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25-Apr-2024 09:51 Hrs IST |
Indian IT services sector staring at second consecutive year of muted revenue growth: Crisil Ratings
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<p style="text-align: justify;">Crisil Ratings has said that the Indian IT services sector is staring at a second consecutive year of muted revenue growth due to modest increase in tech spends in Europe and the US. It expects the sector to grow at 5-7 per cent in FY25, after a growth of 6 per cent estimated to have been achieved in FY24. The overall industry size is pegged at $250 billion and it creates over 50 lakh direct jobs.</p><p style="text-align: justify;">The industry is, however, expected to sustain in the key metric of profitability, as the operating profit margins will be stable at 22-23 per cent, the agency said, attributing it to prudent management of employee costs. It said the sectoral revenues achieved a compounded annual growth rate of 12 per cent for the decade through FY24.</p><p style="text-align: justify;">It stated high interest rates and economic slowdown in client markets led to a modest single-digit growth in tech spends by companies in the banking, financial services and insurance (BFSI), retail, technology and communications sectors in FY24. It said these four sectors account for nearly two-thirds of the industry's revenues.</p><p style="text-align: justify;">Aditya Jhaver, director at Crisil said ‘The slowdown in technology spend will continue this fiscal, weighing on the revenue growth of IT service providers.' Jhaver said revenue from BFSI and retail segments will continue to be a drag with subdued growth of 4-5 per cent in FY25.</p><div style="text-align: justify;"><br></div>
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24-Apr-2024 12:39 Hrs IST |
India showcases innovative technologies, power generation practices at 26th World Energy Congress
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<p style="text-align: justify;">Reinforcing its commitment to environmental conservation on the global stage, India is showcasing its innovative technologies and power generation practices, at the 26th World Energy Congress, being held in Rotterdam, Netherlands, from April 22 -25, 2024.</p><p style="text-align: justify;">Central Public Sector Enterprises under the Ministry of Power, Ministry of New & Renewable Energy, Ministry of Coal and Ministry of Petroleum & Natural Gas are participating in the India Pavilion, giving a collective testimony to India's leadership in global energy transition.</p><p style="text-align: justify;">The 26th World Energy Congress is expected to be a critical turning point for leadership on clean and inclusive energy transitions worldwide. Themed ‘Redesigning Energy for People and Planet', the four-day gathering marks the World Energy Council's centenary in world energy. </p><p style="text-align: justify;">According to the Council, the Congress seeks to explore the role of connected energy societies in driving forward global energy transitions in a world context which is less predictable, more turbulent and faster-shifting.</p><div style="text-align: justify;"><br></div>
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24-Apr-2024 12:03 Hrs IST |
Not necessary to activate countercyclical buffer at this point: RBI
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24-Apr-2024 11:08 Hrs IST |
Capex for EV components likely to exceed Rs 25,000 crore in next 3-4 years: ICRA
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24-Apr-2024 09:50 Hrs IST |
Ind-Ra maintains neutral outlook for Indian residential real estate sector for FY25
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23-Apr-2024 12:41 Hrs IST |
Economic growth across India's private sector continues to strengthen in April: HSBC Flash India PMI
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23-Apr-2024 12:18 Hrs IST |
Reverse migration started as lot of people coming back to establish business in India: Sitharaman
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23-Apr-2024 10:56 Hrs IST |
Domestic air traffic touches new single-day high of 4.71 lakh passengers on April 21: Civil aviation ministry
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23-Apr-2024 09:51 Hrs IST |
India in next few years to become world's third largest economy: Piyush Goyal
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22-Apr-2024 12:47 Hrs IST |
EPFO adds 15.48 lakh net members during February 2024
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