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synology debuts enterprise solution blueprint, marking its first introduction in india

[Mumbai, India] – [Oct. 23rd, 2024] – Synology has unveiled the developing enterprise-level application blueprint for the first time in India. The leading NAS brand, Synology, announced today that its business sector revenue in the Indian market has surged six times, with total revenue growth of 350% since 2021. The company also introduced several software updates and upcoming new products, including the all-in-one backup solution ActiveProtect appliances, scale-out storage solution, and the advanced surveillance solutions.

Michael Chang, Synology’s APAC Sales Head, stated: “Driven by the demand of technology trend, such as AI, IOT, digital transformation, and so on, Synology has performed exceptionally well in the Indian enterprise market, especially in sectors like government, manufacturing, and media and entertainment. Moving forward, we will continue to dedicate ourselves to meeting the modern storage needs of growing enterprises.”

Synology showcased its latest innovations in data protection, storage, and surveillance, emphasizing solutions designed to address the growing demands of modern enterprises. The ActiveProtect series simplifies deployment and sizing challenges with a streamlined interface, enabling protection for up to 2,500 multi-server environments across multiple sites, while offering data immutability and retention policies to ensure business continuity in the event of ransomware attacks. Russell Chen, Country Manager of the SAARC Region at Synology, stated, ‘The ActiveProtect series is highly suited for the Indian market, with its focus on data recovery and immutability, making it a reliable tool for IT to ensure data security. Additionally, we assure the multi-site friendly system will align well with India’s business structure.”

For high-capacity, non-disruptive data management, the developing Scale-out Solution delivers scale-out storage, supporting both file and object storage and performance growth when adding additional storage servers. To meet the diverse needs of today’s smart surveillance, Synology also introduced its C2 Surveillance Station(regional restricted), a cloud-based video surveillance solution with edge AI and multi-layer encryption, providing secure and efficient monitoring for environments without local recording servers. Synology also updated its productivity tool, Office Suite, including the integration of GenAI features designed to enhance collaboration and streamline workflows.

Joanne Weng, Director of the International Business Department of Synology, emphasized “Synology remains committed to empowering IT, the essential foundation of business, by delivering solutions that meet the evolving needs of the industry, just as we have done since the very beginning.”

Mirae Asset Capital Markets views on HCL Tech Results Q2 FY25

  • HCL Tech’s CC revenue grew 1.6% QoQ (up 6.2% YoY CC), ahead of our estimates, led recovery in IT services business (1.6% QoQ in CC versus -1.9% in 1QFY25) and strong growth of 1.4% QoQ CC in HCL software revenue. CC YoY revenue grew 6.2% YoY. In reported terms, USD revenue was up by 2.4% QoQ to USD 3,445 mn versus our estimates of USD 3,411 mn, better than our expectations.
  • HCL Tech IT and business services revenue was up 1.8% QoQ on CC, better than our expectations. HCL software revenue was up by 1.4% QoQ (up 9.4% YoY) in CC terms, highest in 2Q in the last three quarters.
  • EBIT margin improved 150bps QoQ to 18.6%, led by strong margin improvement in both ER&D business (up 183bps QoQ) and HCL Software (up 503bps QoQ), and absence of productivity gains passed on to clients in select contracts. The improvement in HCL Software’s margin is the highest in 2Q in the last several years. Net profit came to INR 42,350mn, up 10.5% YoY, ahead of our estimates by 4.5%, led by to better than expected revenue and margin.
  • HCL Tech maintained its revenue growth guidance of 3%-5% in CC for FY25E despite CC revenue growth of 5.9% YoY CC in 1HFY25. The company increased the lower end of service revenue growth guidance band to 3.5%-5% YoY in CC to 3%-5% earier. HCL Tech maintained its EBIT margin guidance of 18-19% for FY25E.
  • Net employee reduction stood at 780 on QoQ during the quarter. Attrition rate inched up by 10 bps to 12.9% versus 12.8% in 1QFY25. TCS’s attrition rate also increased by 20bps QoQ in 2QFY25.
  • HCL Tech’s deal TCVs increased by 13.2% QoQ, but down 44.1% YoY to USD 2,218mn versus USD 1,960mn in the previous quarter. However, TTM TCVs declined by 15.7% YoY.
  • HCL Tech’s top 5, and top 10 clients continued to grow strongly on QoQ and YoY basis. Top 5 and top 10 clients were up by 32% YoY and 25% YoY in 2QFY25, while non-top 20 clients grew by 1.7% YoY.
  • The company added 4 clients each on QoQ basis under USD 50mn and USD 20 mn revenue bracket, while number of USD 100 mn clients was flat on QoQ.
  • The company declared a dividend of INR 12 per share during the quarter. LTM FCF/NI remained at 119% versus 133% in the previous quarter.
  • View: The company beat headline numbers across all financial fronts. YoY CC revenue growth of 5.9% in 1H remained higher than TCS’ CC growth of 5% YoY. The company reported broad-based growth across verticals (flattish for financial services) and regions. North America reported YoY CC revenue growth of 7.5% versus -2.1% YoY for TCS. Further, the top 5 and top 10 clients have been growing strongly. Deal TCVs remained healthy during the quarter. The company increased its lower end of service revenue growth guidance to 3.5%-5% from 3%-5% earlier. We have HOLD rating on the stock.