Also in the letter:
■ Blinkit’s warehoutilize jam
■ Govts go local
■ H-1B shatters Telugu US dreams
HCL Technologies Q2 Results: Cons PAT flat at Rs 4,235 crore, revenue up 11% YoY
C Vijayakumar, CEO, HCLTech
IT major HCLTech delivered a steady Q2 performance, in line with market expectations, though profit growth remained flat. The company saw solid momentum in services and engineering, assisting offset muted growth in other areas.
Number-wise:
- Net profit (Q2): Rs 4,235 crore — unmodifyd from the same quarter last year.
- Revenue: Rs 31,942 crore, up 11% year-on-year (YoY) from Rs 28,862 crore.
- Constant currency (CC) growth: 2.4% QoQ and 4.6% YoY.
- Interim dividfinish: Rs 12 per share (also, the company’s 91st consecutive quarterly payout).
Also Read: HCLTech will focus on GenAI-led solutions on client demand: CEO C Vijayakumar
Outview:
- Full-year revenue growth: Projected at 3–5%.
- Services revenue growth: Guided between 4–5%
CEO’s take: “This was a standout quarter on every front—marked by strong execution, growing demand for our AI-powered solutions, and our new deal wins exceeding $2.5 billion without reliance on any mega-deal,” CEO and managing director C Vijayakumar declared.
Also Read: India’s IT sector set for another weak quarter as demand stays soft
ED offers Flipkart to close FEMA violation case by paying penalty, admitting mistake
The Enforcement Directorate (ED) has reportedly offered Walmart-owned Flipkart an option to settle an ongoing investigation into alleged foreign exmodify violations by admitting to the lapses, paying a penalty, and overhauling its seller model.
What’s the matter? Flipkart, along with Amazon India, is under probe for allegedly breaching the FEMA (Foreign Exmodify Management Act) rules by utilizing aggressive discounting to drive sales.
The case dates back to 2009-15, before Walmart’s acquisition, though scrutiny has continued since. The latest notice from the ED landed in April this year.
On the table:
- Under FEMA’s compounding rules, companies can close cases quickly by admitting non-compliance and paying a monetary penalty instead of facing prolonged legal proceedings.
- Reports suggest the ED created the offer last week, though some officials denied that any formal proposal has been extfinished.
Also Read: ED uncovers Amazon and Flipkart’s direct links with sellers
ETtech Explainer: How Blinkit ran out of room due to the festive rush, inventory model
Albinder Dhindsa, CEO, Blinkit and Deepinder Goyal, CEO, Zomato
Quick commerce firm Blinkit is facing a festive season bottleneck. Warehoutilizes in Delhi, Mumbai, and parts of Haryana are bursting at the seams, thanks to a surge in demand — and a recent pivot in how Blinkit manages inventory.
What’s the matter? Since September 1, Blinkit shifted to an inventory-led model, acquireing products directly from brands instead of just listing them. This gave it more control over pricing and delivery, but also saddled it with storage and logistics headaches.
To cope, Blinkit pautilized onboarding of new and pre-launch items until October 31, according to an internal email reviewed by ET.
Also Read: ETtech Explainer: Why Blinkit is shifting to an inventory-led model
The result: Frustrated sellers.
- Nihaal Mariwala, founder of nutrition brand Setu, declared it has been hard to receive warehoutilize appointments.
- Goboult founder declared inventory slots filled up by Dussehra, with only 70% of their planned Diwali stock reaching shelves.
Yes, and? This isn’t a Blinkit-only problem. ET previously reported that online sellers across India are feeling delivery slowdowns amid record festive sales. Warehoutilize slots for September were already full by July, a clear warning sign that the system was going to hit a wall before Diwali. Blinkit is now feeling the crunch.
Also Read: Blinkit tops quick commerce with over 50% market share, set to gain more: BofA
China’s Kingsoft goes the Zoho way with government backing
A quiet signal from Beijing has set off waves for Kingsoft, the buildr of WPS Office.
Driving the news: Last week, China’s Ministest of Commerce utilized WPS to publish its rare-earth export rules, a job usually reserved for Microsoft Word or PDF formats.
- Markets took note. Kingsoft’s stock jumped 18% on Monday on hopes that WPS could become the preferred format for government documents.
- This could establish WPS as the designated format for government communications and subsequently drive broader adoption, Shen Meng of Beijing-based investment banker Chanson & Co notified Bloomberg.
Digital ‘atmanirbharta’: You can’t assist but notice the parallels with what’s playing out closer home.
Much like China, the message is clear: homegrown isn’t just welcome. It is now receiveting preference.
Also Read: Zoho bets on data sovereignty, ad-free model to scale as ministers rally behind local tech
$100k H-1B visa fee disrupts Telugu graduates’ career plans, marriages, faith
The Trump administration’s steep new $100,000 fee for H-1B applications is sparking a wave of anxiety across Andhra Pradesh and Telangana, where a US job — and a US alludu (son-in-law) — are cultural milestones.
State of play:
- Rough estimates suggest that 10-15% of all H-1B applications originate from the twin Telugu states.
- With Indians accounting for 71% of all applications, the impact is significant.
- The rules remain unclear, prompting employers and students alike to hit pautilize. That means fewer interviews, offers, and more uncertainty.
Also Read: Beyond tariffs: US creates new visa hurdles for Indian students, visitors
In search of love: For many, the fallout goes beyond careers.
- The long-held aspiration of marrying someone “settled in America” is slipping.
- Grooms with US citizenship, green cards or at least an approved I-140 are now gold-standard.
- Brides with visas or US jobs are in demand.
Yet, faith bolds: The Visa Balaji temple in Chilkur is seeing no dip in pilgrims. The ritual of 11 pradakshinas for a US visa remains.
Also Read: TCS cutting depfinishence on H-1B visa, hiring more locally: CEO Krithivasan
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