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LTI Q3 Results 2022: LTI constant currency revenues grow 9.2% QoQ and 30.1% YoY; Net profit up by 18.0% YoY

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LTI Q3 Results 2022: LTI constant currency revenues grow 9.2% QoQ and 30.1% YoY; Net profit up by 18.0% YoY

LTI Q3 Results 2022: Larsen & Toubro Infotech (BSE: 540005, NSE: LTI), a global technology consulting and digital solutions company, announced its Q3 FY22 results today.

In US Dollars:

  • Revenue at USD 553.0 million; growth of 8.7% QoQ and 29.3% YoY.
  • Constant Currency Revenue growth of 9.2% QoQ and 30.1% YoY.

In Indian Rupees:

  • Revenue at INR 41,376 million; growth at 9.8% QoQ and 31.2% YoY.
  • Net Income at INR 6,125 million; growth of 11.0% QoQ and 18.0% YoY.
“We are happy to report 9.2% QoQ revenue growth in constant currency. This is our best ever quarterly sequential growth since listing. Our ongoing revenue momentum sets us up to deliver our highest year-over-year growth as a publicly listed company. We continue to have incredible conversations with our customers on their digital transformation journeys.

– Sanjay Jalona, Chief Executive Officer & Managing Director

Recent Deal Wins

  • Selected by one of the largest global veterinary care practices and chain of North American pet clinics, a new logo, for a managed services deal involving cyber security and modernization of IT infrastructure including migration to cloud to gain operational efficiencies and transform clinic management and support.
  • Engaged by a Global Fortune 500 multinational pharma corporation to modernize and support its data platform ensuring speed and availability of real time data, scalability for future expansion and optimized cost.
  • Selected by a Global Fortune 500 company and a world-wide leader in beauty and cosmetics for implementing its HR Transformation plan. Based on Snowflake technology, the engagement aims to augment next-gen HR Analytics capabilities, one-stop-shop for data, real-time access and mobile friendly solutions.
  • Engaged by a Global Fortune 500 energy company to provide ‘Data Management as-a-Service’ for their Subsurface Platform ensuring efficient and seamless operations in a secure, cloud-based environment.
  • Selected by a North American utility company for cloud transformation across data, infrastructure, security and ERP systems to build resilient and scalable IT infrastructure.
  • A world leader in semiconductor solutions partnered with LTI to rollout SAP S/4HANA to one of their largest manufacturing sites to optimize business performance and improve business agility.
  • A financial services firm based in North America has selected LTI to build the necessary functionality to integrate, support and migrate record keeping system onto the Unitrax platform. This will ensure their distribution, support and operations efforts are streamlined onto a single platform as well as improve time-to-market for new product launches
  • Engaged by an insurance carrier to set up core systems and to design, develop and support a digital platform enabling integration of applications with both external and internal systems.
  • Engaged by a global bank headquartered in Europe for digital transformation of its payment processing functionality in 12 countries from legacy systems ensuring scalability, ability to process higher volumes, streamlining and standardization.
  • LTI modernized the ERP platform and established a centralized and standardized e-commerce platform for a global mission critical flow control equipment manufacturer and has now been selected to manage applications to drive enhanced customer experience and revenue growth.
  • A large bank in Namibia has appointed LTI as its partner on its digital transformation journey. LTI will revamp the integration layer with microservices enabling the bank to become cloud-ready digital leader in its chosen geographies in Africa.
  • Selected to partner with one of the largest banks in the Middle East on their wealth management transformation using Temenos Wealth Management Suite ensuring best practices, efficiencies, right shoring and a scalable model for future expansion.

Also Read: Bajaj Auto Q3 Results 2022: Net Proft falls 22% to ₹1,214 crore

Awards and Recognitions

  • ISG Provider Lens™: Digital Business — Solutions and Service Partners 2021
    • LTI Positioned as a Leader in Digital Business Consulting Services – US
    • LTI Positioned as a Leader in Digital Business Experience Services – US
  • LTI Recognized as a Leader in Everest Group’s Temenos IT Services PEAK Matrix® Assessment 2022.
  • LTI Positioned as a Major Player in IDC MarketScape Worldwide Managed Multicloud Services Vendor Assessment 2021.
  • LTI Ranked 5th in HFS Top 10 Energy Services 2021.
  • LTI Positioned as a Leader in Everest Group’s Insurance Platforms IT Services PEAK Matrix Assessment 2022.
  • LTI recognized in Gartner Report What Distinguishes Successful Service Providers in the Data and Analytics Services Market, Twiggy Lo, 28 October 2021.
  • Fosfor Lumin, the AI-powered augmented analytics product (formerly LTI Leni) recognized in The Forrester Report : Augmented BI Holds New Promises, But It’s Still Early Days, November 2021.

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.

Other Business Highlights

  • LTI has partnered with Securonix and Snowflake to strengthen its cybersecurity offerings and prevent sensitive data from growing threats as enterprises migrate to cloud.
  • LTI wins Top Performing Partner Award at Red Hat India.

(This is an official press release)

Passionate news enthusiast with a flair for words. Our Editorial Team author brings you the latest updates, in-depth analysis, and engaging stories. Stay informed with their well-researched articles.

World

Hims & Hers CEO Andrew Dudum Says Wants to Hire Student Protesters Backlash Underway

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Hims & Hers CEO Andrew Dudum Says Wants Hire Student Protesters Backlash Underway

Andrew Dudum, CEO and founder of Telemedicine Company Hims & Hers is facing flak on the social media after his reported statement that he wants to hire students and protestors who are taking part in the protest in support of Palestinians in Universities across the US.

A number of tech sector founders has also condemned his statements.

Dudum had posted on X,

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“If you’re currently protesting against the genocide of the Palestinian people and for your university’s divestment from Israel, keep going. It’s working. There are plenty of companies and CEOs eager to hire you, regardless of university discipline.”

He also posted a link to a page showing open positions at Hims & Hers.

X users have expressed their disapproval and have even called for a boycott Hims & Hers, and others said they are selling their stock in the company.

Cofounder of Palantir Technologies as well as the managing partner of early stage venture capital firm 8VC Joe Lonsdale responded on X and said

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“Real moral courage doesn’t involve joining a mindless mob, chanting anti   U.S. and other woke pablum, following instructions not to debate or discuss your positions at all yet being indignantly righteous, while large numbers in the mob chant for violence and block Jewish students.”

While Hims & Hers spokesperson said Dudum were not available for comments, old posts by Dudum have been unearthed which puts in context his actions. Days before the horrific attack by Hamas’ terrorist against Israel on October 7, Dudum had posted –

 “In pursuit for peace: Our leaders need to embrace nuance.”

Dudum further explained that he is a Palestinian American and had roots in and family in the West Bank and Gaza and said Hims & Hers’ values are based on a respect for human dignity and life.

Dudum wrote

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“It is upon those values that I believe all leaders and CEOs should use their platform today to call for an immediate cease   fire. To actively recognize Israel’s right to defense and also recognize the means and manner in which they are responding violates international law. I ask us to find nuance, and share our voice today to help save innocent lives.”

Deadly protests have hit U.S. college campuses through last month and protest encampments have sprung across more than 40 colleges nationwide.

Police crackdown is on and there have been more than 1,900 arrests or detainments following a wave of activism at universities across the country.

Hims & Hers is a Telemedicine Company that links consumers with licensed healthcare professionals, enabling access to high-quality care for conditions related to sexual health, mental health, and more. It also offers its own range of products and is in a partnership with Los Angeles-based Hustle & Co. on media relations.

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Also Read: Brazil Dam Collapse Amid Heavy Rainfall and Flood; Watch Video Here

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World

More Trouble For Microsoft, OpenAI: Eight US Newspaper Publishers File Lawsuit For Copyright Infringement

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More Trouble For Microsoft, OpenAI: Eight US Newspaper Publishers File Lawsuit For Copyright Infringement

Trouble for Microsoft and OpenAI over copyright infringement is not coming to an end, as they face several lawsuits for violating copyrights.

On Tuesday, eight US newspaper publishers sued Microsoft for illegally reusing articles in AI products.

The 98-page long lawsuit further accused the tech companies of attributing erroneous information to the publishers.

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The eight newspapers that have filed the lawsuits include the New York Daily News and the Chicago Tribune.

They allege that OpenAI’s ChatGPT used their copyrighted articles to perfect its language models without permission.

The lawsuit was filed in a New York federal court on Tuesday. The publishers claim that OpenAI’s large language models, GPT-2 and GPT-3, were perfected using datasets containing text from their newspapers.

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The language models are designed to produce text based on human inputs and reproduce copies of the publishers’ works. Microsoft has been indicted for using newspapers for its Bing search index but seldom provided links to the original articles. Four months ago, The New York Times also filed a lawsuit against OpenAI, accusing the tech giant of using data from its past content. It also asked for consent for usage, criticizing the use of full article excerpts in chatbot responses.

The latest lawsuit filed by the eight news outlets also demanded consent and fair value for using their content to perfect the AI language models. The lawsuit alleged that the AI tools literally regurgitate their content without directing users to the content source.

The lawsuit filings stated, “This lawsuit arises from defendants purloining millions of the publishers’ copyrighted articles without permission and without payment to fuel the commercialization of their generative artificial intelligence products, including ChatGPT and (Microsoft’s) Copilot.”

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The eight newspapers that instituted the lawsuits are as follows:

  • The New York Daily News and The Chicago Tribune, both owned by Alden Global Capital
  • The Orlando Sentinel
  • The Sun Sentinel
  • The San Jose Mercury News
  • The Denver Post
  • The Orange County Register
  • The St. Paul Pioneer Press

OpenAI’s Response

OpenAI did not directly respond to the accusations but stated that it takes great care to support the news and media outlets. It also stated it is in continuous partnerships and conversations with various news outlets around the world to explore new opportunities, discuss problems, and seek out solutions.

Microsoft also stated that OpenAI has entered into fruitful partnerships with a number of publishers, which includes The Financial Times, The Associated Press, Spanish conglomerate Prisa Media, and Germany’s Axel Springer.

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Net Worth

Alan Patricof Net Worth 2024: How Much is the American Investor Worth?

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Alan Patricof Net Worth 2024: How Much is the American Investor Worth?

Who is Alan Patricof?

Alan Patricof is a prominent figure in the American investment landscape, renowned for his contributions to venture capital. With a career spanning over four decades, Patricof has been instrumental in shaping the growth of numerous global companies, including America Online, Apple Computer, and Audible. His legacy extends beyond business, with involvement in community organizations and government initiatives.

Alan Patricof Career

Alan Patricof’s career in venture capital began in the industry’s early days. He founded Patricof & Co. Ventures Inc., a precursor to Apax Partners, one of the world’s leading private equity firms. Later, he established Greycroft Partners, focusing on early and expansion-stage investments in digital media. Throughout his career, Patricof’s vision and leadership have played a pivotal role in advancing the venture capital field.

Alan Patricof’s Net Worth

As of May 3, 2024, Alan Patricof’s estimated net worth stands at over $1 million. His wealth is derived from various investments, including holdings in Boston Properties Inc. and successful ventures in digital media. Despite humble beginnings, Patricof’s entrepreneurial spirit and strategic acumen have propelled him to financial success.

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Alan Patricof Age

Born in 1934, Alan Patricof is currently in his late eighties. Despite his advanced age, he remains active in the business world, leveraging his wealth of experience to mentor emerging entrepreneurs and drive innovation.

Alan Patricof Family: Wife and Children

Alan Patricof has been married to his wife Susan for over 48 years. Together, they have three children and seven grandchildren. Family holds great importance to Patricof, and he credits his upbringing and heritage for shaping his values and work ethic.

Alan Patricof Height and Weight

While specific details about Alan Patricof’s height and weight are not readily available, his stature in the investment community is undeniable. Patricof’s impact transcends physical measurements, as he continues to leave a lasting legacy in venture capital and philanthropy.

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Also Read: Mike Markkula Net Worth 2024: How Much is the Former CEO of Apple Worth?

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