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Artificial Intelligence

Happiest Minds reports Industry leading growth of 11.6% y-o-y in constant currency backed by a strong EBITDA margin of 24.4%

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Happiest Minds Technologies Limited (NSE: HAPPSTMNDS), a ‘Born Digital. Born Agile’, digital transformation and IT solutions company, today announced its consolidated results for the second quarter ended September 30, 2023 as approved by its Board of Directors.

Ashok Soota, Executive Chairman, said “Happiest Minds continues to lead the industry on growth and profitability metrics. We have yet again delivered a quarter of superior performance on all fronts. Separately, I would like to express my gratitude to all Happiest Minds and stakeholders on completing our 12th anniversary.

We had given revenue growth guidance for the year of 25% without making a distinction between organic and inorganic growth. Based on an assessment of market trends we are revising our revenue growth guidance for the year to 12% on an organic basis. Additional growth, if any, due to acquisition will be over and above this guidance. We retain our EBITDA guidance of 22% to 24% and remain committed to our long-term growth aspiration of becoming a billion-dollar enterprise by 2031.

I am happy to announce a major new organizational and strategic initiative for Happiest Minds. We are starting with immediate effect a Generative AI business unit (GBS) to capitalize on the transformative impact of Generative AI. The existing PES and DBS businesses will get combined into the PDES business unit. There will be no change in IMSS. We will therefore retain 3 BUs: PDES, IMSS and GBS.”

Financial highlights

Quarter ended September 30, 2023

  • Revenue in constant currency grew by 3.6% q-o-q and 11.6% y-o-y
  • Operating Revenues in US$ stood at $49.1 million (growth of 3.3% q-o-q: 10.8% y-o-y)
  • Total Income of ₹ 42,883 lakhs (growth of 6.0% q-o-q; 19.3% y-o-y)
  • EBITDA of ₹ 10,482 lakhs, 24.4% of Total Income (growth of 1.8% q-o-q; 11.1% y-o-y)
  • PAT of ₹ 5,846 lakhs (growth of 0.2% q-o-q; de-growth of 1.6% y-o-y)
  • Free cash flows of ₹ 10,296 Lakhs
  • EPS (diluted) for the quarter of ₹ 3.90

Half year ended September 30, 2023

  • Revenue in constant currency grew by 12.7% y-o-y
  • Operating Revenues in US$ stood at $96.7 million (growth of 11.7% y-o-y)
  • Total Income of ₹ 83,336 lakhs (growth of 20.9% y-o-y)
  • EBITDA of ₹ 20,781 lakhs, 24.9% of Total Income (growth of 14.1% y-o-y)
  • PAT of ₹ 11,679 lakhs (growth of 0.9% y-o-y)
  • Free cash flows of ₹ 20,429 Lakhs
  • EPS (diluted) for half year of ₹ 7.92

Financial results of Q2 for FY’24

All amounts in ₹ Lakhs unless stated otherwise

Particulars

Q2 FY 24

Q1 FY 24

QoQ

Q2 FY 23

YoY

HY 24

HY 23

YoY

Revenues

40,662

39,087

4.0 %

35,551

14.4 %

79,749

68,443

16.5 %

Other Income 

2,221

1,366

382

3,587

486

Total Income

42,883

40,453

6.0 %

35,933

19.3 %

83,336

68,929

20.9 %

EBITDA

10,482

10,299

1.8 %

9,434

11.1 %

20,781

18,209

14.1 %

%

24.4 %

25.5 %

26.3 %

24.9 %

26.4 %

PBT

7,912

7,868

0.6 %

8,011

(1.2) %

15,780

15,569

1.4 %

%

18.5 %

19.4 %

22.3 %

18.9 %

22.6 %

Tax

2,066

2,035

2,070

4,101

3,994

%

4.8 %

5.0 %

5.8 %

4.9 %

5.8 %

PAT

5,846

5,833

0.2 %

5,941

(1.6) %

11,679

11,575

0.9 %

%

13.6 %

14.4 %

16.5 %

14.0 %

16.8 %

Revenues ($’000)

49,121

47,566

3.3 %

44,347

10.8 %

96,687

86,571

11.7 %

Growth in Constant Currency

3.6 %

11.6 %

12.7 %

Venkatraman N, MD & CFO, said “Our results reflect our ability to deliver industry leading performance. Our total Income for the quarter and half year have crossed $50M and $100M respectively, while delivering higher than EBITDA guidance for the fourteenth quarter in a row. Pertinent to note is that our results incorporate above industry-average pay increases, payment of variable pay, and strong net people additions, all areas where we have seen divergence in approach taken by other industry participants. In line with our progressive dividend policy the Board has approved an Interim dividend of ₹2.50 per equity share.”

Joseph Anantharaju, Executive Vice Chairman, said “I am extremely pleased to share another period of sustained growth with quality execution and delivery. The quarter saw significant operational improvements with utilization increasing while attrition continued to drop to 14.4% on a trailing twelve months basis. Our customers continue to trust us with their digital transformation initiatives based on our expertise in core and disruptive technologies like cloud, data, analytics, AI, DevOps, and Computer vision. We continued to make progress on our GenAI strategy engaging with multiple customers in formulating and implementing their GenAI roadmap with a dedicated trained team of GenAI experts.”

Clients:

  • 244 as of September 30, 2023
  • 7 additions in the quarter

Our People – Happiest Minds:

  • 5,285 Happiest Minds as of September 30, 2023 (net addition for the quarter 237)
  • Trailing 12 months attrition of 14.4% (16.6% in the previous quarter)
  • Utilization of 75.6%, from 74.6% in last quarter

Q2 FY24 Key Project Wins:

  • For a large and global online retailer and hyperscaler, Happiest Minds was chosen to design interactive user interfaces and to provide automation services for their IoT division
  • For a global fabless semiconductor company specializing in 5G and cellular networks, Happiest Minds was chosen to provide ASIC Design & Verification services
  • For a large utilities company in the United States, this new win entails Happiest Minds to be a key partner for providing data engineering and governance services
  • For a multibillion-dollar enterprise in the energy distribution sector, Happiest Minds was chosen to transform their document management systems for automated retention, intelligent search and faster retrieval next generation digital platforms
  • For an industrial internet platforms provider specializing in AI, IoT, and big data technologies, this new win entails Happiest Minds to build their data platform for their farm-to-table process
  • For a US based networking services company, Happiest Minds was chosen to transform their service delivery platform to drive user experience and end user outcomes
  • For a leading warehouse club operator in the United States, Happiest Minds is engaged in providing security assessment services which includes threat modelling and application Security
  • For a large Australian consumer durables retailer, Happiest Minds is engaged in providing business intelligence and data visualization services
  • For a large ANZ based retail property group, Happiest Minds is engaged in delivering performance testing & vulnerability assessment
  • For a Southeast Asian Bottling company, Happiest Minds is engaged in setting up their automation Center of Excellence leveraging Microsoft Power Platform

Award Wins:

  • Happiest Minds’ work for DoubleVerify has been recognized by ISG as Standout in the 2022 Digital Case Study Awards
  • Happiest Minds is recognized among ‘Top 50 India’s Best Workplaces for Women™ 2023′ by Great Place To Work® Institute
  • Happiest Minds was awarded as ‘Cybersecurity Champion of the Year‘ at 100 CISO Forum – Summit & Awards 2023, Dubai
  • Happiest Minds won ‘IBM THINK Partner Excellence Award (Top Partner)‘ Trailblazers of 2023

Analyst Mentions

  • Happiest Minds is ‘Top 5 Challenger’ in Engineering Services 2023 – Everest
  • Happiest Minds is ‘Challenger’ in EUCS Services 2023 – Avasant
  • Happiest Minds is ‘Aspirant’ in IAM Services 2023 – Everest
  • Happiest Minds is among ‘Inspiring Firms in AI & Analytics’ at the 3AI Generative AI Conclave

Announcements :

  • The Board of Directors of the Company at their meeting held on October 17, 2023 has recommended an interim dividend of ₹ 2.50 per equity share of face value ₹ 2/- for the financial year 2023-24. Record date for the purpose of interim dividend has been fixed on October 30, 2023, and the dividend will be paid on and after November 13, 2023.

For further details please refer to the Investors presentation hosted on the company website  – – Investors section

Artificial Intelligence

ZTE set to bring brilliant 5G-A highlights to MWC 2024, unfolding the intelligent future

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BARCELONA, Spain, Feb. 23, 2024 /PRNewswire/ — ZTE Corporation (0763.HK / 000063.SZ), a global leading provider of information and communication technology solutions, is proud to unveil the highlights of 5G-A during the Mobile World Congress 2024. This initiative aims to unlock the full potential of 5G technology and create infinite value.

Green Infrastructure Pursuing the Bit-Watt Perfect Curve
Industry’s first constant PA efficiency radio platform for optimal performanceThe latest radio platform achieves near-constant PA efficiency, ensuring optimal performance at all times. This enables 25-30 percentage points higher PA efficiency and 35% lower RRU power consumption than the industry average.  
0 bit 0 watt with industry-first hibernationThe industry’s first hibernation technology has been deployed at scale across over 300,000 AAUs to reduce the power consumption of AAU to as low as 5 watts when there is no traffic. This technology has also been applied to RRU, helping achieve power consumption as low as 3 watts when there is no traffic. For small cells, hibernation enables 0 watts for pRRUs when there is no traffic, and the cell can be awakened in seconds when there are any attempts of service access.
5G-A B2C: Seamless 10Gbps+ Experiences
Uni-Radio enables site simplification with 10 times fewer radios The Uni-Radio (A+P) achieves extremely simplified integration of 7-bands into 1, with dual-band AAU, the industry’s unique 5-band UBR and FDD full-band antenna, achieving a reduction of radio units from 10 to 1.
Industry-unique 12TR RRU goes extremely green, enabling superior energy efficiencyThe industry-unique dual-band 12TR RRU evolves based on a new platform, achieving near-constant PA efficiency. This enables a 35% lower RRU power consumption than the industry average. With the industry’s first RF pooling, the 12TR RRU enables inter-sector output power sharing. For any given sector, 4*120W can be used as 4x160W, achieving higher power efficiency.
Industry’s highest integration FDD Massive MIMO pushes the 4G capacity envelope even furtherThe tri-band FDD Massive MIMO supports all RATs from 2G to 5G and NB-IoT with an impressive 640W output power in only 115L, achieving up to 6 times throughput improvement. Additionally, AI beamforming enhances FDD Massive MIMO performance by 30%, while the industry-unique beam-level DSS optimizes spectrum utilization, achieving an additional 10% data rate gain.  
Industry’s largest bandwidth mmWave AAU empowers 5G-A 10Gbps+ experience The industry’s largest 1.6GHz bandwidth mmWave AAU enables single cell to achieve 28Gbps+ capacity, empowering 10Gbps+ experiences. It serves for diverse scenarios, including fixed wireless access (FWA), large-bandwidth mobile backhaul, and UHD live broadcasting, among others.  
5G-A B2B: Network-Cloud Integration, Service Commissioning in One Hour
UniEngine: All-in-one-box private 5G solution for core productionsUniEngine realizes all-in-one integration of 5G core, 5G RAN, and simplified O&M, while providing powerful computing to enable effortless deployment of 3rd party applications. Enhanced deterministic capabilities of RAN offer much improved service guarantees. The simplified O&M significantly assists even less experienced enterprises in rolling out their private 5G networks and enables end-to-end service performance monitoring.  
Indoor 5G-A CampSite creates new possibilities for TV broadcasting and VR entertainmentThe suitcase-sized CampSite is easy to deploy by one person. It integrates communication and computing, enabling 5G-A network setup within one hour. Additionally, with the inclusion of MiCell, the industry’s first mmWave distributed micro-cell and IF pooling solution, it achieves 2,500m2 coverage, providing up to 6Gbps downlink or 4Gbps uplink, with ultra-low latency of [email protected]% and high reliability. CampSite facilitates new use cases such as 5G-powered TV broadcasting, wireless large-scale and backpack-free VR entertainment, among others.  
5G-A B2X: Boosting the New Economy
Ultra-reliable 5G-A network and edge-cloud integration realize cost-efficient V2X for smart transportationZTE deployed the first 5G-A based vehicle-road-cloud integrated V2X network, empowering autonomous driving and enhancing traffic efficiency. The ultra-reliable network and the edge-cloud at base-station achieve [email protected]% latency, enabling L4 autonomous driving for L2 vehicles at speeds of up to 60km/h.  
5G-A NTN realizes universal connectivity through space-ground integrationZTE has developed the industry’s first NTN ground base station and completed the world’s first 5G IoT-NTN direct-to-cell trial over the S-band as well as the industry’s first maritime trial and NR-NTN lab and field trials. These efforts aim to provide capabilities for emergency communication, wide-area IoT, and internet services.   
Ubiquitous Intelligence: Achieving All-Round High Efficiency
5G-A BBU, the integration of communication and computation for rich AI applications5G-A BBU achieves seamless integration of communication and computation capabilities. Leveraging its computation capability, base-station native AI enhances RAN intelligence, enabling highly efficient service guarantees to boost traffic, implement more precise power-saving strategies, and facilitate L4 autonomous network O&M. By opening the computation resource open to third parties, cost-efficient app deployment at the base station becomes possible, enriching the range of new applications.   
AIGC empowered uSmartNet commercial used during a grand sports event in Asia Based on AIGC and digital twin technology, ZTE’s uSmartNet achieved the industry’s first smart games assurance during the event. This accomplishment resulted in zero major issue and zero major customer complaints, improving operational efficiency by 15% and reducing workload by 30%.
ABOUT ZTE:ZTE helps to connect the world with continuous innovation for a better future. The company provides innovative technologies and integrated solutions, and its portfolio spans all series of wireless, wireline, devices and professional telecommunications services. Serving over a quarter of the global population, ZTE is dedicated to creating a digital and intelligent ecosystem, and enabling connectivity and trust everywhere. ZTE is listed on both the Hong Kong and Shenzhen Stock Exchanges. www.zte.com.cn/global
FOLLOW US:Facebook  www.facebook.com/ZTECorpTwitter  www.twitter.com/ZTEPressLinkedIn  www.linkedin.com/company/zteYouTube www.youtube.com/@ZTECorporation
MEDIA INQUIRIES:ZTE CorporationCommunicationsEmail: [email protected] 

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MIAMI INVESTOR SUMMIT KICKS OFF TODAY WITH GLOBAL LEADERS DISCUSSING HUMANITY’S BIGGEST CHALLENGES

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MIAMI, Feb. 23, 2024 /PRNewswire/ — Leading figures from finance, government, business, tech, and innovation are convening to deliberate on a range of pressing economic and public policy issues at FII PRIORITY Miami summit, a major global investor summit, held today and tomorrow at Miami’s Faena Forum.

The summit brings together investors from around the world gathered with CEOs of major global corporations and policy experts to seek workable impactful solution to issues such as the regulation of AI. This year’s theme, ‘On the Edge of a New Frontier,’ reflects the profound changes the world is experiencing as technology transforms society and economies.
Richard Attias, CEO of FII Institute, said,”Today’s conversations reflected a sense of urgency as the world grapples with what to do about AI, political uncertainty, and changes in the shape of the global economy. And we bring these conversations to Miami—the new America—so we can chart a steadfast course towards a prosperous future, fully equipped with the insights and knowledge we need, harnessing the power of collective work and thought.”
In his opening conversation, H.E. Yasir Al-Rumayyan, Public Investment Fund Governor and Future Investment Initiative (FII) Institute Chairman, underscored the role of AI and its key contribution to future economies, saying “Al is coming in a big way! The impact will be very positive as soon as we have regulations in place to monitor, control, and enable this technology. AI could increase global GDP by 14%.”
Michael Dell, Chairman and CEO of Dell Technologies, addressed the issue of AI regulation, and how CEOs can innovate through periods of extreme volatility and pivot towards future trends, adding “regulations will struggle to match the rapid pace of technological change and may be outdated within a year. We have to ensure that emerging technologies reflect humanity and our system of values and beliefs.”
The summit’s much anticipated roundtable of global CEOs, entitled the “Board of Changemakers,” discussed trends and economic outlook. Participating in this year’s roundtable were Pamela Liebman, President and CEO of The Corcoran Group; Pierre Beaudion, Chairman of the Board of Bombardier Inc; Jenny Johnson, President and CEO of Franklin Templeton; Marcello Claure, Founder and CEO of Claure Group; and Stephen A. Schwarzman, Co-Founder, Chairman & CEO of The Blackstone Group. The session underscored the impact of digitalization, particularly blockchain and AI, on future investments, advocating for regulation and ethical usage. The members of the board also highlighted AI’s massive role in increasing efficiency and how AI can be harnessed to resolve climate change issues.
Mike Pompeo, 70th Secretary of State of the United States and Executive Chairman of Impact Investments, addressed the economic consequences of conflict, saying: “in the economic sphere, the connectivity between the things happening geopolitically is now ever more closely tied to thinking about investments and capital flows. It is impossible to separate geopolitical risk from capital allocation.”
Conclave sessions were held for select senior participants to delve into the concerns relevant to their sectors with full transparency.  For example, the conclave on AI convened many leading figures involved in the development of technologies, governance of AI, technology investment, and regulation, with a number of global initiatives on AI regulation presented
A special address by former Treasury Secretary Dr. Lawrence H. Summers, Charles W. Eliot University Professor & President Emeritus at Harvard University, and board member at OpenAI, highlighted economic and political contexts, including prospects for soft or hard economic landing, and likely outcomes of the US election. Dr. Summers was joined by Eric Schmidt, co-founder of Schmidt Fututes, who noted that AI is likely to double everyone’s productivity, underscoring the importance of AI regulation, he added “there are questions about what happens when computers start to make decisions.”
FII Institute’s Founding Partner is the Public Investment Fund of Saudi Arabia, which, alongside the Vision Partner, the Ministry of Investment of Saudi Arabia, and 26 international strategic partners are actively involved in the ongoing work of the institute. The FII Institute welcomed two new strategic partners at the summit: ACWA Power and Franklin Templeton. Speakers from strategic partners Franklin Templeton, GFH, HSBC, NEOM, ROSHN, Sanabil, Softbank, and State Street shared updates on their international projects relevant to the themes of the summit.
Notes to EditorFor media inquiries, please contact:Phone: +966 53 978 2030Email: [email protected]
The Future Investment Initiative (FII) Institute is a global non-profit foundation driven by data with an investment arm and one agenda: Impact on Humanity. Global and inclusive, we foster great minds from around the world and turn ideas into real-world solutions in four critical areas: Artificial Intelligence (AI) & Robotics, Education, Healthcare and Sustainability.
The FII PRIORITY Miami summit continues conversations held in Hong Kong and Riyadh in Autumn 2023. It is part of an ongoing global program of summits held throughout the year, with upcoming summits in Rio de Janeiro in June and Asia later in the year.
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Securitas issues a MEUR 500 Eurobond

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STOCKHOLM, Feb. 23, 2024 /PRNewswire/ — Securitas has today successfully closed a MEUR 500 bond in the Eurobond market with maturity in 2030. The coupon was 3.875 percent including a margin of 115 basis points.

The proceeds will mainly be used to refinance existing debt. 
The joint lead managers were BofA Securities, CIC, Commerzbank, Danske Bank, DNB and UniCredit. 
Further information:
Investors: Micaela Sjökvist, Vice President, Investor Relations, +46 76 116 7443, [email protected]
The following files are available for download:
https://mb.cision.com/Main/1062/3934748/2624675.pdf
Eurobond_Eng_20240223

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