IBM
IBM acquires Microsoft Azure consultancy firm Neudesic
Headquartered in California, Neudesic has more than 1,500 Cloud and data experts across the US and in India. Neudesic offers deep expertise in technology transformation, delivering Microsoft Azure cloud services to clients across the health and life sciences, financial services, energy and utilities, professional services and retail industries.
ITC's Q3FY22 standalone net profit up over 12%
The net profit rose to Rs 4,156.20 crore from Rs 3,687.88 crore reported for the corresponding quarter of the previous year. The company's standalone gross revenue rose by 31.3 per cent to Rs 16,633.86 crore from Rs 12,673.31 crore on a YoY basis. According to the Q3FY22 earnings result, the company delivered a strong performance across all operating segments during the quarter.
IBM bets big on Kyndryl to boost revenue stream in 2022
The company posted solid revenue performance in Q4 2021, up nearly 9 per cent, and this includes the incremental revenue from the new commercial relationship with Kyndryl. IBM reported revenue of $16.7 billion, up 8.6 per cent (including about 3.5 points from incremental external sales to Kyndryl).
ITC posts strong quarter on all fronts
Net cigarette revenue grew 10.3 per cent YoY as the recovery post the second Covid-19 wave has been rapid. Cigarette volumes were back to near pre-Covid levels towards the end of the quarter. Cigarette EBIT also grew 10.4 per cent YoY as margins were stable. FMCG business had a very high base due the surge in packaged foods in 2Q FY21, and thus revenue growth was muted at 3 per cent YoY.
21st Welcomhotel from ITC Hotels opens in Katra, targets pilgrims, adventure sport lovers
Announcing the launch, Anil Chadha, COO, ITC Hotels, said, "Katra truly offers the best of enriching experiences for both pilgrims and leisure tourists." He added that ITC hotels follow the globally acknowledged DNV Platinum-certified WeAssure health and hygiene protocols so that travellers "enjoy their holiday with complete peace of mind." The hotel is located 45km from the Jammu airport.
Asset-right strategy to drive ITC Next game-plan for hotels: Sanjiv Puri
In the medium term, the asset-right strategy is expected to double the number of properties in ITC's Hotels Business. As stated earlier, ITC will continue to examine alternate structures in this segment in line with industry recovery dynamics and opportunities for value creation. Puri said ITC has, over the years, built a footprint of iconic hospitality properties, which are globally acknowledged for service excellence and superior cuisine offerings.
ITC's YoY standalone net profit up over 28.6% in Q1FY21
On a comparable basis, its net revenue rose Rs 12,133 crore in the quarter, up by about 36.7 per cent from Rs 8,875 crore in the corresponding period of the previous year. "After severe disruptions during the quarter, business is rebounding with the easing of restrictions led by leisure destinations, staycations and weekend getaways," ITC said in a statement, adding: "Structural cost management actions aided in mitigating impact."
8,000 cases involving fake ITC of over Rs 35K cr booked in FY21
CBIC officers are using latest IT tools, digital evidence and also collecting information from other government departments to catch the fraudsters. Along with legislative and procedural changes in the law, the nationwide drive has contributed to better compliance and revenue collection. During the drive, cases of fake ITC availment against some well-known companies were also booked.
CGST officials bust network of 23 firms over bogus ITC claims
A finance ministry statement said that the modus operandi involved floating of multiple firms with the intent to avail or utilise and passing on of inadmissible credit. The firms involved in this network are Girdhar Enterprises, Arun Sales, Akshay Traders, Shree Padmavati Enterprises and 19 others. These 23 firms were floated in order to generate goods-less invoices with intent to pass on fraudulent ITC without paying actual GST to the government.
ITC's Q4 standalone net profit falls 1.3%
ITC's total expenditure in the last quarter of FY21 increased 31.46 per cent to Rs 10,075.03 crore. In a statement, the company said that the operating environment during the year was rendered extremely challenging by the outbreak of the pandemic, which caused unprecedented disruptions across the company's operating segments.
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