Friday, April 28, 2023

Seclore Puts Risk Into Focus With New Data Classification And Risk Insights Capabilities That Protect Most Critical Assets


* Company pioneering data-centric security offers new functionality that will provide customers expanded visibility and actionable insights to help secure data wherever it goes.

Today Seclore, the leading provider of data-centric security solutions, announced the release of new Digital Asset Classification and Risk Insights capabilities delivering security risk visibility and insights for the most sensitive digital assets within the enterprise, such as intellectual property, and customer and employee personally identifiable information. 

"In today’s digital age, data is the lifeblood of businesses. Digital assets, be it IP or PII, are the company’s crown jewels,” said Vishal Gupta, Chief Executive Officer at Seclore. “Yet too many organizations rely on traditional security approaches that rigidly secure perimeters and devices but leave organizations without a clear understanding of who has their data, where it is, and how it’s being used. Our new Digital Asset Classification and Risk Insights functionalities provide organizations powerful visualizations, detailed logs, and actionable insights so security teams can confidently protect data, no matter where it travels inside or outside the enterprise.”

The expanded capabilities enable enterprises to precisely classify, understand, protect, and control their data across any user, device, application or cloud in order to prevent data theft and achieve compliance. Legacy classification solutions have existed in the market for decades, but most are standalone tools that require users to have separate tools to protect and control the digital assets. The new Digital Asset Classification capability from Seclore, combined with its new risk insights, enables enterprises to simultaneously classify and protect their most sensitive digital assets and visualize where the greatest risks lie in real time.

“At MODON, we are always looking for ways to increase the security of our sensitive information without introducing friction for authorized users. The new Seclore classification capabilities that we tested have the ability to apply controls based on level of sensitivity, without restricting collaboration or slowing down operations,” said Majid Ahmad Bin Sawad, Director, Cyber Security at MODON. “The Seclore Digital Asset Classification would give our customers so much control over their sensitive digital assets, so they know they don’t get into the wrong hands or fall into non-compliance.”

Cross-Enterprise Risk Visibility and Actionable Insights

The new Digital Asset Classification and Risk Insights functionalities expand the visibility of sensitive assets and provide insights into risk exposure by:

Enabling security teams to create custom classification categories and apply labels and sub-labels to digital assets and emails based on their level of confidentiality.

Discovering sensitive information and providing users with suggested classification labels at the time of asset or email creation, or while the digital asset is in use. 

Providing insights into classification and risk trends in real time through three interactive dashboards:

Risk Insights: Key insights of increasing or decreasing risk activity, including data extraction activities, risky unauthorized attempts, and access by external users. Snapshot current risk and prevented risk regarding data extraction risk trends and geographic breakdown. 

Digital Asset Classification: Breakdown of classification activities taken across the enterprise, classification activities by label, percentage of suggested classification labels accepted or ignored, and whether additional protection was applied to classified documents. 

Protection: Authorized activities and unauthorized attempts taken on digital assets by domain, classification label, and geographic location, as well as actions taken on documents (open, share, print, screenshot, protect, unprotect, etc.).

Enforcing granular controls and reporting capabilities that align with regulations and industry standards, such as GDPR, SDAIA, HIPAA, and PCI-DSS.

Classification-Driven Protection & Control

The Digital Asset Classification functionality introduces new protection and control capabilities for sensitive digital assets and emails, enabling organizations to apply more protection with less friction.

Classification-driven Protection: Enforce protection policies by classification label and team, including which actions can be taken and domain controls, for scalable and easy asset protection across the enterprise. 

Dynamic Watermarks: Thwart exfiltration of sensitive information with customizable watermarks, including identifiable information like name or email address.

Visual Labeling: Apply visual classification labels to inhibit unauthorized sharing and consumption of sensitive assets. 

The Digital Asset Classification and Risk Insights functionalities are now available in English and Arabic in the Seclore platform and are included with Seclore’s core data protection and control solution offering.

Tech Mahindra Ltd Records Disappointing Operating Performance


BUY

CMP: Rs1003 

Target Price: Rs1170

TechM delivered a weak operating performance in Q4FY23. Revenue stood flat QoQ at USD1,668mn (0.3% CC QoQ), driven by CME (1.8%), while Enterprise declined by 0.7% QoQ. EBITM declined 80bps QoQ to 11.2%. Revenue growth was led by CME (0.7% in USD), Manufacturing (1.5%), BFSI (0.3%), and Others (2.7%), while Retail, Transport and Logistics declined 10.4% sequentially. Among geographies, Europe led the growth, at 3.5% QoQ, while Americas and RoW declined 0.3% and 2.9%, respectively. Net new deal wins came in at USD592mn, lower than the prior quarters, reflecting cautious approach by clients considering macroeconomic uncertainties. Management highlighted the macro environment remains challenging and the company is witnessing slower decision making, with discretionary spend and transformational deals witnessing an additional layer of decision making. Management expects growth to remain soft in H1FY24 and anticipates improvement in H2FY24, based on its conversations with clients. Increasing offshoring, pyramid rationalization, structural actions to divest non-profitable businesses, and optimizing sub-contracting cost remain the levers for margin expansion in the medium term. We have cut our EPS estimates for FY24/25 by 7.3-13.7% to factor in the Q4 miss and lower margin assumptions. Considering inexpensive valuations and a ~5% dividend yield, we retain our Buy rating on the stock with a TP of Rs1,170 at 16x Mar-25E EPS (earlier Rs1,270).

Result summary: TechM reported revenue of USD1.67bn, flat QoQ (CC 0.3% QoQ), a tad below our expectations of USD1.69bn. CME delivered resilient performance on account of continued strength in 5G and network. Enterprise reported weak performance on account of the decline in Retail, Transport and Logistics and flat performance in BFSI and Technology. EBITM declined 80bps QoQ to 11.2% due to currency headwinds (-60bps) and higher SG&A expenses (-90bps), partly offset by operating efficiencies and lower subcontracting costs (+70bps). Net profit stood at Rs11.18bn. Headcount declined for the second consecutive quarter, down by 4,668 in Q4 to 152,400. Utilization at 86% was flat sequentially. The number of USD5mn and USD10mn clients increased by 1 and 3, respectively. Revenue from the top-5 clients declined for the fourth consecutive quarter, down 5% QoQ. Net new deals for the quarter came at USD592mn, the lowest in the last nine quarters. The company declared a final dividend of Rs32/share, taking the total dividend for FY23 to Rs50/share. What we liked: Resilient CME performance, attrition moderated to 15% in Q4 vs. 17% in Q3. What we did not like: Margin miss and back-ended growth recovery expectations in FY24.

Earnings call KTAs: 1) Management stated macro uncertainties prevail and some customers are slowing down their spending. Discretionary spends and transformation deals are going through an additional level of decision-making. The pipeline is skewed more towards cost-takeout deals. 2) Robust pipeline, positive client conversations, and encouraging technology metrics give medium-term optimism to the management. 3) Management expects some carry-forward impact of price hike benefits in FY24, but it is limited compared to FY23. 4) Wage hikes would be staggered across quarters in FY24. 5) TechM expects revenue growth and margin trajectory to be better in H2FY24 vs. H1FY24, which is likely to be soft. 6) Margin levers are flattening pyramid, offshore shift, exiting low-margin business, automation, better business and geo mix, and optimization of sub-contracting costs. 7) SG&A grew in Q4 due to continued investments in business taking a longer-term view. Management expects SG&A costs to normalize to ~13.5% of revenue. 8) LTM attrition trended downwards to 14.8% for Q4 vs. 17.3% for Q3. 9) DSO stood at 96 days. 10) Hedge book at Q4-end stood at USD2.3bn.  

Coforge Records Steady Performance; Profit Miss On One-Offs


HOLD

CMP: Rs4051  

Target Price: Rs4000

Coforge reported weaker-than-expected operating performance in Q4, due to a margin miss. Revenue growth in constant currency terms came ahead of expectations; however, impact of lower cross-currency tailwinds (+30bps) and hedge loss (-70bps) led to a slight miss on reported USD revenue. Revenue grew by 4.7% CC QoQ, with growth being broad-based across verticals, geographies and service lines. Adj. EBITDAM expanded 110bps QoQ to 19.6%, but missed Management guidance and our expectations. Coforge delivered a robust deal intake of USD301mn in Q4FY23 (vs. USD345mn in Q3), taking the order book, executable over the next 12 months, to USD869mn – a 20.7% YoY growth. Despite headwinds from mortgage weakness, BFS grew 4.5% CC QoQ. Insurance recovered in Q4, delivering 5% CC QoQ growth. Backed by a healthy large-deal intake, all-time high executable order book, anticipated broad-based growth and diversified business offerings, Management has guided for 13-16% CC revenue growth for FY24. It expects gross margin to expand by 50bps in FY24 and adj. EBITDAM to be at levels similar to that in FY23 (~18.3%). We have tweaked our EPS by 0.5-1.2% over FY24E/25E, factoring-in the Q4 performance and FY24 guidance. We retain HOLD, with TP of Rs4,000/share (Rs3,970 earlier), at 21x Mar-25E EPS.

Result summary: Revenue grew by 5.0% QoQ (4.7% CC) to USD264.4mn in Q4, against our expectations of USD264.6mn. Adjusted EBITDAM (excluding ESOP costs and acquisition-related expenses) expanded by ~110bps QoQ to 19.6%. EBITM expanded by ~100bps QoQ to 15.5%, coming in 50bps below our expectations of 16%. Adjusted profit (excluding the one-off) was up 2% QoQ to Rs2.33bn, below our expectations due to the operating performance miss. Reported profit stood at Rs1.15bn and was impacted by one-off expenses – provision of Rs523mn on account of expenses incurred on ADR listing and Rs803mn towards the gift (Apple iPad) to all employees, to commemorate achievement of the USD1bn revenue milestone. Order bookings were healthy, with total fresh order intake of USD301mn (The Americas: USD130mn; EMEA: USD113mn; RoW: USD58mn), including two large deals signed in Q4 (one each in BFS and Travel). What we liked: Healthy FY24 revenue growth guidance, broad-based revenue growth, healthy deal intake, an all-time high NTM executable order book, moderation in attrition. What we did not like: Margin guidance miss.

Earnings-call KTAs: 1) Q4 was the 5th consecutive quarter of the company signing an over USD300mn order intake. 2) Company is making necessary investments in the front-end team and capabilities, to drive revenue to the next milestone of USD2bn. It expects adjusted EBITDAM to be at least 150bps higher vs FY23, when the company hit the USD2bn revenue mark. 3) Adjusted EBITDAM for FY23 stands at 18.3%, missing the guidance of 18.5-19%, which Management attributes to the higher hedge losses. 4) Salary hike is expected to be lower than last year’s, and will be effective April-23. Management guided for adjusted EBITDAM of ~16.5% in Q1FY24. 5) Company re-assessed future projections of taxable profits of one of its foreign subsidiaries and recorded deferred tax assets on losses of that subsidiary amounting to Rs108mn, consequent to certain amendments made in the customer agreement. 6) Gross margin expanded by ~70bps QoQ to 34.1% in Q4, driven by improved utilization, offshore shift and absence of furloughs. 7) Utilization saw ~120bps sequential improvement and stood at 81.5%. 8) LTM attrition (excl. BPS) came in at 14.1%, improving by 170bps QoQ. 9) Offshore mix stood at 50.7%; Management expects this to top-out at 54-55%. 10) Company does not have significant exposure to US regional banks, barring Fifth Third Bank, with which its relationship is primarily in operations management. 11) It expects ~USD1.7mn expense recognition in Q1FY24 towards the USD1bn revenue milestone celebration.

Wipro Ltd Records Stable Operating Performance; Weak Guidance


BUY

CMP: Rs374  

Target Price: Rs470

Wipro reported stable operating performance in Q4. Revenue was marginally below our estimate, while margins were broadly in-line. Management remains cautious about growth prospects, citing slowdown in select sectors (BFSI, Technology) and weakness in discretionary spend. Wipro has signed 15 large deals worth USD1.1bn TCV in Q4 and total deal intake was USD4.1bn (book-to-bill at ~1.5x). Management highlighted that the deal pipeline remains robust and the pipeline is more skewed towards cost takeout and vendor consolidation deals. The company is not witnessing any material project cancellations, although it has seen some ramp downs due to lower discretionary spends. Among verticals, BFSI and Technology are witnessing softness, with Retail and CPG also affected. Oil & Gas and Healthcare continue to be resilient. The cautious approach by clients due to macro uncertainties is leading to softness in near-term spending which is reflected in the weak Q1FY24 guidance. Wipro has guided for sequential revenue decline of 1% to 3% (in CC terms) in IT Services (including India SRE) for Q1FY24. It announced a buyback of Rs120bn at Rs445 per share (~5% of equity). Despite the strong deal intake over the last few quarters, Q1 revenue growth guidance missed expectations, and divergence between deal intake and revenue conversion remains puzzling. We cut our EPS estimates for FY24/25 by 1.3%/3.4%, factoring-in the Q4 performance, buyback and weak Q1 guidance. We maintain BUY on the stock, with TP of Rs470/share at 17x Mar-25E EPS (earlier, Rs480).

Result Summary: Wipro reported revenue of USD2.82bn, up 0.7%/3.7% QoQ/YoY (0.6%/6.5% QoQ/YoY in CC terms), a tad below our estimate of USD2.84bn. Financial services, manufacturing, communications, consumer, and technology witnessed sequential decline of 2.4%, 0.3%, 4.4%, 0.9%, and 2.7%, respectively, while ENU and Health grew 5.9% and 2% QoQ in CC terms. Among geographies, Americas 1, Americas 2 and Europe saw a decline of 1.5%, 0.3% and 0.6% QoQ, respectively, while APMEA grew by 0.7% QoQ. IT Services’ EBITM remains flat QoQ at 16.3%, in line with our estimates. PAT grew by a marginal 0.7% QoQ to Rs30.7bn, but fell short of our estimate of Rs31.8bn. Headcount declined for the second consecutive quarter, down by 1,823 to 256,921. Attrition also declined, for a fourth straight quarter, with LTM attrition at 19.2% in Q4. What we liked: In-line operating performance, attrition moderating to 19.2%, healthy deal intake. What we did not like: Weak guidance for Q1FY24.

Earnings-call KTAs: 1) Company is not facing any client-specific issues, projects cancellation, or delivery issues, etc. Softness is largely due to delay in decision making amid macro uncertainties and weak discretionary spending. 2) The macro environment remains uncertain and some recent events led to greater cautiousness. Management is watchful of how the situation pans out and believes that growth will come back once clarity emerges. 3) Company is not seeing a radical change in the deal closure cycle. Slowdown in discretionary spending in BFSI and Technology is evident. Pockets of consulting business like security, SAP, etc are faring well. The consulting business is cyclical and the first to get impacted during a slowdown, but also the first to improve. 4) Expects EBITM to remain near the current levels in the short term and recovery should trend towards ~17% with growth. 5) Wage hike would be similar to last year’s and is likely in Q2FY24. Variable pay would be ~80% on an overall basis. 6) Voluntary attrition decreased by 330bps QoQ to 14.1% on a quarterly annualized basis. 7) Net cash at the end of Q4 was USD3.1bn. With Q1 cash generation, it may remain above USD1.5bn post the buyback. 8) Wipro on-boarded over 22,000 freshers in FY23.

Enabling Veterans Of Indian Army With Employable Skills; Enhancing Learning Experience At Public Schools


Learning Links Foundation commenced a social impact initiative in November 2022 through two unique projects, the Veteran Skilling Project, and the School Transformation Project. These projects are supported by Fiserv Inc. (NASDAQ: FISV), a leading global provider of payments and financial services technology solutions and delivered in partnership with United Way Mumbai.

The Veteran Skilling project aims to enhance employable skills of the veteran community and create new career opportunities for them. This project was delivered in close coordination with the Army Welfare Placement Organization and select military establishments. The School Transformation project supports infrastructural upgradation in three government schools, one each in Bengaluru, Chennai and Pune, with the help of respective state departments of education.

“At Fiserv we believe we can do well by doing good, which is why Corporate Citizenship is part of our larger strategy of creating shared value for all. We are committed to engaging with the communities where we live and work, and cultivating a diverse inclusive culture where everyone is recognized and supported. Our relationship with Learning Links Foundation is founded on our shared idea that education and skilling are the path to an empowered society. Together, we hope to deliver abilities and opportunities across an ever-widening scope of our society. Giving Back is an integral part of our culture at Fiserv, and we shall continue to do so in the most impactful ways we can “, says Lt. Col. Sachin Wakankar, SM (Retd), Director of Communication and Corporate Citizenship at Fiserv in India.

Veteran Skilling Project

80 veterans completed the Veteran Skilling Project at Army Service Corps Center (South), Bengaluru. These veterans received skill enhancement training aligned with their prior work experience, thus helping them secure re-employment post superannuation from active military service. Over 50 veterans were trained in ‘Electric Vehicle Business Management’, receiving hands-on training on retrofitting and maintenance of electric vehicles. Nearly 30 veterans were trained on ‘Tally’ software, equipping them for accounting assignments across corporates. These training programs have been customized to include 60 hours of training including classroom sessions, practical training, guest lectures and field visits. Programs such as these have helped several veterans secure employment and successfully pursue entrepreneurial ventures.

“These skilling programs have been very well received by our veterans and have motivated them to undertake start-ups and become entrepreneurs/self-employed with the help of acquired skills and knowledge. We thank Fiserv for the wonderful opportunity provided to our Veterans”, says Maj. Gen Ajay Singh, SC, SM (Retd.) Managing Director, Army Welfare Placement Organization (AWPO).

School Transformation Project

At the other end of the support spectrum the School Transformation Project addresses the principle infrastructural needs of primary and secondary schooling.  Learning Links Foundation is working with public schools and state administration to transform existing government schools into innovative learning spaces. Designed to be a comprehensive solution, the project builds an effective learning environment promoting all-around growth for the studentship and encouraging working environment for the educators. The project brings upgraded infrastructure through experiential STEM (Science, Technology, Engineering and Mathematics) laboratories, inviting libraries, improved sanitation facilities, safe drinking water, sports kits and an impressive school façade, benefitting over 1500 students and 30 teachers. The three schools identified for infrastructure enhancement are:

(i) GMPS Parangipalya, HSR Layout, Bengaluru, Karnataka

(ii) Panchayat Union Primary School (PUPS), Nanmangalam, Chennai, Tamil Nadu

(iii) Sarthi Vidyalaya, Kharadi, Pune, Maharastra

About Learning Links Foundation:

Learning Links Foundation is a not-for-profit organisation that is operating with a vision to foster purpose and progress by unlocking lifelong learning. Established in 2002, the Foundation has worked extensively in the education and skill development sectors across India. To know more, visit www.learninglinksindia.org

About Fiserv:

Fiserv, Inc. (NASDAQ: FISV) aspires to move money and information in a way that moves the world. As a global leader in payments and financial technology, the company helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and the Clover® cloud-based point-of-sale and business management platform. Fiserv is a member of the S&P 500® Index and one of Fortune® World’s Most Admired Companies™. Visit fiserv.com and follow on social media for more information and the latest company news.

About United Way Mumbai:

United Way Mumbai (UWM) is a non-profit organization working in urban and rural communities across the country to identify and implement the most impactful solutions to community problems. As a leader in the Indian development sector, UWM works closely with a network of 500+ non-profits and many corporates for their CSR programmes, workplace giving campaigns and other events. This includes designing CSR policy and strategies, due diligence of non-profit partners, programme implementation, employee volunteering, impact assessments and financial and programmatic reporting. Over 21 years, UWM has partnered with 300+ companies and 100,000+ individual donors, investing INR 843 crore in community development projects. UWM's expertise lies in identifying, designing & implementing high-impact projects in Education, Health, Income, Environment and Public Safety. 

Thursday, April 27, 2023

LTIMindtree Reports Strong FY23; Full year Constant Currency Revenue Up 19.9% & Order Inflow At USD 4.87 Billion


LTIMindtree [NSE: LTIM, BSE: 540005], a global technology consulting and digital solutions company, announced its consolidated results today for the fourth quarter and full year ended March 31, 2023, as approved by its Board of directors.

“We are pleased to report a strong FY23, with a broad-based full year revenue growth of 19.9% in constant currency,” said Debashis Chatterjee, Chief Executive Officer and Managing Director of LTIMindtree. “This industry-leading performance positions us well to deliver continued profitable growth in FY24. As we move to unified systems & processes, we are ready to exploit the synergies. Our Q4 revenue came in at a healthy USD 1.06 billion - up 13.5% year-over-year in constant currency and 11.9% in reported USD terms. Our order inflow for the quarter came in at USD 1.35 billion, helping us close the full-year order inflow at USD 4.87 billion. We added 31 new clients for Q4 and increased our count of USD 50 million plus customers by 2 to 13. Our full-year operating margin was at 16.2% and the basic EPS was at INR 149.1. Client requirements have changed over the last quarter, and we are now meeting the new requirements to deliver cost savings which are being directed to fund in flight transformation programs.”

Key financial highlights:

Year ended March 31, 2023

In USD:

-          Revenue at $4,105.7 million (growth of 17.2% Y-o-Y)

-          Net profit at $545.7 million (growth of 3.0% Y-o-Y)

In INR:

-          Revenue at Rs 331,830 million (growth of 27.1% Y-o-Y)

-          Net profit at Rs 44,103 million (growth of 11.7% Y-o-Y)

Quarter ended March 31, 2023

In USD:

-          Revenue at $1,057.5 million (growth of 1.0% Q-o-Q / 11.9% Y-o-Y)

-          Net profit at $135.6 million (growth of 11.6% Q-o-Q / decline of 7.8% Y-o-Y)

In INR:

-          Revenue at Rs 86,910 million (growth of 0.8% Q-o-Q / 21.9% Y-o-Y)

-          Net profit at Rs 11,141 million (growth of 11.3% Q-o-Q / 0.5% Y-o-Y)

Other FY23 highlights:

Clients:

-          728 active clients as of March 31, 2023

-          $1 million+ clients increased by 56, total 383 (increased by 9 in Q4)

-          $10 million+ clients increased by 5, total 81 (no change in Q4)

-          $50 million+ clients increased by 3, total 13 (increased by 2 in Q4)

People:

-          84,546 professionals as of March 31, 2023

-          Trailing 12 months attrition was 20.2%

Deal Wins

·         Selected as the key digital transformation partner by Currys, a UK based retailer of technology products and services. This multi-million-dollar collaboration will enable Currys in strengthening its market position. LTIMindtree aims to enhance Currys' omnichannel revenue stream and drive cost transformation.

·         onsemi, a global leader in intelligent power and image sensing technologies, has chosen LTIMindtree as a strategic service provider for developing its next-generation enterprise IT support platform. This multi-year deal will involve LTIMindtree collaborating with onsemi's IT team to drive innovation and increase efficiency.  The IT transformation is part of onsemi's broader strategy to streamline operations and invest in growth areas, such as electric vehicles, ADAS, alternative energy, and industrial automation.

·         LTIMindtree has been selected by Hellenic Bank, a leading financial institution in Europe, as their exclusive Strategic Sourcing partner for their digital transformation program improving the customer experience through digitalisation, streamlining processes, and offering competitive products.

·         A North American manufacturer of high-performance building solutions chose LTIMindtree for its digital transformation journey. LTIMindtree would be the sole partner helping the client with its hybrid cloud infrastructure and 100+ enterprise applications landscape.

·         Awarded multi-year, multi-million-dollar deal by a financial insurance company to provide them application and data services.

·         Independent testing deal signed with one of the largest property and casualty insurance company in the United States.

·         An American insurance company which is the largest provider of supplemental insurance in the US has partnered with LTIMindtree for a multi-year AMS deal.

·         Chosen by a global leader of engineered products and services for agricultural equipment to provide consulting and testing services.

·         One of the major airlines in the United States has selected LTIMindtree as a partner of choice in an application maintenance deal.

Recognitions

·         Recognized in The Forrester Customer Analytics Services Providers Landscape, Q1 2023.

·         Named as a 'Leader' in ISG Provider Lens™ Google Cloud Partner Ecosystem 2022.

·         LTIMindtree named as a ‘Major Contender’ in Everest Group's Digital Transformation Consulting PEAK Matrix® Assessment 2023.

·         Recognized in 2022 Gartner® Magic Quadrant™ for Oracle Cloud Application Services, worldwide.

·         Recognized in 2022 Gartner® Magic Quadrant™ for SAP S/4HANA Application Services, worldwide.

·         LTIMindtree named as a ‘Leader’ and ‘Star Performer’ in Everest Group's Application and Digital Services in P&C Insurance PEAK Matrix Assessment 2023.

·         Named winner in the 2023 Artificial Intelligence Excellence Awards for LTIMindtree’s Canvas.

·         Earned the 2022 Innovation Awards for OnDemand Enablement Tooling from Duck Creek Technologies in the CBO (Custom Business Object) Remediation and DB Reference Data Remediation categories.

·         Recognized as One of the Best Organizations for Women, 2023, by The Economic Times.

·         Recognized at the DivHERsity Awards 2023 among the Top 5 Most Innovative Practices in the ‘Women L&D Programs’ and the Top 20 Most Innovative Practices in the ‘Women Returnee Programs’ categories.

*GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved. Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

Announcements

The Board of Directors have recommended a final dividend of ?40 per equity share of par value Rs 1 each for the financial year ended March 31, 2023.

About LTIMindtree

LTIMindtree is a global technology consulting and digital solutions company that enables enterprises across industries to reimagine business models, accelerate innovation, and maximize growth by harnessing digital technologies. As a digital transformation partner to more than 700 clients, LTIMindtree brings extensive domain and technology expertise to help drive superior competitive differentiation, customer experiences, and business outcomes in a converging world. Powered by 84,000+ talented and entrepreneurial professionals across more than 30 countries, LTIMindtree — a Larsen & Toubro Group company — combines the industry-acclaimed strengths of erstwhile Larsen and Toubro Infotech and Mindtree in solving the most complex business challenges and delivering transformation at scale. For more information, visit https://www.ltimindtree.com/.  

Tata Steel Signs A Business Cooperation Agreement With MN Dastur & Company Ltd


Tata Steel has signed a business cooperation agreement with MN Dastur & Company Pvt. Ltd. to compliment capabilities in delivering end to end services from exploration of mineral reserves to Bankable Feasibility studies and detailed project reports with support in the area of engineering and infrastructure. MN Dastur shall also work with Tata Steel to deliver integrated projects spanning various minerals and geographies.

On the alliance, D.B Sundara Ramam, Vice President, Raw Materials, Tata Steel said: “We are in the mining business for more than a century with the Natural Resource Division of Tata Steel providing various exploration & mine planning services to our captive mines for sustainable mining. Since last 18 months, we have started offering our mine technical services commercially through Tata Steel Industrial Consulting to the mining industry outside Tata Steel. This agreement with M N Dastur & Company will complement our capabilities & capacities especially in the area of mine infrastructure planning and preparation of bankable feasibility report. Together with M N Dastur and our other esteemed business partners, we intend to raise the standards of such services in India in particular and internationally in general for more scientific and sustainable mine development.”

Tata Steel is the oldest and the largest private sector player in mining in India. It has been in mining space for more than a century and is operating number of mines in iron ore, manganese, chromite and coal. It brings deep knowledge and experience in the mineral exploration, mine planning, scientific mining operations and mineral processing.

Abhijit Ray, General Manager Business Development of M N Dastur & Company said: “We are pleased to start working  in collaboration with Tata Steel to deliver mine infrastructure planning and downstream mineral processing and engineering services. Together with Tata Steel and its partners in area of mine technical services we can provide integrated end to end services covering all aspects of mine planning and mine infrastructure planning including pre-feasibility and feasibility studies.”

About MN Dastur & Company

Founded in 1955 by the visionary Dr. Minu Nariman Dastur, Dastur is today one of the largest independent consulting engineering organizations in the world that enjoys a global reputation built on trust. The organization has a multidisciplinary team of professionals with an in-depth understanding of the latest trends, combining creativity with initiatives.

About Tata Steel

·         Tata Steel group is among the top global steel companies with an annual crude steel capacity of 35 million tonnes per annum

·         It is one of the world's most geographically diversified steel producers, with operations and commercial presence across the world

·         The group recorded a consolidated turnover of US $ 32.83 billion in the financial year ending March 31, 2022

·         A Great Place to Work-CertifiedTM organisation, Tata Steel Limited, together with its subsidiaries, associates, and joint ventures, is spread across five continents with an employee base of over 65,000

·         Tata Steel has announced its major sustainability objectives including Net Zero Carbon by 2045, Net Zero Water consumption by 2030, improving Ambient Air Quality and No Net loss in Biodiversity by 2030.

·         The Company has been on a multi-year digital-enabled business transformation journey intending to be the leader in ‘Digital Steel making by 2025’. The Company has received the World Economic Forum’s Global Lighthouse recognition for its Jamshedpur, Kalinganagar and IJmuiden Plants.

·         Tata Steel aspires to have 25% diverse workforce by 2025. The Company has been recognised with the World Economic Forum’s Global Diversity Equity & Inclusion Lighthouse 2023

·         The Company has been a part of the DJSI Emerging Markets Index since 2012 and has been consistently ranked amongst top 10 steel companies in the DJSI Corporate Sustainability Assessment since 2016

·         Tata Steel’s Jamshedpur Plant is India’s first site to receive ResponsibleSteelTM Certification

·         Received Prime Minister’s Trophy for the best performing integrated steel plant for 2016-17, Steel Sustainability Champion recognition from worldsteel for five years in a row, and ‘Most Ethical Company’ award 2021 from Ethisphere Institute

·         Recognised with 2022 ERM Global Award of Distinction, ‘Masters of Risk’ - Metals & Mining Sector recognition at The India Risk Management Awards for the sixth consecutive year, and Award for Excellence in Financial Reporting FY20 from ICAI, among several others

Photographs: Management and Plant facilities

Logos: Files and usage guidelines

Website: www.tatasteel.com and www.wealsomaketomorrow.com  

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