WNS Announces Fiscal 2024 Fourth Quarter and Full Year Earnings, Provides Guidance for Fiscal 2025
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Date: 25-04-2024 3:30PM
Source: WNS
Category: Business/ Finance, Accounting & Management, Banking & Financial Services, General, Internet, Bpo/Kpo, Information Technology, Business Services, Technology, It & Tech
Location: London, United Kingdom & New York, United States & Mumbai, Maharashtra, India
Business Wire IndiaWNS (Holdings) Limited (WNS) (NYSE: WNS), a leading provider of global digital-led Business Process Management (BPM) solutions, today announced results for the fiscal 2024 fourth quarter and full year ended March 31, 2024.
| Highlights – Fiscal 2024 Fourth Quarter: | GAAP Financials - Revenue of $336.8 million, up 6.9% from $314.9 million in Q4 of last year and up 3.2% from $326.2 million last quarter
- Profit of $12.6 million, compared to $36.4 million in Q4 of last year and $39.6 million last quarter
- Diluted earnings per share of $0.26, compared to $0.72 in Q4 of last year and $0.81 last quarter
Non-GAAP Financial Measures* - Revenue less repair payments of $325.9 million, up 6.9% from $305.0 million in Q4 of last year and up 3.2% from $315.9 million last quarter
- Adjusted Net Income (ANI) of $54.1 million, compared to $52.4 million in Q4 of last year and $58.2 million last quarter
- Adjusted diluted earnings per share of $1.12, compared to $1.04 in Q4 of last year and $1.18 last quarter
Other Metrics - Added 9 new clients in the quarter, expanded 40 existing relationships
- Days sales outstanding (DSO) at 33 days
- Global headcount of 60,125 as of March 31, 2024
| | Highlights – Fiscal 2024 Full Year: | GAAP Financials - Revenue of $1,323.4 million, up 8.1% from $1,224.3 million in fiscal 2023
- Profit of $140.1 million, compared to $137.3 million in fiscal 2023
- Diluted earnings per share of $2.83, compared to $2.70 in fiscal 2023
Non-GAAP Financial Measures* - Revenue less repair payments of $1,284.3 million, up 10.5% from $1,162.0 million in fiscal 2023
- Adjusted Net Income (ANI) of $217.0 million, compared to $196.1 million in fiscal 2023
- Adjusted diluted earnings per share of $4.38, compared to $3.86 in fiscal 2023
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Reconciliations of the non-GAAP financial measures discussed below to our GAAP operating results are included at the end of this release. See also “About Non-GAAP Financial Measures.”
Revenue in the fourth quarter was $336.8 million, representing a 6.9% increase versus Q4 of last year and an increase of 3.2% from the previous quarter. Revenue less repair payments* in the fourth quarter was $325.9 million, increasing 6.9% year-over-year and 3.2% sequentially. Excluding exchange rate impacts, constant currency revenue less repair payments* in the fiscal fourth quarter was up 5.9% versus Q4 of last year and 2.4% sequentially. Year-over-year, Q4 revenue improved as a result of new client additions, the expansion of existing relationships, and favorable currency movements. These benefits were partially offset by the offshore delivery transition of a large internet client and volume reductions with certain clients. Sequentially, demand for cost-reduction focused initiatives and favorable currency movements more than offset headwinds from volume reductions with certain clients.
Profit in the fiscal fourth quarter was $12.6 million, as compared to $36.4 million in Q4 of last year and $39.6 million in the previous quarter. Year-over-year, profit decreased as a result of a $30.9 million intangible asset impairment relating to our large Healthcare client contract termination, annual wage increases, expenses associated with our ADS program termination and transition to voluntarily reporting on US domestic issuer forms, and one-time tax and interest income benefits in Q4 of last year. These headwinds were partially offset by revenue growth, improved productivity, favorable impacts from currency movements, and reductions in share based compensation, amortization of intangibles, and acquisition related expenses. Sequentially, Q4 profit decreased as a result of the $30.9 million intangible asset impairment, a one-time tax benefit of $9.5 million resulting from the reversal of a deferred tax liability in Q3, and expenses associated with our ADS program termination and transition to voluntarily reporting on US domestic issuer forms. These headwinds were partially offset by revenue growth, improved productivity, favorable currency impacts, and reductions in share based compensation, amortization of intangibles, and acquisition related expenses.
Adjusted net income (ANI)* in Q4 was $54.1 million, as compared to $52.4 million in Q4 of last year and $58.2 million in the previous quarter. Explanations for the ANI* movements on a year-over-year and sequential basis are the same as described for GAAP profit above with the exception of amortization of intangible expenses, share-based compensation expense, impairment of intangible assets, costs associated with ADS program termination and transition to voluntarily reporting on US domestic issuer forms, acquisition-related items, and associated tax impacts which are excluded from ANI*.
From a balance sheet perspective, WNS ended Q4 with $244.3 million in cash and investments and $179.2 million in debt. In Q4, the company generated $67.6 million in cash from operations, incurred $10.4 million in capital expenditures, and repaid $8.0 million in debt. WNS also repurchased 1,200,000 ADSs at an average price of $59.62, impacting Q4 cash by $71.5 million. Fourth quarter days sales outstanding were 33 days, as compared to 32 days reported in Q4 of last year and 35 days in the previous quarter.
“In the fiscal fourth quarter, WNS grew our constant currency revenue less repair payments* by 5.9% year-over-year and 2.4% sequentially, and expanded year-over-year adjusted diluted earnings per share* by 8.3%,” said Keshav Murugesh, WNS’ Chief Executive Officer. “Despite significant headwinds and a weak macro environment in fiscal 2024, WNS grew our full year constant currency revenue less repair payments* by 9.9%, delivered industry-leading adjusted operating margins* of 21.5%, and grew adjusted diluted earnings per share* by 13.5%. In addition, we repurchased 3.3 million shares of stock representing approximately 7% of the outstanding diluted shares at the end of fiscal 2023 while continuing to aggressively invest in digitally-led solutions including AI and Generative AI. WNS also terminated our ADS program and listed our ordinary shares on the NYSE on March 28, 2024, positioning the company for improved access to capital. The company remains committed to driving strong operational and financial execution, investing for the future, and generating long-term sustainable business value for all of our stakeholders.”
Fiscal 2025 Guidance
WNS is providing guidance for the fiscal year ending March 31, 2025, as follows:
- Revenue less repair payments* is expected to be between $1,293 million and $1,357 million, up from $1,284.3 million in fiscal 2024. Guidance assumes an average GBP to USD exchange rate of 1.27 versus 1.26 in fiscal 2024.
- ANI* is expected to range between $206 million and $218 million versus $217.0 million in fiscal 2024. Guidance assumes an average USD to INR exchange rate of 83.0 versus 82.8 in fiscal 2024.
- Based on a diluted share count of 47.5 million shares, the company expects fiscal 2025 adjusted diluted earnings per share* to be in the range of $4.34 to $4.59 versus $4.38 in fiscal 2024.
“The company has provided our initial forecast for fiscal 2025 based on current visibility levels and exchange rates,” said Sanjay Puria, WNS’ Chief Financial Officer. “Our guidance for the full year reflects growth in revenue less repair payments* of 1% to 6% on a reported* basis, and 0% to 5% on a constant currency* basis. For the year, we continue to expect capital expenditures of up to $65 million.”
*See “About Non-GAAP Financial Measures” and the reconciliations of the historical non-GAAP financial measures to our GAAP operating results at the end of this release.
Conference Call
WNS will host a conference call on April 25, 2024, at 8:00 am (Eastern) to discuss the company's quarterly results. To access the call in “listen-only” mode, please join live via the company’s investor relations website at ir.wns.com. For call participants, please register using this online form to receive your dial-in number and unique PIN/passcode which can be used to access the call. A replay of the webcast will be archived on the company website at ir.wns.com.
About WNS
WNS (Holdings) Limited (NYSE: WNS) is a leading Business Process Management (BPM) company. WNS combines deep industry knowledge with technology, analytics, and process expertise to co-create innovative, digitally led transformational solutions with over 600 clients across various industries. WNS delivers an entire spectrum of BPM solutions including industry-specific offerings, customer experience services, finance and accounting, human resources, procurement, and research and analytics to re-imagine the digital future of businesses. As of March 31, 2024, WNS had 60,125 professionals across 65 delivery centers worldwide including facilities in Canada, China, Costa Rica, India, Malaysia, the Philippines, Poland, Romania, South Africa, Sri Lanka, Turkey, the United Kingdom, and the United States. For more information, visit www.wns.com.
Safe Harbor Statement
This release contains forward-looking statements, as defined in the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on our current expectations and assumptions about our Company and our industry. Generally, these forward-looking statements may be identified by the use of terminology such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “will,” “seek,” “should” and similar expressions. These statements include, among other things, expressed or implied forward-looking statements relating to discussions of our strategic initiatives and the expected resulting benefits, our growth opportunities, industry environment, our expectations concerning our future financial performance and growth potential, including our fiscal 2025 guidance, estimated capital expenditures, expected foreign currency exchange rates, and the expected resulting benefits from the termination of our ADS program and listing of our ordinary shares. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Such risks and uncertainties include but are not limited to worldwide economic and business conditions, our dependence on a limited number of clients in a limited number of industries; the impact of the ongoing COVID-19 pandemic on our and our clients’ business, financial condition, results of operations and cash flows; currency fluctuations; political or economic instability in the jurisdictions where we have operations; regulatory, legislative and judicial developments; increasing competition in the BPM industry; technological innovation; our liability arising from fraud or unauthorized disclosure of sensitive or confidential client and customer data; telecommunications or technology disruptions; our ability to attract and retain clients; negative public reaction in the US or the UK to offshore outsourcing; our ability to collect our receivables from, or bill our unbilled services to our clients; our ability to expand our business or effectively manage growth; our ability to hire and retain enough sufficiently trained employees to support our operations; the effects of our different pricing strategies or those of our competitors; our ability to successfully consummate, integrate and achieve accretive benefits from our strategic acquisitions, and to successfully grow our revenue and expand our service offerings and market share; future regulatory actions and conditions in our operating areas; and our ability to manage the impact of climate change on our business. These and other factors are more fully discussed in our most recent annual report on Form 20-F and subsequent reports on Form 6-K filed with or furnished to the US Securities and Exchange Commission (SEC) which are available at www.sec.gov. We caution you not to place undue reliance on any forward-looking statements. Except as required by law, we do not undertake to update any forward-looking statements to reflect future events or circumstances.
References to “$” and “USD” refer to the United States dollars, the legal currency of the United States; references to “GBP” refer to the British pound, the legal currency of Britain; and references to “INR” refer to Indian Rupees, the legal currency of India. References to GAAP refers to International Financial Reporting Standards, as issued by the International Accounting Standards Board (IFRS).
WNS (HOLDINGS) LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited, amounts in millions, except share and per share data)
| | | | Three months ended | | | Year ended | | | | | | Mar 31,
2024 | | | Mar 31,
2023 | | | Dec 31, 2023 | | | | Mar 31,
2024 | | | | Mar 31,
2023 | | | Revenue | | | $ | 336.8 | | | $ | 314.9 | | $ | 326.2 | | | $ | 1,323.4 | | | $ | 1,224.3 | | | Cost of revenue | | | | 214.8 | | | | 202.1 | | | 208.9 | | | | 844.9 | | | | 801.5 | | | Gross profit | | | | 121.9 | | | | 112.8 | | | 117.3 | | | | 478.4 | | | | 422.7 | | | Operating expenses: | | | | | | | | | | | | | | | | | | | | | | Selling and marketing expenses | | | | 19.3 | | | | 17.1 | | | 20.3 | | | | 78.3 | | | | 63.5 | | | General and administrative expenses | | | | 44.6 | | | | 43.7 | | | 45.6 | | | | 183.6 | | | | 169.3 | | | Foreign exchange (gain) / loss, net | | | | (0.3) | | | | 2.3 | | | 0.5 | | | | (0.7) | | | | (1.0) | | | Impairment of intangible assets | | | | 30.9 | | | | — | | | — | | | | 30.9 | | | | — | | | Amortization of intangible assets | | | | 7.0 | | | | 8.9 | | | 8.6 | | | | 33.0 | | | | 23.6 | | | Operating profit | | | | 20.5 | | | | 40.8 | | | 42.3 | | | | 153.3 | | | | 167.3 | | | Other income, net | | | | (4.9) | | | | (5.8) | | | (4.1) | | | | (39.4) | | | | (16.0) | | | Finance expense | | | | 7.3 | | | | 6.6 | | | 7.1 | | | | 29.1 | | | | 18.8 | | | Profit before income taxes | | | | 18.0 | | | | 40.1 | | | 39.3 | | | | 163.6 | | | | 164.5 | | | Income tax expense | | | | 5.5 | | | | 3.7 | | | (0.4) | | | | 23.4 | | | | 27.2 | | | Profit after tax | | | $ | 12.6 | | | $ | 36.4 | | $ | 39.6 | | | $ | 140.1 | | | $ | 137.3 | | | | | | | | | | | | | | | | | | | | | | | | | Earnings per share of ordinary share | | | | | | | | | | | | | | | | | | | | | | Basic | | | $ | 0.27 | | | $ | 0.75 | | $ | 0.84 | | | $ | 2.97 | | | $ | 2.85 | | | Diluted | | | $ | 0.26 | | | $ | 0.72 | | $ | 0.81 | | | $ | 2.83 | | | $ | 2.70 | |
WNS (HOLDINGS) LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(Unaudited, amounts in millions, except share and per share data)
| | | As at Mar 31,
2024 | | | As at Mar 31,
2023 | | | ASSETS | | | | | | | | | | Current assets: | | | | | | | | | | Cash and cash equivalents | | $ | 87.4 | | | $ | 127.9 | | | Investments | | | 156.5 | | | | 101.1 | | | Trade receivables, net | | | 124.6 | | | | 113.1 | | | Unbilled revenue | | | 107.8 | | | | 99.8 | | | Funds held for clients | | | 6.9 | | | | 9.4 | | | Derivative assets | | | 5.8 | | | | 6.4 | | | Contract assets | | | 11.9 | | | | 12.6 | | | Prepayments and other current assets | | | 30.4 | | | | 33.9 | | | Total current assets | | | 531.4 | | | | 504.1 | | | | | | | | | | | | | Non-current assets: | | | | | | | | | | Goodwill | | | 356.3 | | | | 353.6 | | | Intangible assets | | | 124.4 | | | | 179.2 | | | Property and equipment | | | 73.7 | | | | 62.4 | | | Right-of-use assets | | | 163.6 | | | | 175.5 | | | Derivative assets | | | 1.9 | | | | 2.7 | | | Investments | | | 0.3 | | | | 75.9 | | | Contract assets | | | 52.8 | | | | 54.7 | | | Deferred tax assets | | | 49.2 | | | | 46.7 | | | Other non-current assets | | | 59.0 | | | | 49.6 | | | Total non-current assets | | | 881.4 | | | | 1,000.4 | | | TOTAL ASSETS | | $ | 1,412.8 | | | $ | 1,504.4 | | | | | | | | | | | | | LIABILITIES AND EQUITY | | | | | | | | | | Current liabilities: | | | | | | | | | | Trade payables | | $ | 25.0 | | | $ | 25.4 | | | Provisions and accrued expenses | | | 31.2 | | | | 41.8 | | | Derivative liabilities | | | 4.0 | | | | 7.5 | | | Pension and other employee obligations | | | 105.4 | | | | 107.9 | | | Short term line of credit | | | 40.0 | | | | — | | | Current portion of long-term debt | | | 36.7 | | | | 36.1 | | | Contract Liabilities | | | 12.9 | | | | 15.7 | | | Current taxes payable | | | 8.3 | | | | 2.2 | | | Lease liabilities | | | 28.1 | | | | 26.6 | | | Other liabilities | | | 19.9 | | | | 40.7 | | | Total current liabilities | | | 311.3 | | | | 303.8 | | | Non-current liabilities: | | | | | | | | | | | Derivative liabilities | | | 0.6 | | | | 2.4 | | | Pension and other employee obligations | | | 24.6 | | | | 19.5 | | | Long-term debt | | | 102.5 | | | | 137.3 | | | Contract liabilities | | | 12.6 | | | | 9.7 | | | Other non-current liabilities | | | 13.9 | | | | 20.8 | | | Lease liabilities | | | 162.1 | | | | 172.3 | | | Deferred tax liabilities | | | 19.4 | | | | 37.3 | | | Total non-current liabilities | | | 335.7 | | | | 399.5 | | | TOTAL LIABILITIES | | $ | 647.0 | | | $ | 703.3 | | | | | | | | | | | | | Shareholders' equity: | | | | | | | | | Share capital (ordinary shares $0.16 (10 pence)
par value, authorized 60,000,000 shares;
issued: 45,684,145 shares and 48,360,817 shares;
each as at March 31, 2024 and
March 31, 2023, respectively) | | | 7.3 | | | | 7.7 | | | Share premium | | | 2.4 | | | | 81.1 | | | Retained earnings | | | 1,004.0 | | | | 951.6 | | | Other Reserves | | | 6.1 | | | | 6.8 | | | Other components of equity | | | (254.1) | | | | (246.0) | | | Total shareholders’ equity | | $ | 765.7 | | | $ | 801.1 | | | TOTAL LIABILITIES AND EQUITY | | $ | 1,412.8 | | | $ | 1,504.4 | |
About Non-GAAP Financial Measures
The financial information in this release includes certain non-GAAP financial measures that we believe more accurately reflect our core operating performance. Reconciliations of these non-GAAP financial measures to our GAAP operating results are included below. A more detailed discussion of our GAAP results is contained in “Part I –Item 5. Operating and Financial Review and Prospects” in our annual report on Form 20-F filed with the SEC on May 16, 2023.
Revenue less repair payments is a non-GAAP financial measure that is calculated as (a) revenue less (b) in our BFSI segment, payments to repair centers for “fault” repair cases where WNS acts as the principal in its dealings with the third party repair centers and its clients. WNS believes that revenue less repair payments for “fault” repairs reflects more accurately the value addition of the business process management services that it directly provides to its clients. For more details, please see the discussion in “Part I – Item 5. Operating and Financial Review and Prospects – Overview” in our annual report on Form 20-F filed with the SEC on May 16, 2023.
Constant currency revenue less repair payments is a non-GAAP financial measure. We present constant currency revenue less repair payments so that revenue less repair payments may be viewed without the impact of foreign currency exchange rate fluctuations, thereby facilitating period-to-period comparisons of business performance. Constant currency revenue less repair payments is presented by recalculating prior period’s revenue less repair payments denominated in currencies other than in US dollars using the foreign exchange rate used for the latest period, without taking into account the impact of hedging gains/losses. Our non-US dollar denominated revenues include, but are not limited to, revenues denominated in pound sterling, South African rand, Australian dollar and Euro.
WNS also presents or discusses (1) adjusted operating margin, which refers to adjusted operating profit (calculated as operating profit / (loss) excluding goodwill & intangible impairment, share-based compensation expense, acquisition-related expenses or benefits, costs related to the exchange of ADSs to ordinary shares, costs related to change to US GAAP reporting and voluntarily filing on US domestic issuer forms with SEC and amortization of intangible assets) as a percentage of revenue less repair payments, (2) ANI, which is calculated as profit excluding goodwill & intangible impairment, share-based compensation expense, acquisition-related expenses or benefits, costs related to the termination of ADS program and listing of ordinary shares, costs related to the transition to voluntarily reporting on US domestic issuer forms and amortization of intangible assets and including the tax effect thereon, (3) Adjusted net income margin, which refers to ANI as a percentage of revenue less repair payments, (4) net cash, which refers to cash and cash equivalents plus investments less long-term debt (including the current portion and short term) and other non-GAAP financial measures included in this release as supplemental measures of its performance.
Acquisition-related expenses or benefits consists of transaction costs, integration expenses, employment-linked earn-out as part of deferred consideration and changes in the fair value of contingent consideration including the impact of present value thereon. WNS presents these non-GAAP financial measures because it believes they assist investors in comparing its performance across reporting periods on a consistent basis by excluding items that are non-recurring in nature and those it believes are not indicative of its core operating performance. In addition, it uses these non-GAAP financial measures (i) to evaluate the effectiveness of its business strategies and (ii) (with certain adjustments) as a factor in evaluating management’s performance when determining incentive compensation. WNS is excluding acquisition-related expenses as described above with effect from fiscal 2023 second quarter.
These non-GAAP financial measures are not meant to be considered in isolation or as a substitute for WNS’ financial results prepared in accordance with IFRS.
The company is not able to provide our forward-looking GAAP revenue, profit and earnings per share without unreasonable efforts for a number of reasons, including our inability to predict with a reasonable degree of certainty the payments to repair centers, our future share-based compensation expense under IFRS 2 (Share Based payments), amortization of intangibles and acquisition-related expenses or benefits associated with future acquisitions, goodwill impairment and currency fluctuations. As a result, any attempt to provide a reconciliation of the forward-looking GAAP financial measures (revenue, profit, earnings per share) to our forward-looking non-GAAP financial measures (revenue less repair payments*, ANI* and Adjusted diluted earnings per share*, respectively) would imply a degree of likelihood that we do not believe is reasonable.
Reconciliation of revenue (GAAP) to revenue less repair payments (non-GAAP) and constant currency revenue less repair payments (non-GAAP)
| | | Three months ended | | Year ended | | | | Mar 31, 2024 | | | Mar 31, 2023 | | | Dec 31, 2023 | | | Mar 31, 2024 | | Mar 31, 2023 | | | | (Amounts in millions) | | (Amounts in millions) | | Revenue (GAAP) | | $ | 336.8 | | | $ | 314.9 | | | $ | 326.2 | | | $ | 1,323.4 | $ | 1,224.3 | | | Less: Payments to repair centers | | | 10.9 | | | | 9.9 | | | | 10.3 | | | | 39.1 | | 62.2 | | | Revenue less repair payments (non-GAAP) | | $ | 325.9 | | | $ | 305.0 | | | $ | 315.9 | | | $ | 1,284.3 | $ | 1,162.0 | | | Exchange rate impact | | | 0.8 | | | | 3.5 | | | | 3.2 | | | | 5.0 | | 11.4 | | | Constant currency revenue less repair payments (non-GAAP) | | $ | 326.7 | | | $ | 308.5 | | | $ | 319.1 | | | $ | 1,289.2 | $ | 1,173.4 | |
Reconciliation of operating profit (GAAP to non-GAAP)
| | | Three months ended | | Year ended | | | | Mar 31, 2024 | | | Mar 31, 2023 | | | Dec 31, 2023 | | | Mar 31, 2024 | | Mar 31, 2023 | | | | (Amounts in millions) | | (Amounts in millions) | | Operating profit (GAAP) | | $ | 20.5 | | | $ | 40.8 | | | $ | 42.3 | | | $ | 153.3 | $ | 167.3 | | | Add: Share-based compensation expense | | | 9.0 | | | | 11.8 | | | | 13.1 | | | | 51.7 | | 49.7 | | | Add: Amortization of intangible assets | | | 7.0 | | | | 8.9 | | | | 8.6 | | | | 33.0 | | 23.6 | | | Add: Impairment of intangible assets | | | 30.9 | | | | — | | | | — | | | | 30.9 | | — | | | Add: Acquisition-related expenses | | | 0.6 | | | | 1.2 | | | | 1.0 | | | | 3.7 | | 3.8 | | | Add: Costs related to the termination of ADS program and listing of ordinary shares | | | 3.6 | | | | — | | | | — | | | | 3.6 | | — | | | Add: Costs related to the transition to voluntarily reporting on US domestic issuer forms | | | 0.1 | | | | — | | | | — | | | | 0.1 | | — | | | Adjusted operating profit (non-GAAP) | | $ | 71.7 | | | $ | 62.7 | | | $ | 65.0 | | | $ | 276.3 | $ | 244.5 | | | Operating profit as a percentage of revenue (GAAP) | | | 6.1% | | | | 13.0% | | | | 13.0% | | | | 11.6% | | 13.7% | | | Adjusted operating profit as a percentage of revenue less repair payments (non-GAAP) | | | 22.0% | | | | 20.6% | | | | 20.6% | | | | 21.5% | | 21.0% | | | | | | | | | | | | | | | | | | | | | | | | |
Reconciliation of profit (GAAP) to ANI (non-GAAP)
| | | Three months ended | | Year ended | | | | Mar 31, 2024 | | | Mar 31, 2023 | | | Dec 31, 2023 | | | Mar 31, 2024 | | Mar 31, 2023 | | | | (Amounts in millions,
except per share data) | | (Amounts in millions,
except per share data) | | Profit (GAAP) | | $ | 12.6 | | | $ | 36.4 | | | $ | 39.6 | | | $ | 140.1 | $ | 137.3 | | | Add: Share-based compensation expense | | | 9.0 | | | | 11.8 | | | | 13.1 | | | | 51.7 | | 49.7 | | | Add: Amortization of intangible assets | | | 7.0 | | | | 8.9 | | | | 8.6 | | | | 33.0 | | 23.6 | | | Add: Impairment of intangible assets | | | 30.9 | | | | — | | | | — | | | | 30.9 | | — | | | Add: Acquisition-related expenses / (benefits), net(1) | | | 0.3 | | | | 1.5 | | | | 1.2 | | | | (17.7) | | 4.5 | | | Add: Costs related to the termination of ADS program and listing of ordinary shares | | | 3.6 | | | | — | | | | — | | | | 3.6 | | — | | | Add: Costs related to the transition to voluntarily reporting on US domestic issuer forms | | | 0.1 | | | | — | | | | — | | | | 0.1 | | — | | | Less: Tax impact on above(2) | | | (9.3) | | | | (6.2) | | | | (4.5) | | | | (24.8) | | (19.0) | | | Adjusted Net Income (non-GAAP) | | $ | 54.1 | | | $ | 52.4 | | | $ | 58.2 | | | $ | 217.0 | $ | 196.1 | | | Profit after tax as a percentage of revenue (GAAP) | | | 3.7% | | | | 11.6% | | | | 12.2% | | | | 10.6% | | 11.2% | | | Adjusted net income as a percentage of revenue less repair payments (non-GAAP) | | | 16.6% | | | | 17.2% | | | | 18.4% | | | | 16.9% | | 16.9% | | | Adjusted diluted earnings per share (non-GAAP) | | $ | 1.12 | | | $ | 1.04 | | | $ | 1.18 | | | $ | 4.38 | $ | 3.86 | | | | | | | | | | | | | | | | | | | | | | | | |
(1) Acquisition related expenses / (benefits) includes reversal of contingent consideration related to acquisition of Vuram and The Smart Cube
(2) The company applies GAAP methodologies in computing the tax impact on its non-GAAP ANI adjustments (including amortization of intangible assets, acquisition-related expenses and share-based compensation expense). The company’s non-GAAP tax expense is generally higher than its GAAP tax expense if the income subject to taxes is higher considering the effect of the items excluded from GAAP profit to arrive at non-GAAP profit.
Reconciliation of net cash
| | | As at
Mar 31, 2024 | | | As at
Mar 31, 2023 | | | | (Amounts in millions) | | | (Amounts in millions) | | Gross cash (including investments) | | $ | 244.3 | | | $ | 304.9 | | Less: Debt (short term and long term) | | | (179.2) | | | | (173.4) | | Net cash | | $ | 65.1 | | | $ | 131.5 | 
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Goorachurn appointed as Chief Executive Officer Gradiant Launches CURE Chemicals for the World’s Essential Industries Experian Named a Leader in IDC MarketScape: Worldwide Enterprise Fraud Solutions 2024 Vendor Assessment Tax2win.in Leads the Way: First Online Tax Filing Portal to Start Income Tax Filing for FY 2023-24 (AY 2024-25) Lenovo Embraces the AI PC Era with New ThinkCentre Desktops Powered by AMD Ryzen PRO 8000 Series Desktop Processors Unforgettable Experiences Await: Secure Your Spot at NPE2024 Rahat Rooh Enters the Digital Era: The 140 Year Old Company Launches Its Website iZooto Partners with Comscore for Traffic and Revenue Attribution Data Max Rethinks Size Labels - Introduces Its New Youth Centric Brand Urban LTIMindtree Collaborates with Vodafone to Deliver Connected, Smart IoT and Industry X.0 Solutions Visa Reimagines Payment Acceptance for the ‘Click-and-Mortar' Era Kinaxis Inc. to Host First Quarter 2024 Financial Results Conference Call on May 9, 2024 MG Motor India Announces Ownership Experience Program for Gloster MSCI Completes Acquisition of Foxberry Cadence Unveils Palladium Z3 and Protium X3 Systems to Usher in a New Era of Accelerated Verification, Software Development and Digital Twins NILIT Announces Strategic Expansions, Including a Joint Venture with Shenma in China The Office of Health Economics: Adult Vaccination Programmes Deliver Socio-economic Benefits up to 19 Times Initial Investment, According to New Report Yugabyte Embraces ‘No Downtime, No Limits,’ as the Theme of the Upcoming Distributed SQL Summit Asia Games Global Announces Filing of Registration Statement for Proposed Initial Public Offering Kai Tak Sports Park Limited and ASM Global Begin Countdown to Unveiling of World’s Largest Sports Development in History KPMG Innovation Kaleidoscope Insights Centre Inaugurated in Bengaluru Saudi Arabia Highlights Investment Initiatives in Tourism at International Hospitality Investment Forum? Surbhi Goel to be appointed CEO Munich Re India STT GDC India Earns Frost & Sullivan's 2023 Indian Company of the Year Award Neet Launches Topical CBD Oils for Pain Relief IIFL Finance Recognized by Great Place To Work Among India's Top 50 Best Workplaces in BFSI 2024 BlinkX Introduces India’s First Full Refund Initiative in the Broking Industry Kinaxis Welcomes Valantic to its Growing Partner Ecosystem Cushman & Wakefield Appointed by Standard Chartered Bank to Deliver Property Services across Asia and Global Asset and Transaction Management Vedanta’s Hindustan Zinc Becomes the 3rd Largest Producer of Silver Globally MediaCo Acquires Estrella Media’s Content and Digital Operations Radico Khaitan Unveils The Kohinoor Reserve Indian Dark Rum at IAADFS Summit 2024 Newmont Publishes 2023 Sustainability Report and 2023 Tax & Royalties Report Learners Complete Certifications Every Minute on Simpliearn's SkillUp Platform and Share Their Success on LinkedIn Rimini Street Honored with Two Prestigious Stevie® 2024 Awards in the Category of Customer Service International Symposium on the Concept of Intercultural Exchanges and Mutual Learning Successfully Convenes at UNESCO Headquarters dataplor Announces Series A Funding Led by Spark Capital to Expand Global Location Data Intelligence Long Tale Games Relaunches Life is Feudal: MMO on Steam With a Significant Event, the Balance Restoration Campaign IISc Launches ‘Longevity India Initiative’ to Pioneer Ageing Research in India Cogniscient Business Solutions Awarded as SAP Business One - Partner of the Year 2023 - North India AIESEC in Delhi IIT Ignites Youth Leadership with "Educate, Empower, Equalize" at Youth Speak Forum 24 Hindustan Zinc’s Record Annual Silver and Metal Production with Strong Cost Resilience Amidst Lower Zinc Prices; PAT at INR 7,759 Crore Wipro Announces Results for the Quarter and Year ended March 31, 2024 SLB Announces First-Quarter 2024 Results, Targeting to Return $7 Billion to Shareholders Over 2024–2025 Introducing BE - Bergner Essentials: Transforming Home Cooking with Precision and Safety Newmont Appoints Mining Industry Veteran Francois Hardy as Chief Technology Officer Hemohim, a Functional Food to Boost Immune System, Sparks Global Sensation Puravankara Bags Prestigious CIDC Vishwakarma Award for Social Development and Impact The Government of Mongolia and The Nature Conservancy Secure ‘Eternal Mongolia’, a Pathway to Achieve the Nation’s Climate and Biodiversity Goals 5 Expert Tips to Elevate Your Ludo Skills, Learn Winning Moves to Master This Game of Skill ENBD, DP World Trade Finance, iBind and Enigio Partnered for Corporate Digital Identity in Trade Finance Data4Industry-X Bridging Industrial Data Ecosystems by Interfacing with OPC UA Protocol and using Eclipse Dataspace Components for a Sustainable & Competitive Industry D. E. Shaw India Announces Sponsorship of the Great International Developer Summit (GIDS) 2024 After Two-Year Composting Experiment: PUMA Makes RE:SUEDE 2.0 Sneaker Available for Sale Medtronic Launches Advanced NeuroSmart™ Portable MER Navigation System in India for Deep Brain Stimulation Procedure to Manage Parkinson’s Michelin Star Chef Ana Ros and The Ardmore Craft Exquisite Dining Experience in Mumbai University of Massachusetts Global Unveils Online MBA Program to Empower Indian Professionals with Advanced Business Skills The LYCRA Company Invites the Apparel Industry to View “FashionFarmers,” an Innovative Media Campaign Launching on Earth Day AI Medical Service Inc. Signs Joint Research Agreement with Mahidol University in Thailand Foam Molded Product made from KANEKA Biodegradable Polymer Green PlanetTM Adopted for Sony’s Large-screen TV Cushioning Material Three NPOs Win $1 Million in Grants From HCLTech for Climate Action Projects Across Americas Piccadily Agro FY24 Result: PAT Jumps 354% YoY to Rs. 112 Crores; Annual revenue rises 30% to Rs. 829 Crores Rubedo Life Sciences Closes $40M Series A Financing Led by Khosla Ventures and Ahren Innovation Capital ReNAgade Therapeutics Announces Presentations at the ASGCT 27th Annual Meeting Simpro Welcomes Ashley Mehlman as the New Chief Financial Officer Cyril Amarchand Mangaldas advised Apple South Asia Pte. Ltd. (Apple Group) with respect to its investment in Clean Max Hyperion Power LLP (Clean Max Group) Lenovo Announces LISSA: New AI-powered Capability That Helps Businesses Reduce IT Footprint Kioxia Sampling Latest Generation UFS Ver. 4.0 Embedded Flash Memory Devices Xterio Launches an L2 with BNB Chain and AltLayer to Scale Web3 Gaming and AI moto g64 5G - India’s Best 5G All-Rounder with Segment’s Only in-Built 12GB RAM + 256GB Storage, 50MP OIS Shake-Free Camera, Massive 6000mAh Battery Along with the Highest 14 5G Bands Goes on Sale Today on Flipkart, Motorola.in, and Leading Retail Stores at an Effective Price of Just Rs. 15,999* for 12+256GB Variant Brickwork Ratings diversifies its Board with Santosh B Nayar as Chairman Alariss Global and Remote Partner to Support Indian Entrepreneurs in USA Market Expansion FPT to Shape the Future of AI and Cloud on a Global Scale in Collaboration with NVIDIA The 2024 Japan Prize Award Ceremony Is Held with Their Majesties the Emperor and Empress of Japan in Attendance Eaton’s Mobility Group Chosen to Supply Electromechanical Variable Valve Actuation Technology to Great Wall Motor Score a Crush: happn's Winning Icebreakers for Cricket Fans ExaGrid’s VP of EMEA & APAC Sales Named a Regional Channel Chief Rubedo Life Sciences and Beiersdorf Announce Multi-Year Partnership to Pioneer New Skin Care Products that Address Cellular Aging EIG’s MidOcean Energy Completes Acquisition of 20 Percent Stake in Peru LNG Intelliswift Expands India Presence with New Office in Bangalore to Meet Rapid Growth Plans Making History: ASPIRE to Launch Inaugural ‘Abu Dhabi Autonomous Racing League’ Redefining Future of Extreme Sport on April 27 NetApp’s 2024 Cloud Complexity Report Reveals AI Disrupt or Die Era Unfolding Globally Autel Energy’s Global ESG Launch Is A Success: Around 5,000 Trees Planted In EVergreen's Inaugural Tree Planting Initiative FPT Cooperates with USAID to Promote Clean Energy Deployment, Reduce Greenhouse Gas Emissions, and Accelerate Net Zero Transition Galderma Delivers a Strong Start to the Year With Record Net Sales of Over 1 Billion USD for the First Quarter and 12.4% Year-on-Year Growth SES’s O3b mPOWER System Starts Providing High-performance Connectivity Services Moody’s Teams Up with the New York Giants and New York Jets as the New Cornerstone Partner of MetLife Stadium Home Financing Redefined: Discover the Tata Capital Advantage Tata Capital’s Home Loan Promise: Personalized Loan Solutions for Every Homebuyer Need Immediate Funds, Tata Capital Personal Loans Offer Swift and Simple Solutions Empowering SMEs: Tata Capital's Business Loan Solutions Driving Growth and Innovation Congruent Solutions Appoints Mahesh Natarajan as Chief Revenue Officer Guidewire Launches DEVSummit SES AI, Hyundai Motor and Kia Agree to Enter the Next Phase of Their Joint Development Contract KnowBe4 to Acquire Egress LTIMindtree Closes FY24 with a Strong Order Inflow of $5.6 Bn; up 15.7% YoY AMGTA Releases Research on Sustainability of Powder and Wire Additive Feedstock WNS Announces Fiscal 2024 Fourth Quarter and Full Year Earnings, Provides Guidance for Fiscal 2025 WNS Announces CFO Transition Parse Biosciences Launches Laboratory Automation Provider Program, Collaborates with Hamilton, Opentrons Labworks, SPT Labtech Ouro and Real Madrid Partner to Deliver Innovative Financial Products to Football Fans Around the Globe Transphorm and Weltrend Semiconductor Release New Integrated GaN System-in-Packages Asia Pacific continues to lead the world in the adoption of local payment methods - new research from Boku reveals Stonelam's Mumbai Store Is Inspired by Mountain Trails, Fostering Creative Synergy with Nature LYCRA® Brand Launches New Customizable Fit Solution at Kingpins Amsterdam Hithium Hosts Roundtable at the BNEF Summit New York, Discussing Next Generation Battery Energy Storage System Rimini Street Appoints Steve Hershkowitz as Chief Revenue Officer Mortein Celebrates World Malaria Day 2024 in Bareilly, Intensifies Efforts to Make Bareilly Malaria-Free Global CIOs geared up to scale AI but organizations aren’t as ready Open Source Database Leader Percona Appoints Liz Warner to Chief Technology Officer Exergen Sues Baxter International to Defend Its Right to Publish Data Regarding the Accuracy of Oral Thermometers Embassy REIT Announces Record Full-Year FY2024 Results with 8.1 Million Square Feet of Total Leases; Guides to ~7% Distribution Growth in FY2025 Aam-azingly Good, Mango-ficantly Delicious - Naturals’ Mango Ice Cream Is Officially Back in Stock Bureau Veritas: Strong Start to the Year; 2024 Outlook Confirmed Provident Housing Secures INR 1,150 Crores Investment from HDFC Capital, with a Potential GDV of INR 17,100 Crores Uncover Hong Kong’s Heritage This May with Cultural Festivals and All-New Pyro & Drone Shows HDFC Life and Peerless Financial Products Distribution Ltd. (PFPDL) Enter into a Corporate Agency Tie-Up Geopolitical Unrest Generates an Onslaught of DDoS Attacks, According to the Latest NETSCOUT Threat Intelligence Report L&T Technology Services Unveils Strategic Reorganization L&T Technology Services Reports 5 Percent QoQ Revenue Growth in Q4 and Net Profit of Rs.1,300 Crore Plus in FY24 Visa Joins AWS Partner Network to Help Simplify Global Digital Payments MEW: A New Contender in the Meme Coin Arena - Now Available for Trading on WazirX O.P. Jindal Global University’s Vice Chancellor, Prof. C. Raj Kumar Addresses the Japanese Parliament Interactive Brokers Announces Extended Trading Hours for US Treasury Bonds Digital Transformation’s Next Era: Generative AI and Laserfiche 12 at 2024 Empower Conference P&G Health's Evion Launches Vitamin E Cream in a Brand-New Avatar Unlocking India's Regulatory Landscape: FIFI Collaborates with DAHD and FSSAI to Navigate Agricultural, Food, and Beverage Imports Tecnotree Achieves Strong Q1 2024 Results with Sustained Revenue Growth and Enhanced Profitability Bowlers from Allana Unveils Nutrimax: A New Range of Dog Food Former NABARD Chairman Dr. Govinda Rajulu Chintala Joins IIFL Samasta Finance as Chairman of Board Circular Computing and Total IT Global Join Forces to Advance Enterprise IT ESG Agenda Evion’s Vitamin E Cream in a Brand-New Avatar HCLTech Reports FY24 Revenue of $13.3 Billion, up 5.4% YoY Skyscanner Reveals Nearly Half of India's Gen Z Ready for First Independent Trips Abroad Takeda Receives Positive CHMP Opinion for Fruquintinib in Previously Treated Metastatic Colorectal Cancer Kinaxis Positioned Highest on Ability to Execute in the Gartner® Magic Quadrant™ for Supply Chain Planning Solutions ReNAgade Therapeutics Continues Commitment to GanNA Bio and Glycan Biology IDFC FIRST Bank PAT Increases by 21% YOY to Rs. 2,957 Crore for FY 24 Hindustan Zinc Unveils India's 2nd All Women Underground Mine Rescue Team, Reinforcing Commitment to #SafetyFirst TUM Races to Victory at ASPIRE’s Inaugural Abu Dhabi Autonomous Racing League at Yas Marina Circuit Ethiopian Airlines Takes Flight into the Future with Verteil’s Cutting-Edge NDC Technology Unlock.fit Launches CorpGene: Exclusive DNA-based Personalized Wellness Program for Corporate Wellness Enhancement in India Loka Viveka Launches the First HR Tech Venture Studio in India Geopolitical Stability, Inclusive Growth, Energy Security Under Spotlight in Riyadh at World Economic Forum Special Meeting Al Shindagha Museum - A Modern Journey through Dubai's Rich Heritage and Cultural Tapestry Happay Partners with Grant Thornton Bharat to Redefine Expense Management Across Indian Enterprises KPIT Clocks FY24 USD Revenue Growth of 40.4 Percent and PAT Growth of 56 Percent, Beating Increased Guidance for the Year Book on 100 Great IITians Launched at IIT Madras Leocorno Enterprises Ventures into Activated Charcoal Filter Category in India Poonawalla Fincorp Reports Highest Ever Yearly PAT of Rs. 1027 Crore in FY24, Jumps 83% YoY Intelsat, CNH Smart Farming Satellite Connectivity Coming to Brazil Todd Clegg Named Carestream’s Chief Executive Officer WHOOP Announces Significant Global Expansion, Appoints New Senior Leadership CORRECTING and REPLACING ReNAgade Therapeutics Continues Commitment to GanNA Bio and Glycan Biology WEF Special Meeting Concludes in Riyadh With World Leaders Calling for Clear, Irreversible Path to Peace and Prosperity as Top Global Priority PsiQuantum to Build World’s First Utility-Scale, Fault-Tolerant Quantum Computer in Australia Global Real-Time Payments Growth “Sustainable” As New Use Cases Push Transactions to Record Highs – ACI Worldwide Report Capco announces two executive appointments to drive continued growth of its financial services advisory capability in India Media Expo Mumbai 2024 to Showcase a Gamut of New-Age and Sustainable Products in May SES to Acquire Intelsat in Compelling Transaction Focused on the Future OPEX® Infinity® Automated Storage and Retrieval System Wins Prestigious International Red Dot Award for Product Design 360 ONE Wealth in Association with VCCEDGE Launches Its Sixth Edition of India Invests Report for FY 2024 Coca-Cola LATAM Ex-CIO, Miguel Piñeros Petersen Joins Salescode.ai as Global Director, Strategy and Solution Consulting, for its LATAM operations VTEX Unveils New Solutions and Supercharged Upgrades to Create Composable Customer Experiences, Sell from Everywhere, and Fulfill Faster 90 Minutes: Dr. Rasha Kelej Interacted with Africa’s Media and Alumni to Highlight Her Efforts to Transform Patient Care, Support Girl Education and Break Infertility Stigma Revolutionizing Audiobook Production: Walnut Publication Pioneers the Digital Narration Era Over 100 Impact Assessment Studies Show CSR’s Pivotal Contribution to India’s Educational Framework. However, Some Gaps Remain: SoulAce Gujarat Based Rahul Roadlines Strengthens Partnership with drivebuddyAI, Expands Fleet and Driver Safety Coverage with ADAS and AMCS Sovos Introduces Indirect Tax Suite to Meet Complexities of Global Compliance SMEStreet Celebrates 10 Years of Serving Indian MSMEs WNS Named a Market Leader in HFS Research First CX Service Providers Horizon Report Sustainability Regulation Propelling Transformation in Corporate Reporting, According to New Survey by Workiva Esri Releases Latest Land Cover Map with Updated Sentinel-2 Satellite Data Kesar Lands - Kesar India Limited Breaks Record with Early Delivery of Kesar Gateway, Sets New Industry Standard Spatial Announces Release 2024 1.0.1 Belkin Commits to be 100 Percent Carbon Neutral Across Its Entire Business by 2030 The Empire State Building Partners with WhatsApp and Mercedes-AMG PETRONAS F1 Team to Produce Dynamic Light Show, Fifth Avenue Demo Run, Exclusive Pop-Ups, and More Xsolla Founder Shurick Agapitov to Address the Future of the Internet at Qatar Economic Forum Black Hat Asia 2024 Showcases Latest Cybersecurity Findings at Singapore Event Saviynt Appoints Sanjeevi Kumar to Expand its Sales Footprint in India ShareChat Reduces Cloud Spend 70% with Redpanda Streaming Data Laserfiche AI Document Summarization: Simplifying Content Consumption and Powering Productivity Dubai Launches Global Blueprint for Artificial Intelligence VSPAGY Bags Two Golds and One Bronze at the Prestigious e4m DigiOne Awards Palace Dubai Creek Harbour Hotel Officially Opens Its Doors in the Heart of Dubai FORVIA and L&T Technology Services Agree Strategic Partnership on Ultra-low Emissions Engineering in Germany and India WNS (Holdings) Limited Announces Details of Extraordinary General Meeting of Shareholders Planview Accelerates Transformation Impact with Next Generation Connectivity, Visibility, and AI-Driven Insights WNS to Participate at Q2’24 Investor Conferences The Rise of the RummyBo - a Revolution in Digital Entertainment EZTax Launched India's 1st AI-Enabled Income Tax Filing Mobile App Wipro to Implement Independent Health’s Medicare Prescription Payment Plan Platform True Establishes Talent Advisory Practice and Strategic Alliance with Hogan Assessments Rocket Software Closes $2.275B Acquisition of OpenText’s Application Modernization and Connectivity Business LambdaTest Enhances Security and Performance with SOCKS5 Proxy and HTTP/2 Support MullenLowe Lintas Group Commissions ‘State of States’, a Pioneering Study to Deconstruct the Different Indian Cultures in Collaboration with Quantum Solutions Keyloop completes the acquisition of Automotive Transformation Group (ATG) StoCoMo - Motilal Oswal’s Popular Investors Network Is Now Open for All Legendary Cricketer Pat Cummins Visits Two Stores of GKB Opticals in Hyderabad Pune Based Rasayu Cancer Clinic Signs MoU with Uttarakhand State Government for Ayurveda and Cancer Treatment Lifezone Metals to Provide its Q1 2024 Operational Update and Financial Summary on Monday, May 13, 2024 Rimini Street Announces Fiscal First Quarter 2024 Financial and Operating Results Mariana Oncology to be Acquired by Novartis to Advance Precision Radiopharmaceuticals to Treat Cancer Lime Trading teams up with start up, TakeProfit, to Empower the Next Generation of Retail Traders Lenovo Advances Focus on Customer Security with new AI-powered Cyber Resiliency as a Service SMT and HeartX Forge Transformative Partnership in Cardiovascular Space Max Estates to Expand Luxury Residential Portfolio Through a Strategic Joint Development Agreement in Gurugram SES AI Reports First Quarter 2024 Earnings Results; Affirms 2024 Outlook GlobalLogic Recognized as Leader in Everest Group’s Software Product Engineering Services Celonis Recognized as a Leader for Second Consecutive Year in 2024 Gartner® Magic Quadrant™ for Process Mining Platforms LALIGA Holds ‘EXTRA TIME’ Webinar Series in India to Discuss the Future of Sports Rakuten India Announces the 4th Edition of RPC '24 Parse Biosciences Launches Single Cell Immune Profiling Products Mary Kay Inc. Announces Expansion Into Denmark, Strengthening Its Commitment to Women's Empowerment in Scandinavia KLDiscovery Takes Steps to Strengthen Balance Sheet and Long-Term Financial Foundation SLB OneSubsea and Subsea7 Sign Long-Term Strategic Collaboration Agreement with Equinor; Commence Work on Wisting and Bay Du Nord Projects Power2Drive Europe: Contributing to the Energy Transition With Bidirectional Charging The Indy Autonomous Challenge Returns to the Indianapolis Motor Speedway on September 6, 2024 Brightcove Integrates New AWS-Powered Generative AI Solution to Enhance Its Award-Winning Customer Service Big Bang Mediaverse and Pangea Entertainment Productions Announce Co-Production Partnership MOGAS Mourns the Death of Their Beloved Chairman and Founder Vincent Louis Mogas Tech Data Capital to Launch in Singapore, India, and Australia to Empower Partner Growth Through Flexible Financial Solutions Can Influencers Be Effective in Creating a Social Impact: GiftstoIndia24x7 SES to acquire Intelsat: Investor Relations Frequently Asked Questions Tata CLiQ Luxury expands its pre-owned category with the introduction of exquisite luxury handbags INRED and SES to Provide High-Throughput Connectivity Across Colombia’s Amazonas Ex- DocuSign, Oracle Leader Appointed to 6sense Senior Vice President of GTM International Aventose’s Industry First Patented Platform Can Boost EV 2-Wheeler Adoption from 5% to 30% by 2030 Ekresha - Benaras Ki Dor, New Online Destination for Fashion DBS Bank India Recognised as ‘Best Employer’ 2023 by Kincentric LTIMindtree and IBM Collaborate on watsonx Center of Excellence for Generative AI Embrace Prosperity and Elegance This Akshaya Tritiya with ORRA's Exquisite Diamond Jewellery Collection Indian Pharmaceutical Leaders Urge U.S.-India Partnership ‘Affordable Medicine Partnership’ Eaton Receives 2024 Automotive News PACEpilot Recognition for Its 4-Speed Electrified Vehicle Transmission Natural8 India Launches 1000 Plus Daily Tournaments: A Game-Changer in Online Poker Industry Siguler Guff Builds 240 Crore Stake in Spandana Sphoorty, a Leading Microfinance Lender Mavenir and Amazon Web Services Join Forces to Usher in a New Era for Public Cloud-Based Telco Networks ZS announces significant investment in AI-infused and gen AI global self-serve products ATMECS Global Accelerates AI Innovation by Joining the NVIDIA Partner Network as Solution Advisor Consultant. NetApp Appoints Market Growth and Revenue Operations Leader, Dallas Olson to Chief Commercial Officer Role The Empire State Building Partners with Outward Bound on First-Ever, Full Rappel Down the Building for Charity Galderma Receives Filing Acceptances for Nemolizumab in Prurigo Nodularis and Atopic Dermatitis in Four Additional Countries How Ludo has found a new life in this digital era MilkLane: Revolutionizing Indian Dairy with Technology and Transparency American Brew Crafts Acquires Denzong Brewery in Odisha QVC Signs Multi-Year Contract Extensions with SES in Germany and the UK Miniature Circuit Breaker ‘Hidden Hero’ Enabling Energy Transition Built on 100-Year Safety Legacy Ant Digital Technologies Joins HKMA’s Project Ensemble, Included in Sandbox and Architecture Community Stronghold Enhances Payment Network with Strategic Acquisition of 20022 Labs Indian Pharmaceutical Alliance Calls for a Stronger U.S.-India Partnership for Affordable Medicine Power Integrations to Acquire the Assets of Odyssey Semiconductor New Market Research Finds Up to 20% of AI Initiatives Fail Without Intelligent Data Infrastructure Visa Announces Generative AI-Powered Fraud Solution to Combat Account Attacks Boomi Announces 2024 Partner Award Winners Blackstone Appoints Philip Sherrill as Global Head of Insurance Boomi and RSM US LLP Extend Strategic Business Alliance to Empower Middle Market Organizations with Seamless Integration Solutions Landmark Report Proves That High Nicotine Use Does Not Lead to High Rates of Health Issues Energy Vault Announces Successful Testing and Commissioning of First EVx 100 MWh Gravity Energy Storage System by China Tianying, Extension of Atlas Renewable Licensing Agreement to 15 Years Caseology by Spigen Unveils Pixel 8a Cases Featuring Unique Designs, Patterns, Grips in Various Colors R Systems Launches Groundbreaking Solution at Boomi World 2024 to Revolutionize Supply Chain Management LC-Plasma-based Vaccine Research Selected for SCARDA Project SLB OneSubsea and Subsea7 Awarded Integrated Contract for OKEA’s North Sea Bestla Project Mohammed bin Rashid Al Maktoum Global Water Award extends application deadline until end of May RevBits Sweeps the Cyber Defense Magazine Global InfoSec Awards Across Eight Categories During the 2024 RSA Conference AB InBev Reports First Quarter 2024 Results Fields and the Sun: Agricultural PV, an Opportunity for the Energy and the Farming Industry MultiBank Group Honored as Best Gold Broker of 2024 by FX Empire Tradu launches crypto exchange saving clients up to 95% on trading fees Rustomjee Group Expands Footprint in Bandra with Grand Launch of The Panorama at Pali Hill GLIA Integrated Healthcare Offers a Gentler, Non-Invasive Approach to Cancer Care Tecnotree Partners with People+AI to Drive Open Cloud Compute Infrastructure and AI Standardisation BeiGene Reports First Quarter 2024 Financial Results and Business Updates Cardano Foundation Names Giorgio Zinetti as Chief Technology Officer Eaton to supply innovative ELocker differential system to leading electrified vehicle manufacturer ADROSONIC Launches Quality Engineering Practice to Optimize ROI on IT Spend Aark Developers Announce US$ 1.2 Billion Project, SORA Beach Residences, at Al Marjan Island RunPod Raises $20M in Seed Funding Co-led by Intel Capital and Dell Technologies Capital Tigo Energy Delivers Most Powerful Solar MLPE for High-Wattage and Bifacial Modules APO Forges Strategic Initiatives and Global Partnerships to Advance Productivity Boomi Doubles Down on API Management with Key Acquisitions Study Suggests Critical Link Between Residual FLT3-ITD Mutations in Remission and Post-Transplant Outcomes in AML Boomi Unveils New Vision with Strategic Acquisitions and Latest Innovations at Boomi World 2024 Rimini Street Earns Four 2024 Top Rated Awards from TrustRadius in the Services Category Century Plyboards Expands Its Product Category with Century Cubicles The smarter E AWARD 2024: Finalists Present Pioneering Solutions for a Renewable 24/7 Energy Supply Asia Pacific Needs to Scale Low-Carbon Technologies Rapidly to Reduce Carbon Emissions: Black & Veatch Dairen Chemical Corporation Joins The LYCRA Company and Qore® in the Development of Renewable LYCRA® fiber EDX Markets Launches Singapore-Based EDXM Global Talkdesk Hires Simon Horrocks as Asia-Pacific Leader to Turbocharge the Company’s Regional Growth as Artificial Intelligence Innovator Takeda Announces FY2023 Full Year Results and FY2024 Outlook, Affirming Commitment to Late-Stage Pipeline Development and Core Operating Profit Margin Expansion Motorola Disrupts the Indian True Wireless Stereo (TWS) Category with the Launch of moto buds and moto buds+ in Collaboration with Bose, at an Effective Launch Offer Price of Just Rs. 3,999 and Rs. 7,999 Respectively ISB Launches I-Venture Immersive ivi Programme for Grassroot Entrepreneurs; No Degree, CAT, GMAT, GRE Needed Bloomberg Media and Emeritus Partner to Launch “Bloomberg Learning” Nordic and Sisvel to Streamline Cellular IoT SEP Licensing Energy Vault, ACEN Australia Announce Agreement for 400 MWh of Battery Energy Storage Deployments L&T Technology Services Celebrates Innovation and Talent at TECHgium 2024, India’s Largest Engineering Hackathon Boomi to Simplify and Accelerate the Move to SAP Datasphere Tecnotree Collaborates with People+AI to Drive Open Cloud Compute Infrastructure and AI Standardization AskmeOffers Launches AI-Powered Coupon System, Redefining Online Savings Viega Celebrates a Milestone: 125 Years of Global Excellence LeaseAccelerator and Uniqus Launch Strategic Alliance for Lease Lifecycle Management Wipro Appoints Vinay Firake as Chief Executive Officer for APMEA Strategic Market Unit Public Affairs Forum of India Announces New Office Bearers for 2024-25 Mother Like No Other WNS Files Fiscal 2024 Annual Report on Form 20-F IIFL Securities Appoints Nemkumar as Managing Director Honoring the Heartbeat of Every Home This Mother’s Day: Terribly Tiny Tales and Haier India Launch 'Mothership2.0’ Kolmar BNH, a Top-Tier Korean Enterprise Specializing in the Production of HemoHIM, Dedicates over 2% of its Annual Sales to R&D The Ministry of Investment of Saudi Arabia (MISA) Signs MoU with Ant International to Expand Business in Saudi Arabia, Supporting Regional Digital Innovation The AGC Group Obtains Its First Cradle to Cradle Certified® for Mirox MNGE Interior Glass Products in Asia Hai Robotics Deploys Goods-to-Person Solution in L'Oréal China's First SMART Fulfillment Center Fuelling India's Fitness Revolution, Myprotein Unveils Ambitious Plan to Support Indian Athletes and Aspiring Olympians Durex’s #ExplorersWanted Campaign Invites Couples to Discover New Horizons Together Jaisalmer Indian Craft Gin, an Epitome of Luxury, Leads the Luxury Indian Craft Gin Space with 50 Percent Market Share Commercial Bank of Dubai Names QualityKiosk as Exclusive Partner to Develop CBD’s Testing Centre of Excellence as Part of Its Technology Strategy Refresh Initiative MG Celebrates Its Centenary Year; Launches ‘100-Year Limited Edition’ in India WNS Recognized as a ‘Leader’ by NelsonHall for CX Services Transformation FPT Software and Forthcode Join Forces to Revolutionize Inflight Operations GRAMINEX®, L.L.C. Final Publication of a Peer Reviewed Clinical Trial with Graminex® Flower Pollen Extract Focusing on Women’s Urinary Incontinence in Current Urology. Sarla Aviation Raises Pre-Seed Investment from Campus Fund AC Immune and Takeda Sign Exclusive Option and License Agreement for Active Immunotherapy Targeting Amyloid Beta for Alzheimer’s Disease WHOOP Announces Global Partnership with Cristiano Ronaldo L&T Technology Services Named a Top 15 Sourcing Standout by ISG Cepton Announces Significant Engineering Contract with Koito The Indian Chest Society Unveils Special Booklet on Cough Management Alvaria Announces Expansion of Avaya Partnership to Include Alvaria CX Premier Enterprise-scale Omnichannel Compliant Outbound Engagement NielsenIQ launches GenAI-based tool NIQ Ask Arthur into NIQ Discover empowering users to unlock the power of data FPT Software Partners with Siemens to Provide Low-code Platform Mendix in Korean and Japanese Markets SEKO Logistics Promotes Paul Good to APAC President Falcon 2: UAE’s Technology Innovation Institute Releases New AI Model Series, Outperforming Meta’s New Llama 3 NTT DATA to Provide Digital Transformation Services for Salesforce Major Construction Company Deploys Boomi to Build Stable Data Core m.Stock Trading App by Mirae Asset Breaks into Top 16 Broker List in Just Two Years Merck Foundation Announces 83 Winners of Their 2023 Media Awards from 22 African Countries - in Partnership with Africa First Ladies Murata’s New LCT Redefines Power Supply Noise Suppression, Reducing Component Count and Costs Optiscan Signs Know-How Agreement with Mayo Clinic Vadilal Unveils New Quirkiest Summer Campaign Where Joy, Flavor, and ‘WAAH’ Moments Unite P&G unveils plans to prominently feature superior performing brands during the Olympic and Paralympic Games Paris 2024 EIG’s MidOcean Energy Appoints Armand Lumens as CFO NetApp and Lenovo Offer Converged Infrastructure Solution Optimized for GenAI NetApp Unveils Unified Data Storage Built for the AI Era Takeda to Present Oncology Portfolio and Pipeline Data at the 2024 ASCO Annual Meeting Sharekhan Triumphs Again with Top Industry Recognitions in 2024 Actions Technology’s Smart Watch SoC Adopted VeriSilicon’s 2.5D GPU IP Online Trading Broker Taurex Launches New App That Makes Trading Simple for Everyone Xsolla Releases Quarterly Insights Report on the Future of Gaming and Game Development: a Preliminary Analysis of Spring 2024 Metrics and Upcoming Trends Pink Lipsticks and Green Thumbs: Mary Kay Inc. Celebrates 60 Years of Sustainable Beauty With Special Tree Planting Event in Lewisville Vibhu Agarwal Announces India's First Mythology OTT Platform 'Hari Om' LambdaTest Partners with BugHerd to Optimize Web Testing and Bug Tracking VFS Global Maintains Sharp Focus on Sustainability Agenda, Records New Milestones in 2023 Allianz Increases Operating Profit by 6.8% to 4.0 Billion Euros Mangaluru-Based Mukka Proteins Net Profit Stood at Rs 29.15 Crores for the Quarter Ended March 31, 2024 Ashhwika Foundation's Successful Wholesome Wellness Event and Raguel Harmony Community Launch HDFC Life Declares Rs. 3,722 Cr. 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