13th January 2022
Good Morning! 

Happy Lohri to all those of you who celebrate!! 
We hope you enjoy your gajak and bonfire while staying safe. We know we sure will!🔥



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+ 1.73%

*As of market close

  • Markets: Headline indexes Sensex and Nifty were up for the 4th straight day, and it was also the 8th up day in the past 9 trading sessions. Earnings season is here with IT giants TCS and Infosys reporting good numbers. More on that below.


Earnings Szn
He got an A-

It's earnings season once again, and as is usually the norm in India, the IT giants are the first ones to report.

So we'll start with the biggest of them all  - Tata Consultancy Services.

TCS reported a good set of numbers for Q3FY21. They recorded Rs 48,885 crores revenue which marks a 16% increase compared to the same period last year.
Net profit for the quarter was up 12.9% at Rs 9,769 crores.

All this financial data is great, but TCS also reported that they now employ more than 2 lakh women who make up 36% of the company's workforce! This seems to be the ratio across other IT companies too, with Wipro too employing 36% women and Infosys 39%, though with much smaller workforces.

TCS management said that the representation of women at senior levels has increased by 68% between 2016-21

Now back to the financial front - TCS announced they will be buying Rs 18,000 crores worth of their own stock at a 17% premium to market price. 
The stock rose 31% in 2021 and is are up a little over 3% so far this year, taking the market value of the company to Rs 1.42 lakh crores.

Infosys Earnings

The second-largest IT company in India also reported a good set of earnings for the Oct-Dec'21 period.

Infy's revenue from operations increased 23% to Rs 31,867 crores, compared to Rs25,927 crores in the same period last year. Net profit was up too, registering a 12% year-on-year growth at Rs 5,809 crores.

While they did not talk about any stock buybacks or special dividends, Infosys management did upgrade their revenue guidance for FY22 to ~20% expected growth, vs ~17% expected earlier.

Infosys's shares did even better than TCS in 2021 giving a near 50% return. Infy's market cap though is much lower at around Rs 79k crores.


Salary Needed!!
Money gun
A product we could do with just raised a decent amount of funding.
Refyne has raised $82 million only 7 months after their previous raise.

Refyne works on earned wage access solutions. Yeah we know it sounds all fancy and complicated but it's fairly simple.

Money needed

Have you ever felt during around the mid of the money how you really could do with your salary?
Earned Wage Access enables you to get a part of your accumulated wages
before your actual payday. You will still get the rest on your regular salary day.

We always find things like this easier to understand with examples.
So let's imagine your salary is Rs 50,000/month. You will be able to get access to 20,000 or so around the mid of the month and the rest towards the end of the month.

B2B2C Only

Now don't get all happy and try downloading Refyne. Refyne operates in the B2B2C space. So they first have to partner with the company you are working with for you to avail this feature.
So far they have partnered with 150 companies including the likes of Practo, CCD, Cars24 etc.

Some of you may be thinking how does Refyne even make money are they charging an interest?

So far Refyne makes employees withdraw money through their app and the pricing could range from Rs 9 - Rs 199 per transaction. This is the only money they make.
They don't have an NBFC license currently so have partnered up with NBFC's and they pay these NBFC's from these fees.
But to improve margins it does look like they've applied for an NBFC license.
The risk of default is almost close to zero considering the company they partner with will anyway have to pay the full salary at the end of the month so paying Refyne back isn't an issue.

Refyne today serves 700,000 employees and while the whole EWA model hasn't done as well outside, the Indian market does look like a good fit for this model.

On a Lighter Note

Campus Ambassador Program

If you are a college student do check out our campus ambassador program. 
For more deets check this out.

If you have more time ...

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