startups and ecommerce companies will hold back pay raises for senior staff this year and in some may even link it to achievement.<\/p>\n<div class=\"imageHolder\"><img decoding=\"async\" class=\"artimg\" align=\"center\" style=\"width:100%;\" src=\"https:\/\/img.etimg.com\/photo\/msid-109438113\/CXO hikes gfx.jpg\" alt=\"CXO hikes gfx\" title=\"CXO hikes gfx\"\/><\/div>\n<p><span class=\"subHead\">Zoom in:<\/span> Bombay Shirt Company\u2019s 10-member executive management team has unanimously decided not to take pay hikes during appraisals, said founder and CEO, Akshay Narvekar.<\/p>\n<p>Ecommerce firm Flipkart, <a href=\"https:\/\/economictimes.indiatimes.com\/tech\/technology\/no-annual-increments-for-senior-leadership-amid-tough-macroeconomic-conditions-flipkart-tells-employees\/articleshow\/98171562.cms\">which froze increments for the top 30% of employees <\/a>last year, has<a href=\"https:\/\/economictimes.indiatimes.com\/industry\/services\/retail\/flipkart-tweaks-merit-approach-converts-hikes-into-payouts\/articleshow\/108681366.cms\"> paid out 100% bonuses across the board this year<\/a> but handed out merit-linked payouts only to employees in Grade 12 (mid-management) and below.<\/p>\n<p>For the rest of the grades, the company has enabled a wider spread of Esop allocation to drive wealth creation.<\/p>\n<p><span class=\"subHead\">Quote, unquote:<\/span> \u201cThe cash conserved can be used to hire the right people to achieve the company\u2019s objectives,\u201d said Sandeep Murthy, partner at VC fund Lightbox Ventures, adding that most of the firm&#8217;s portfolio companies are taking this approach.<\/p>\n<hr style=\"border-bottom: solid 1px #979797; margin: 20px 0 14px;\" data-attr-sectionload=\"jsSectionLad_4\"\/>\n<p>Indian smartphone market grows 15% on year, continues recovery: Canalys<\/p>\n<div class=\"imageHolder\"><img decoding=\"async\" class=\"artimg\" align=\"center\" style=\"width:100%;\" src=\"https:\/\/img.etimg.com\/photo\/msid-109438124\/upcoming smartphones march 2024.jpg\" alt=\"upcoming smartphones march 2024\" title=\"upcoming smartphones march 2024\"\/><\/div>\n<p>The Indian smartphone market continued its recovery, <a href=\"https:\/\/economictimes.indiatimes.com\/industry\/cons-products\/electronics\/india-smartphone-up-15-on-year-in-q1-continues-recovery-canalys\/articleshow\/109403282.cms\">reaching 35.3 million units in the quarter ended March 2024<\/a>, growing 15% year-on-year, according to a report released Thursday.<\/p>\n<p><span class=\"subHead\">Slump in 2023:<\/span> The growth rate appears sharper on account of a lower base last year with Q1 2023 marred by inventory pileup, inflationary pressure and weak demand, said market research firm Canalys.<\/p>\n<p><span class=\"subHead\">Tell me more:<\/span> Samsung remained the top smartphone brand shipping 6.7 million units and capturing 19% market share, followed by Xiaomi and Vivo with 18% share each. Oppo and Realme completed the top five with 13% and 9% market share respectively.<\/p>\n<p><span class=\"subHead\">The big picture:<\/span> However, as demand for second-hand smartphones grows, brands and seller platforms are <a href=\"https:\/\/economictimes.indiatimes.com\/industry\/cons-products\/electronics\/rise-in-second-hand-smartphone-demand-prompts-brands-to-prevent-unorganised-market-access\/articleshow\/109399877.cms\">taking steps to prevent stocks of old devices from reaching the large unorganised market<\/a>, which still accounts for over 80% of the sales.<\/p>\n<p>\u201cEarlier, there used to be a bidding process to procure old devices from platforms. Now almost all of them are trying to make this a much more organised process,\u201d said Saket Saurav, cofounder and CEO, ReFit Global, a refurbished smartphone seller.<\/p>\n<p><span class=\"subHead\">Also read | <\/span><a href=\"https:\/\/economictimes.indiatimes.com\/industry\/cons-products\/electronics\/apple-bonanza-iphones-drive-indias-mobile-phone-exports-to-record-15-billion\/articleshow\/109355353.cms%E2%80%8B%E2%80%8B\" data-type=\"tilCustomLink\" target=\"_blank\" rel=\"noopener\">Apple bonanza: iPhones drive India&#8217;s mobile phone exports to record $15 billion<\/a><\/p>\n<hr style=\"border-bottom: solid 1px #979797; margin: 20px 0 14px;\" data-attr-sectionload=\"jsSectionLad_5\"\/>\n<p>Aurionpro Solutions to acquire fintech startup Arya.ai for $16.5 million<\/p>\n<div class=\"imageHolder\"><img decoding=\"async\" class=\"artimg\" align=\"center\" style=\"width:100%;\" src=\"https:\/\/img.etimg.com\/photo\/msid-109438170\/acquired acquisition Startup merger Acquisitions deals MA THUMB IMAGE ETTECH.jpg\" alt=\"acquired acquisition Startup merger Acquisitions deals MA THUMB IMAGE ETTECH\" title=\"acquired acquisition Startup merger Acquisitions deals MA THUMB IMAGE ETTECH\"\/><\/div>\n<p>NSE-listed <a href=\"https:\/\/economictimes.indiatimes.com\/tech\/startups\/aurionpro-solutions-to-acquire-fintech-startup-arya-ai-for-165-million\/articleshow\/109416676.cms\">Aurionpro Solutions is set to acquire<\/a> 67% of banking and insurance focused startup Arya.ai for $16.5 million (about Rs 138 crore) in an all-cash deal.<\/p>\n<p><span class=\"subHead\">Driving the news: <\/span>Platform-as-a-service Arya.ai, founded in 2013 by IIT Bombay graduates Vinay Kumar and Deekshith Marla, had raised about $2 million from investors such as YourNest, DMI Sparkle Fund and Venture Nursery. Most of these investors, barring a few angels, would be exiting the cap table after the deal.<\/p>\n<p><span class=\"subHead\">Deal details: <\/span>While Aurionpro Solutions is looking to enhance its business offerings by leveraging Arya.ai&#8217;s capabilities in enterprise artificial intelligence (AI), the latter looks to complement its intellectual property in the area with new business.<\/p>\n<p><span class=\"subHead\">About Arya.ai:<\/span> The company offers its financial services clients, cloud based artificial intelligence trained tools which help them analyse data, underwrite risks and monitor fraud. It also helps automate reading and analysing bank statements, gathering KYC details of the customers which are crucial for banks, lending companies and insurers to undertake their business.<\/p>\n<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/economictimes.indiatimes.com\/tech\/newsletters\/tech-top-5\/wipro-q4-results-cred-secures-rbi-nod-for-payment-biz\/articleshow\/109437975.cms\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>IT services major Wipro saw an 8% fall in its consolidated net profit in the March quarter. This and more in today\u2019s ETtech Top 5. Also in this letter:\u25a0 Startups hold back CXO hikes\u25a0 Indian smartphone market continues recovery\u25a0 Aurionpro to acquire Arya.ai Wipro Q4 profit falls 8% on year to Rs 2,835 crore Wipro [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":30815,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","fifu_image_url":"https:\/\/img.etimg.com\/photo\/msid-109437982\/Srini%20Pallia.jpg","fifu_image_alt":"","footnotes":""},"categories":[607],"tags":[8676,28366,22672,22675,4025,13295,34620,3057,8675,2126,34851,7997,5384,34768],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/30814"}],"collection":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/comments?post=30814"}],"version-history":[{"count":1,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/30814\/revisions"}],"predecessor-version":[{"id":30816,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/30814\/revisions\/30816"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media\/30815"}],"wp:attachment":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media?parent=30814"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/categories?post=30814"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/tags?post=30814"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}