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Time of India
6 days ago
- Politics
- Time of India
Municipal Corporation of Manesar set to hold polls on Aug 5 to pick deputy mayors
Gurgaon: Municipal Corporation of Manesar (MCM) is all set to hold elections for the posts of senior deputy mayor and deputy mayor on Aug 5. "Voting — scheduled at the office premises — shall be conducted using ballot papers," an MCM officer said. A special House meeting will be held at which the MCM house members, including the mayor and 20 councillors, will elect the senior deputy mayor and deputy mayor. Nominations, scrutiny of the nominations, withdrawal of the nominations, elections and results will be held on the same day (Tuesday). You Can Also Check: Gurgaon AQI | Weather in Gurgaon | Bank Holidays in Gurgaon | Public Holidays in Gurgaon The inaugural meeting of the MCM house was held on June 10. However, the elections were not held at the meeting. The announcement comes weeks after Punjab and Haryana high court directed the Haryana govt to conduct elections for the two posts. The HC on July 1 directed the Haryana govt to conduct the elections fairly and within a specified timeframe, "preferably within a three-week period." The division bench of Justice Sudhir Singh and Justice Alok Jain, while disposing of a petition, asked MCM to consider the representation (dated June 2) of the petitioner — filed by an RTI activist — and pass an appropriately reasoned order within three weeks from the date of receiving the order. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Get ₹2Cr life cover@ ₹700 p.m. ICICI Pru Life Insurance Plan Get Quote Undo This directive is to be fulfilled in accordance with the law, it said. Elections for the inaugural MCM house and nine additional municipal corporations in Haryana took place on March 2, with results announced on March 12. Amongst all 10 municipal corporations in Haryana that held elections in March this year, Manesar stood out as the only corporation where the BJP did not perform well. Independent candidates claimed 13 of the 20 council seats, whilst the BJP secured only seven positions in the MCM elections. Subsequently, in June this year, the political landscape shifted when seven councillors aligned themselves with the BJP.
Mint
25-07-2025
- Business
- Mint
Coforge, Persistent clocked IT's best show. Here's why the shares crashed still
Coforge Ltd and Persistent Systems Ltd grew faster than their larger peers in the June quarter that was marked by macroeconomic turbulence and demand uncertainty, but each one is grappling with issues of its own. Eighth-largest IT services firm Coforge reported $442 million in revenue in the first quarter, up 9.6% sequentially, whereas ninth-largest Persistent Systems reported $389.7 million, up 3.9% from the preceding three months. Sixth-largest LTIMindtree Ltd was the slowest among the mid-caps, reporting a 1.97% increase in revenue to $1.15 billion. In contrast, three of the largest homegrown information technology (IT) outsourcers including Infosys Ltd, HCL Technologies Ltd, and Tech Mahindra Ltd reported revenue growth between 0.97% to 4.46%. Largest IT outsourcers Tata Consultancy Services Ltd and Wipro Ltd reported a revenue decline of 0.59% and 0.35%, respectively. Billion-dollar club Both Coforge and Persistent are the latest Indian IT companies to clock annual revenue over $1 billion, and grew the fastest among the country's 10 largest tech services firms. Both are expected to grow faster than their larger peers in the current fiscal as well. A common thread is their stable leadership—Sudhir Singh, a former Infosys executive, has been Coforge CEO since May 2017, whereas Sandeep Kalra has been CEO of Persistent since October 2020. In contrast, three of India's top five software services companies underwent a change in CEOs in the past 18 months. For now, much of Coforge's growth came from clients in the travel and hospitality segment, which made up more than three-fifths of the company's incremental revenue of $38 million. Coforge got $101 million from companies in the travel, transport and hospitality space, up 31% sequentially. Notably, this jump in revenue came from the mega deal it won in March. Coforge won a 13-year contract valued at $1.56 billion with Sabre, a Texas-based travel technology company. Coforge is expected to handle the software product delivery for Sabre and will also execute artificial intelligence-led tasks for the company. Discretionary ebb 'Given the proliferation of AI, we see that the discretionary nature of the spend has ebbed," said Sudhir Singh, chief executive of Coforge, during the company's post-earnings interaction with analysts on Thursday. He added that the 'Sabre deal will continue to ramp up sequentially in quarter 2 as well." Singh expects the second half to be better. 'I would expect quarter 2 also to be an equally robust quarter. And H2, just using that term for a third time, should also be a robust second half for us," said Singh, adding that with the advent of AI, clients are trying to optimize their own budgets, 'but are being extremely open to proactive business case-led large solutions." Static sentiment At Pune-based Persistent Systems, the sentiment on the overall environment was unchanged. 'All I can say is the environment has been cautious. Decision-making has been slow," CEO Kalra said during the post-earnings interaction with analysts on 23 July. This caution reflected in the company's revenue growth, which has been declining since June last year. For now, 73% of the company's $15 million incremental revenue came from banks and financial institutions even as clients in the healthcare space dragged down overall growth. Persistent got $99 million from clients in the healthcare and life sciences space. Still, the Persistent management is hopeful. Hoping for better 'If the environment becomes a little bit better and not just for us, for everyone, I think things will be easier," said Kalra. However, at least one brokerage is not. 'Persistent witnessed slower organic growth during 1QFY26, impacted by a slowdown in the Healthcare vertical. For the vertical we build in client-specific impact to weigh in on growth in the near term, leading us to cut our FY26 revenue growth estimate by 2%," said Antique Stock Broking analysts Vikas Ahuja, Rhea Baid, and Divija Parekh, in a note on Thursday. Both companies were profitable last quarter. Coforge and Persistent reported net profits of $38 million and $50 million, up 24.5% and 8.5%, respectively. Profitability gloom However, there was not much cheer on the profitability front. Coforge and Persistent Systems reported operating margins of 13.2% and 15.5%, respectively. While Coforge's margins were flat sequentially, Persistent's margins fell 10 basis points. One basis point is a hundredth of a percentage point. 'At what cost is Coforge's revenue growing, because its profitability has taken a hit on a yearly basis, and is down about 200 basis points now," said a Mumbai-based analyst on condition of anonymity. A looming concern for the company is its free cash flow, or the cash left after operating expenses and capital expenditure. Coforge spent more money than it earned through its operations as negative free cash flow for the quarter totalled $21.5 million. Investors took notice. Coforge and Persistent's shares fell 9.4% and 7.7% at the end of trading hours on Thursday to ₹1,674.95 and ₹5,171.25, respectively. The BSE Sensex fell 0.66% to 82,184.17 points. Headcount Both companies added people last quarter. While Coforge added 1,164 people to end with 34,187 people, Persistent added 746 people in the quarter to end with 25,340 employees. This is in contrast to three of the big five including HCLTech, Wipro and Tech Mahindra, which cut headcount by 597 last quarter. The mid-caps' strong performance comes as larger peers have struggled to post strong growth in the previous quarter amid delayed decision-making and uncertain demand environment. TCS, Infosys, Wipro, and Tech Mahindra called out a murky spending environment and blamed macroeconomic uncertainties for delayed decision-making and project implementation by Fortune customers. On the other hand, HCLTech's management said the macroeconomic environment is stable, with some sectoral variations. Persistent Systems was set up in 1990 by Anand Deshpande, a former Hewlett-Packard employee. He currently owns 29.35% of the company, making him the single-largest shareholder of the company. The company has a market capitalization of ₹80,931.53 crore. Coforge, formerly NIIT Technologies, started as an independent firm in 2004. It was acquired by Baring Private Equity in 2019. It is owned entirely by the public and has a market capitalization of ₹56,031.15 crore.
Business Standard
24-07-2025
- Business
- Business Standard
Coforge posts PAT of Rs 247 crore in Q1; board OKs dividend of Rs 4/share
Coforge has reported 4.8% decline in consolidated net profit (continuing business) to Rs 247.2 crore despite an 8.2% increase in revenue to Rs 3,689 crore in Q1 FY26 as compared with Q4 FY25. The companys dollar revenue for the period under review was $442.4 million, up 9.6% QoQ. In constant currency terms, the June25 quarter revenue is higher by 8.0% sequentially. EBITDA improved by 12.1% QoQ to Rs 644.2 crore and EBITDA margin expanded by 61 basis points QoQ in 17.5% in Q1 FY26. Profit before tax in Q1 FY26 stood at Rs 365.4 crore, down by 7.1% from Rs 393.3 crore in Q4 FY25. Coforges order intake for the quarter $507 million. The executable order book over next twelve months at $1.55 billion, a 46.9% YoY increase. The company signed 5 large deals in Q1 FY26 across North America, UK, and APAC. Headcount as on 30 June 2025 stood at 34,187, with net addition of 1,164 sequentially. The company managed to maintain its attrition rate at 11.3%, which is among the lowest in the industry. Sudhir Singh, chief executive officer and executive director, Coforge, said: "The 9.6% sequential dollar growth in Q1, a next twelve-month signed order book which is 46% higher YoY, a very robust large deal pipeline and a pathway to 14% EBIT in FY26, are all pointers to what we believe will be an exceptional fiscal26. We remain committed to sustaining an execution intensity that is uniquely our own and to turning in the ninth consecutive year of sustained and robust growth. Our industry is pivoting and AI is the biggest transformation lever of our times. Coforge is leading from the front with our Quasar AI Marketplace, AgentSphere library, and real-world deployments, executing at scale and making impact across sectors where we have hyper-specialization." The board has recommended an interim dividend of Rs 4 per share, and the record date for this payout will be 31 July 2025. Coforge is a global digital services and solutions provider that leverages emerging technologies and deep domain expertise to deliver real-world business impact for its clients. It leads with its product engineering approach and leverages AI, cloud, data, integration and automation technologies to transform businesses into intelligent, high growth enterprises. The scrip tumbled 8.23% to currently trade at Rs 1696.85 on the BSE.
Time of India
24-07-2025
- Business
- Time of India
Coforge misses estimates, posts 138% YoY jump in Q1 profit; revenue surges 50%
Academy Empower your mind, elevate your skills Despite missing analyst estimates, mid-tier IT company Coforge outperformed its peers in the first quarter of fiscal year 2026, reporting a 138.4% year-on-year (YoY) rise in net profit to Rs 317.4 crore. Revenue surged over 54% both in rupee and dollar terms, to Rs 3,688.6 crore and $442.4 million, respectively. Coforge missed Bloomberg consensus estimates, which had pegged its June quarter net profit at Rs 335 crore and revenue at Rs 3,723 led the stock, which had briefly made gains earlier in the week, to slip over 9% on Thursday until noon after closing 0.7% lower on Wednesday, at Rs 1,849.10, on the BSE. Coforge's shares have largely remained flat over the past Noida-and-US-headquartered company declared an interim dividend of Rs 4 per share, with July 31 set as the record the June quarter, net profit grew 21.5% sequentially, while revenue rose 8.2% in rupee terms and 9.6% in dollar was led by the Americas business improving 13.7% quarter on quarter (QoQ) and 72.4% from a year ago. It was supported by the travel, transportation and hospitality vertical's growth of 31.2% QoQ and 92.2% from a year ago, the company's filings banking business, however, saw a decline of 1.1% from the previous quarter even as it grew 32.2% from a year ago.'We remain committed to turning in the ninth consecutive year of robust growth, despite the uncertain macros that are swelling around us,' said Sudhir Singh, chief executive of the has signed a large, 13-year deal worth $1.56 billion with US travel company Sabre, which will see revenue coming in during the second the April to June period, the company signed five large deals with a total order intake of $507 million coming from North America, the Middle East and Asia. It also saw an uptick in business from helping clients set up their global capability centres (GCCs).The velocity and the median size of the large deals signed by Coforge have been increasing over the years, Singh to top-tier hiring trends, Coforge's global workforce increased by 1,164 to end at 34,187 as of June end. Except industry leader Tata Consultancy Services (TCS) and Infosys , which added 5,060 and 210 employees, respectively, between April and June, other IT majors reduced their mentioning a number, the Coforge CEO said the company plans to continue hiring from campuses in the current year as attrition inched up to 11.3% in the quarter from 10.9% in Q4FY25, it remained lower than in previous improved to 17.5%, from 16.9% in the preceding quarter, but declined from 18% a year ago.
Time of India
04-07-2025
- Politics
- Time of India
Conduct polls to elect Manesar dy mayors in 3 weeks, HC tells Haryana govt
Gurgaon: Punjab and Haryana high court has directed Haryana govt to conduct the elections for the posts of senior deputy mayor and deputy mayor of Municipal Corporation of Manesar (MCM) fairly and within a specified timeframe, "preferably within a three-week period". The division bench of Justice Sudhir Singh and Justice Alok Jain on Tuesday, while disposing of a petition, asked MCM to consider the representation (dated June 2) of the petitioner — filed by an RTI activist — and pass an appropriately reasoned order within three weeks from the date of receiving the order. This directive is to be fulfilled in accordance with the law, it said. You Can Also Check: Gurgaon AQI | Weather in Gurgaon | Bank Holidays in Gurgaon | Public Holidays in Gurgaon The inaugural meeting of the MCM House was held on June 10. However, the elections of the senior deputy mayor and deputy mayor did not take place at the meeting. Polls to elect the first MCM house were held on March 2 and the results of the MCM polls, besides MCG and other municipal corporations of the state, were announced on March 12. Among the 10 municipal corporations in Haryana that conducted polls in March this year, Manesar was the sole corporation where the BJP's performance was subpar. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Luxury Apartments With Sundecks In Dombivli Lodha Opulis Learn More Undo In the results declared on March 12, 13 out of 20 Independent councillors emerged victorious, while BJP secured seven seats in the MCM elections. However, in June this year, seven councillors joined the BJP, which granted the party a clear majority, now holding 14 out of 20 seats in MCM house. According to the Haryana Municipal Corporation Election rules, 1994, the commissioner shall, within a period of sixty days of the notification of the names of the members elected to the corporation, convene a meeting of the corporation at forty-eight hours' notice to be delivered at the ordinary place of residence of members. The notice shall clearly state that the election of senior deputy mayor and deputy mayor shall be held in this meeting to be presided over by the mayor in the presence of the commissioner.
