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Infosys: Strong growth of 6.1% YoY in CC, 80 bps YoY operating margin expansion

  • Large deal TCV of $2.5 billion including 63% net new; Headcount increased by 5,591 
  • FY25 revenue guidance revised to 4.5%-5.0% 

BENGALURU, India, Jan. 16, 2025 /PRNewswire/ — Infosys (NSE: INFY) (BSE: INFY) (NYSE: INFY), a global leader in next-generation digital services and consulting, delivered strong and broad-based performance with $4,939 million in Q3 revenues, growth of 1.7% sequentially and 6.1% year on year in constant currency. Operating margin for Q3 was at 21.3%, increase of 0.2% sequentially. Free cash flow for Q3 was highest ever at $1,263 million, growing 90% year on year. TCV of large deal wins was $2.5 billion, with 63% net new growing at 57% sequentially. Headcount increased for second consecutive quarter.

Revenues for YTD Dec’24 grew at 3.9% year on year in constant currency and in reported terms. Operating margin was at 21.2%, increase of 0.3% year on year.

“Our strong revenue growth sequentially in a seasonally weak quarter and broad-based year on year growth, along with robust operating parameters and margins, is a clear reflection of the success of our differentiated digital offerings, market positioning, and key strategic initiatives. We continue to strengthen our enterprise AI capabilities, particularly focusing on generative AI, which is witnessing increasing client traction,” said Salil Parekh, CEO and MD. “This has led to another quarter of strong large deal wins and improved deal pipeline giving us greater confidence as we look ahead,” he added.

1.7% QoQ

21.30 %

11.4% YoY

$2.5 Bn 

$1.3 Bn 

6.1% YoY 

Operating
Margin

EPS Increase 

Large Deal

Free 

 CC Growth

0.8% YoY increase

(₹ terms)

TCV

Cash Flow

Guidance for FY25:

  • Revenue growth of 4.5%-5.0% in constant currency
  • Operating margin of 20%-22%

Key highlights:

For nine months ended December 31, 2024

For the quarter ended December 31, 2024

Revenues in CC terms grew by 3.9% YoY 

Revenues in CC terms grew by 6.1% YoY and 1.7% QoQ

Reported revenues at $14,547 million, growth of 3.9% YoY 

Reported revenues at $4,939 million, growth of 5.9% YoY 

Operating margin at 21.2%, growth of 0.3% YoY 

Operating margin at 21.3%, increase of 0.8% YoY and 0.2% QoQ 

Basic EPS at $0.57, growth of 6.1% YoY 

Basic EPS at $0.19, growth of 9.6% YoY 

FCF at $3,196 million, growth of 57.1% YoY; 

FCF at $1,263 million, growth of 89.9% YoY; 

FCF conversion at 136.1% of net profit

FCF conversion at 156.6% of net profit

“We had another quarter of strong performance with revenue growth across segments and operating margin expansion, leading to 11.4% EPS growth year on year in rupee terms. Our structured approach to operating margin expansion yielded more results in Q3, particularly due to benefits from improving realization and scale benefits,” said Jayesh Sanghrajka, CFO. “Our sharp focus on cash flow is reflected in Free cash conversion to net profits of 157% in Q3 with free cash generation for 9 months of FY25 surpassing that of entire FY24,” he added.

1.  Client wins & Testimonials

  • Infosys Compaz and Temasek, announced a strategic collaboration with StarHub to accelerate their operations and drive technology-led innovations. Tan Kit Yong, Head of Enterprise Business Group, StarHub, said, “At StarHub, we have always prided ourselves on being at the forefront of innovation. By collaborating with iCompaz, we are expanding our horizons to offer an even wider range of offerings and technologies that are co-created to address the unique needs of our customers. Aligned with our DARE+ strategy, this powerful synergy will better position us as the go-to full-service supplier for businesses that need connectivity, cloud, cybersecurity, and other ICT services to accelerate their digital journeys.”
  • Infosys announced the extension of its existing collaboration with Old National Bank to accelerate its operational and technological transformation. Jim Ryan, Chairman & CEO, Old National Bank, said, “At Old National, we are committed to creating exceptional client and team member experiences. Infosys is expertly guiding us through business process enhancements, with a strong emphasis on efficiency and value generation. We greatly appreciate Infosys’ commitment to our growth and success.”
  • Infosys announced its collaboration with RheinEnergie to help enterprises drive their energy transition and sustainability agenda forward. Stephan Segbers, Chief Sales Officer and member of the board, RheinEnergie, said, “RheinEnergie firmly believes that innovative technological and digital solutions are intrinsic to achieving the ‘Energiewende’ and the ‘Wärmewende’, Germany’s planned transition to a low-carbon, nuclear-free economy. The powerful combination of Infosys’ global expertise in energy transition and cutting-edge technologies such as cloud and AI, and RheinEnergie’s extensive experience in providing energy services allows us to offer enterprises a comprehensive suite of solutions to help manage their energy costs and navigate their energy transition journey. We are excited about joining forces with Infosys and extend this innovative approach to businesses across various sectors. Together, we can accelerate the transition to a clean energy future for a healthier planet.”
  • Infosys announced the extension of its existing collaboration with Microsoft to help accelerate customer adoption of generative AI and Microsoft Azure, globally. Nicole Dezen, Chief Partner Officer at Microsoft, said, “Our expanded collaboration with Infosys will transform industries, enhance business operations, elevate employee experiences, and deliver new value for customers. Together, we will harness the power of generative AI to deliver innovative solutions, drive AI Adoption and enable unprecedented innovation for customers.”
  • Infosys announced the launch of its small language models – Infosys Topaz BankingSLM and Infosys Topaz ITOpsSLM – built using the powerful NVIDIA AI Stack. Jay Puri, Executive Vice President, Worldwide Field Operations, NVIDIA, said, “Generative AI and the recent advancements in agentic and physical AI are ushering in a new era of innovation and productivity for enterprises worldwide. NVIDIA’s full-stack AI platform combined with Infosys Topaz empowers businesses to build and deploy custom AI applications that will transform industries, helping businesses unlock their full potential.”
  • Infosys announced the launch of Google Cloud center of excellence, powered by Infosys Topaz, to foster enterprise AI innovation. Victor Morales, Vice President of GSI and Consulting Partnerships, Google Cloud, said, “Infosys and Google Cloud are committed to providing customers with the industry expertise and technology needed to accelerate digital transformation. The center of excellence is a testament to our strong collaboration and dedication to helping businesses innovate with breakthrough solutions powered by generative AI.”
  • Infosys announced its strategic collaboration with zooplus to enhance its service capability and scalability. Geoffroy Lefebvre, Chief Executive Officer, zooplus SE, said, “At zooplus our growth strategy has always been focused on leveraging data-driven insights to meet our customers’ demands. Our collaboration with Infosys to establish our new technology hub is a strategic decision driven by their AI-first strategies combined with expertise in delivering AI-powered solutions, with Infosys Topaz. We are confident that through this collaboration we will unlock greater operational efficiencies, enhance customer experience, and stay ahead in the competitive e-commerce landscape.”
  • Infosys announced a strategic collaboration with Kardex to transform its business operations using SAP S/4HANA. Thomas Reist, Chief Financial Officer of Kardex, said, “Our mission is to empower our customers to optimize their intralogistics operations, enhancing efficiency, agility, and overall success. By continually evolving our solutions and adapting to changing market demands, we aim to be the trusted partner of choice for companies seeking to boost their productivity. We are confident that our partnership with Infosys will propel us forward. With their extensive expertise in process transformation, supported by SAP solutions, and a proven track record of successful implementations, Infosys is the ideal partner to help us achieve our strategic objectives. We look forward to this collaboration as a means to advance our growth and further strengthen our position as a market leader.”
  • Infosys announced its collaboration with Southwark Council to launch its digital learning platform – Springboard in the borough. Dionne Lowndes, Chief Digital & Technology Officer, Southwark Council, said, “Partnering with Infosys to bring the Springboard platform to Southwark is a significant step towards realising our ambitious three-year digital strategy. The initiative will not only empower our residents, but local businesses too, with vital digital skills and resources. By enhancing this kind of accessibility and fostering innovation, we are working to enable our community to thrive in an ever-advancing technological world.”

2.  Recognitions & Awards

Brand

  • Awarded Silver in the India Workplace Equality Index (IWEI) 2024
  • Received the 2024 UN Women’s WEP India Award in the Gender-inclusive Workplace category
  • Received multiple recognitions at The Asset ESG Corporate Awards 2024 – Platinum Award for Excellence, Best Investor Relations Team, Best Initiative in Environmental Responsibility, and Best Initiative in Diversity and Inclusion categories
  • Received the Shorty Impact Awards in the Gender Equality category for the #SpotItToStopIt campaign

AI and Cloud Services

  • Received Binding Corporate Rules Certification from EU Data Protection Authorities
  • Positioned as a leader in Gartner Magic Quadrant for Cloud ERP Services
  • Rated as a leader in The Forrester Wave™: Automation Fabric Services, Q4 2024
  • Positioned as a leader in Microsoft Azure Services PEAK Matrix® Assessment 2024 by Everest Group
  • Recognized as a leader in IDC MarketScape: Asia/Pacific Managed Cloud Services 2024–2025 Vendor Assessment
  • Recognized as a leader in IDC MarketScape: Worldwide Adobe Experience Cloud Professional Services 2024–2025 Vendor Assessment
  • Positioned as a leader in HFS Horizons: AADA Quadfecta of Analytics, AI, Data Platforms, and Automation Services for Generative Enterprise 2024
  • Positioned as a leader in HFS Horizons: Azure Ecosystem Services Providers, 2024

Key Digital Services

  • Rated as a leader in The Forrester Wave™: Infrastructure Outsourcing Services, Q4 2024
  • Recognized as a leader in IDC MarketScape: Asia/Pacific Salesforce Implementation Services 2024–2025 Vendor Assessment
  • Recognized as a leader in IDC MarketScape: Worldwide Digital Workplace Services 2024 Vendor Assessment
  • Recognized as a leader in IDC MarketScape: European SAP Modernization Services 2024 Vendor Assessment
  • Positioned as a leader in HFS Horizons: IoT Service Providers, 2024
  • Positioned as a leader in HFS Horizons: Sustainability Services, 2024
  • Rated as a leader in Quality Engineering NEAT 2024 by NelsonHall
  • Recognized as a Market Maker in CapioIT Salesforce SI and Solutions Providers Ecosystem Capture Share Report, 2024
  • Infosys BPM won the ‘Outsourcing Impact Champion’ award at the Outsourcing Impact Review (OIR) 2024 for ‘Project Genesis’
  • Infosys BPM ranked as a Leader in ISG Provider Lens™ Quadrant Study on Procurement Services 2024
  • Infosys BPM recognized as a Leader in the IDC MarketScape: Worldwide Enterprise Analytics and AI Business Process Services for Finance and Accounting 2024 Vendor Assessment

Industry & Solutions

  • Recognized as a leader in IDC MarketScape Worldwide Life Science R&D ITO Services 2024
  • Recognized as a leader in IDC MarketScape: Worldwide Smart Insurance Producer Management Applications
  • Recognized as a leader in IDC MarketScape: Worldwide Service Providers for Utilities Customer Operations 2024 Vendor Assessment
  • Positioned as a leader in HFS Horizons: Healthcare Payer Services 2024
  • Positioned as a leader in HFS Horizons: The Best Service Providers for Commercial Banks, 2025
  • Infosys Finacle has been positioned as a Leader by Everest Group in the Wealth Management Products PEAK Matrix® Assessment 2024 Report
  • Infosys Finacle has been positioned as a Leader by Everest Group in the Consumer Loan Origination Systems (LOS) – Products PEAK Matrix® Assessment 2024 Report
  • MEA Finance Banking Technology Awards 2024: Best Composable Banking Transformation – Emirates NBD and Infosys Finacle

Read more about our Awards & Recognitions here.

About Infosys

Infosys is a global leader in next-generation digital services and consulting. Over 300,000 of our people work to amplify human potential and create the next opportunity for people, businesses and communities. We enable clients in more than 56 countries to navigate their digital transformation. With over four decades of experience in managing the systems and workings of global enterprises, we expertly steer clients, as they navigate their digital transformation powered by the cloud. We enable them with an AI-powered core, empower the business with agile digital at scale and drive continuous improvement with always-on learning through the transfer of digital skills, expertise, and ideas from our innovation ecosystem. We are deeply committed to being a well-governed, environmentally sustainable organization where diverse talent thrives in an inclusive workplace.

Visit www.infosys.com to see how Infosys (NSE, BSE, NYSE: INFY) can help your enterprise navigate your next.

Safe Harbor

Certain statements in this release concerning our future growth prospects, our future financial or operating performance, the McCamish cybersecurity incident and the related review and notification process are forward-looking statements intended to qualify for the ‘safe harbor’ under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results or outcomes to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding the execution of our business strategy, increased competition for talent, our ability to attract and retain personnel, increase in wages, investments to reskill our employees, our ability to effectively implement a hybrid working model, economic uncertainties and geo-political situations, technological disruptions and innovations such as Generative AI, the complex and evolving regulatory landscape including immigration regulation changes, our ESG vision, our capital allocation policy and expectations concerning our market position, future operations, margins, profitability, liquidity, capital resources, our corporate actions including acquisitions, the amount of any additional costs, including indemnities or damages or claims, resulting directly or indirectly from the McCamish cybersecurity incident and the outcome and effect of pending litigation. Important factors that may cause actual results or outcomes to differ from those implied by the forward-looking statements are discussed in more detail in our US Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2024. These filings are available at https://www.sec.gov/. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company’s filings with the Securities and Exchange Commission and our reports to shareholders. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.

 

Infosys Limited and subsidiaries

Extracted from the Condensed Consolidated Balance Sheet under IFRS as at:                                     (Dollars in millions)

December 31, 2024

March 31, 2024

ASSETS

Current assets

Cash and cash equivalents

2,663

1,773

Current investments

933

1,548

Trade receivables

3,896

3,620

Unbilled revenue

1,318

1,531

Other current assets

1,428

2,250

Total current assets

10,238

10,722

Non-current assets

Property, plant and equipment and Right-of-use assets

2,183

2,323

Goodwill and other Intangible assets

1,508

1,042

Non-current investments

1,105

1,404

Unbilled revenue

301

213

Other non-current assets

956

819

Total non-current assets

6,053

5,801

Total assets

16,291

16,523

LIABILITIES AND EQUITY

Current liabilities

Trade payables

429

474

Unearned revenue

988

880

Employee benefit obligations

336

314

Other current liabilities and provisions

3,050

2,983

Total current liabilities

4,803

4,651

Non-current liabilities

Lease liabilities

667

767

Other non-current liabilities

465

500

Total non-current liabilities

1,132

1,267

Total liabilities

5,935

5,918

Total equity attributable to equity holders of the company

10,307

10,559

Non-controlling interests

49

46

Total equity

10,356

10,605

Total liabilities and equity

16,291

16,523

  

Extracted from the Condensed Consolidated statement of Comprehensive Income under IFRS for:

(Dollars in millions except per equity share data)

3 months ended
December 31, 2024

3 months ended
December 31, 2023

9 months ended
December 31, 2024

9 months ended
December 31, 2023

Revenues

4,939

4,663

14,547

13,997

Cost of sales

3,444

3,274

10,103

9,755

Gross profit

1,495

1,389

4,444

4,242

Operating expenses:

   Selling and marketing expenses

218

204

671

633

   Administrative expenses

224

229

693

692

Total operating expenses

442

433

1,364

1,325

Operating profit

1,053

956

3,080

2,917

Other income, net (3)

90

79

249

196

Profit before income taxes

1,143

1,035

3,329

3,113

Income tax expense

337

301

981

904

Net profit (before minority interest)

806

734

2,348

2,209

Net profit (after minority interest)

804

733

2,345

2,208

Basic EPS ($)

0.19

0.18

0.57

0.53

Diluted EPS ($)

0.19

0.18

0.56

0.53

NOTES:

  1. The above information is extracted from the audited condensed consolidated Balance sheet and Statement of Comprehensive Income for the quarter and nine months ended December 31, 2024, which have been taken on record at the Board meeting held on January 16, 2025.
  2. A Fact Sheet providing the operating metrics of the Company can be downloaded from www.infosys.com.
  3. Other income is net of Finance Cost.
  4. As the quarter and nine months ended figures are taken from the source and rounded to the nearest digits, the quarter figures in this statement added up to the figures reported for the previous quarter might not always add up to the nine months ended figures reported in this statement.

IFRS-INR Press Release : https://www.infosys.com/investors/reports-filings/quarterly-results/2024-2025/q3/documents/ifrs-inr-press-release.pdf

Fact sheet: https://www.infosys.com/investors/reports-filings/quarterly-results/2024-2025/q3/documents/fact-sheet.pdf

Smart Mobility, Seamless Journeys: APAS Leads a New Era for “Northbound Travel for Hong Kong Vehicles”


HONG KONG SAR – Media OutReach Newswire – 16 January 2025 – The Transport Department of the HKSAR Government recently announced an increase in the daily processing capacity for “Northbound Travel for Hong Kong Vehicles”, raising the limit from 400 to 500 applications per working day, reflecting a growing demand in the market. Automotive Platforms and Application Systems (APAS) R&D Centre has been actively working with professional institutions, industry stakeholders, and technical organisations in Mainland to enhance cooperation regarding the “Northbound Travel for Hong Kong Vehicles” initiative. APAS is also exploring the standardisation of electric vehicles (EV) adapters for use in Mainland, aiming to establish a series of safety guidelines for manufacturers and users to ensure that the charging adapters on the market in the market meet safety requirements.

Urgent Demand for EV Charging Adapters

As electric vehicles become more prevalent in Hong Kong, one of the main concerns for car owners driving their EVs to the Mainland is the compatibility of charging equipment. Since most electric vehicles in Hong Kong use Combined Charging System 2 (CCS2), while Mainland uses the GB/T Charging Standard. This results in differences in charging interfaces and communication systems, necessitating the use of additional charging adapters when charging abroad. Suitable charging adaptors are scarce, as there is only a limited number of suppliers offering fast-charging adapters, with prices ranging from several thousand to tens of thousands of Hong Kong dollars. However, the specifications of charging adapters in Mainland vary, and even with a fast-charging adapter, it may not provide the proper charging power for the vehicle.

Safety Hazards of Uncertified EV Charging Adapters

APAS has repeatedly alerted car owners about the safety risks associated with uncertified charging facilities. The high DC power, voltage, and current involved in fast-charging electric vehicles present significant hazards. Using non-compliant adapters may cause malfunctions or fire risks. In response to these issues, APAS has been dedicated to research and development in the fields of intelligent connected vehicles and new energy vehicles. Through collaboration and communication with professional organisations, industry stakeholders, and technical institutions, APAS aims to provide higher-quality service and support to car owners in both Mainland and Hong Kong.

Mr Yonghai DU, Chief Executive Officer of APAS, remarked, “In recent years, significant improvements in infrastructure have made cross-border travel for ‘Northbound Travel for Hong Kong Vehicles’ more convenient. The HKSAR Government’s recent decision to increase the daily processing capacity of applications to 500 demonstrates the growing demand. As the number of electric vehicles continues to rise, drivers need to understand and adapt to the traffic regulations and charging interface standards of both Hong Kong and the Mainland. To address this, APAS has developed specialised charging adapters to ensure a seamless charging experience for drivers. We look forward to using this initiative to promote innovative technology and sustainable development, contributing to Hong Kong’s efforts in building a smart city.”

Industry Experts’ Insights

As the Lunar New Year approaches, many Hong Kong residents may plan to drive to Mainland to celebrate the festive season. In response, APAS’ experts are providing a comprehensive analysis of the latest “Northbound Travel for Hong Kong Vehicles” policy and important guidelines. Additionally, industry specialists from the automotive and insurance sectors have been invited to share their professional insights.

Mr Paul LAW, MH, Chairman of Olympic (Motor) Group, noted, “With the growing presence of electric vehicles in the market, the variety of charging connectors and adapter options has significantly expanded. We are delighted to see APAS taking the lead as an industry pioneer, focusing on the development of EV charging adapters. I look forward to seeing more groundbreaking research from APAS in the future, contributing to the advancement of the industry and enhancing the consumer experience.”

Moreover, Mr Harley KWAN, President of Hong Kong Insurance Intermediaries Association shared that there are significant differences between the automotive insurance systems in Mainland and Hong Kong. In Hong Kong, car insurance typically focuses on third-party liability coverage, with a wide range of insurance products available, allowing consumers to choose based on their individual needs. In contrast, the insurance system in Mainland is more standardised, with a greater emphasis on comprehensiveness, and differing regulations regarding coverage amounts and claims procedures. He stated, ” With the increasing prevalence of electric vehicles and autonomous driving technologies, the insurance industry must adapt to new challenges. We are committed to working closely with relevant organisations to ensure that electric vehicle owners receive comprehensive coverage, supporting the healthy growth of the market.” As such, Hong Kong residents should prepare ahead of time before driving to Mainland, familiarising themselves with the differences in insurance policies between the two places to ensure they are fully protected while also safeguarding others.

Future Regulations for Charging Adapters

In response to the regulations surrounding charging adapters, APAS plans to establish a set of guidelines aimed at enhancing the safety and convenience of charging systems, ensuring that vehicle owners enjoy the best possible experience. APAS is committed to more standardised management of charging adapters in the future to safeguard the safety of car owners. The goal is to further improve the driving experience and enable more private car owners to enjoy convenient and safe cross-border travel services.

Download High-Resolution Photos HERE

Photo 1:
In his welcome speech, Mr Yonghai DU, Chief Executive Officer of APAS, highlighted that with the continuous increase in the number of electric vehicles, it is important for owners to understand the differences in traffic regulations and charging interface standards between the Mainland and Hong Kong. To address this, APAS has developed a specialised charging adapter to ensure that vehicle owners can seamlessly use charging facilities. APAS looks forward to promoting innovative technology and sustainable development through this event and contributing to the development of a smart city in Hong Kong.

Photo 2:
Mr Ralph Xu, Head of Green Transportation of APAS discusses the regulations and requirements for electric vehicle charging adapters and demonstrates the electric vehicle charging adapter equipment.

Photo 3:
Mr Paul LAW, MH, Chairman of Olympic (Motor) Group and Mr Harley KWAN, President of the Hong Kong Insurance Intermediaries Association, shares insights on the impact of “Northbound Travel for Hong Kong Vehicles”. They discussed the claims procedures for Hong Kong vehicle owners involved in accidents in the Mainland and offered valuable suggestions for future collaboration between the industry and APAS.

Photo 4:
(From Left) Mr Harley KWAN, President of the Hong Kong Insurance Intermediaries Association, Mr Yonghai DU, Chief Executive Officer of APAS and Mr Paul LAW, MH, Chairman of Olympic (Motor) Group shared the latest policy and the insurance about the “Northbound Travel for Hong Kong Vehicles”.

Photo 5:
(From Left) Mr Harley KWAN, President of the Hong Kong Insurance Intermediaries Association, Mr Yonghai DU, Chief Executive Officer of APAS, Mr Paul LAW, MH, Chairman of Olympic (Motor) Group and Mr Ralph Xu, Head of Green Transportation of APAS.

About APAS Electric Vehicle Charging Adapters Specifications:

Model Specifications
System Parameters
Rated Power 150Kw
Rated Voltage 1000V
Voltage Range 200-1000V
Current 250A
Protection Rating IP54
Input Interface GB/T 20234.3-2015
Output Interface CCS Type 2 (IEC 62196-3 Combo)
Environmental Conditions
Operating Temperature -10°C to 40°C
Storage Temperature -40°C to 70°C
Relative Humidity 0-95%
Other
Dimensions 306X92X122 mm
Net Weight < 1.5kg

Hashtag: #APAS

The issuer is solely responsible for the content of this announcement.

About Automotive Platforms and Application Systems R&D Centre (APAS)

The Automotive Platforms and Application Systems R&D Centre (APAS) was established under the R&D Centre Programme of the Innovation and Technology Commission and is hosted by the Hong Kong Productivity Council (HKPC). APAS will be fully integrated under HKPC on 1 April 2025. The Centre continues to undertake market-led R&D programmes spanning green transportation, smart mobility, and intelligent systems, as well as commercialises R&D results in collaboration with industry, universities and technology institutes to enhance the competitiveness of Hong Kong’s automotive and other transportation sectors in new energy and smart driving.

About Hong Kong Productivity Council

The Hong Kong Productivity Council (HKPC) is a multi-disciplinary organisation established by statute in 1967, to promote productivity excellence through relentless drive of world-class advanced technologies and innovative service offerings to support Hong Kong enterprises. As a nationwide leader in innovative, market-driven research and development (R&D) internationally, specialising in leading technologies and all-rounded manufacturing services, HKPC promotes new industrialisation in Hong Kong and the Greater Bay Area and facilitates the development of new productive forces, leveraging innovation and technology (I&T), as well as bolstering Hong Kong to be an international innovation and technology centre and a smart city. The Council offers comprehensive innovative solutions for Hong Kong industries and enterprises, enabling them to achieve resources and productivity utilisation, effectiveness and cost reduction, and enhance competitiveness in both local and overseas marketplace. The Council partners and collaborates with local industries and enterprises and world-class R&D institutes to develop applied technology solutions for value creation. It also benefits a variety of sectors through product innovation, technology transfer, and commercialisation, bringing enormous business opportunities ahead. HKPC’s world-class R&D achievements have been widely recognised over the years, winning an array of local and overseas accolades.

In addition, HKPC offers SMEs and startups immediate and timely assistance in coping with the ever-changing business environment, and strengthens talent nurturing and Hong Kong’s competitiveness with FutureSkills training for enterprises and academia to enhance digital capabilities and STEM competencies.

For more information, please visit HKPC’s website: .

B3 live with the first phase of its new cloud-native CSD system

STOCKHOLM, Jan. 16, 2025 /PRNewswire/ — The Brazilian marketplace operator B3 has in December 2024, in partnership with Vermiculus Financial Technology, successfully deployed the initial phase of its new, elastically scalable, cloud-native CSD system.

With the new scalable CSD system, based on Vermiculus’ microservice-based VeriSafeTM product, B3 will be able to handle expansive growth in the Brazilian market, preparing for e.g., a ten-fold increase in terms of capacity.

The new CSD platform provides B3 with a state-of-the-art CSD system, supporting extended opening hours as well as new functionalities, such as new reports for its market participants. The VeriSafe™ microservice architecture also allows for rapid time-to-market.

“Our new scalable CSD system has been successfully deployed, offering immediate benefits to our participants. By taking a gradual, soft-launch approach, we’ve ensured a seamless transition while maintaining stability and continuity for all users. This technology enabling us to scale effectively while introducing innovative functionalities to enhance operational efficiency for our participants,” comments Viviane Basso, B3’s Chief Operating Officer – Issuers, Depository and OTC.

The scalable Vermiculus CSD system, VeriSafeTM, is designed to meet the demands of large and complex depositories, capable of handling exceptional volume peaks while supporting a wide range of asset types and complex corporate actions. By using a unique microservice architecture, the system enables full efficiency whilst remaining reliable and robust.

“We have together designed a brilliant approach to a phased replacement of the current CSD, where we are combining a stable roll-over with providing market value from the very beginning. By initially running in parallel with the existing CSD, we ensure stability in the changeover. More importantly, we provide great value to the market, as we provide desired new functionality and market output to the participants from the very beginning,” says Taraneh Derayati, CEO of Vermiculus.

Parallel with the deployment of phase 1, B3 and Vermiculus continue to work on second phase of the CSD project, where a wide range of different transaction types will be re-directed and processed directly by the VeriSafe system, making it the golden source of depository information. This iterative development will allow for continuous improvements, positioning the new CSD system as an adaptable and resilient solution in a rapidly changing market.

Taraneh Derayati, CEO of Vermiculus; Viviane Basso, B3’s Chief Operating Officer – Issuers, Depository and OTC

About Vermiculus Financial Technology

Vermiculus Financial Technology AB provides cutting-edge trading, clearing, and CSD solutions to market participants around the world. Vermiculus’ solutions are the first to bring state-of-the-art advances in dynamic microservice architecture together with vast experience in clearing house, exchange, and CSD business requirements.

The company started its operation in 2020 and is founded by industry experts with the incentive to revolutionize the technology of exchanges, clearing houses, and CSDs. With its headquarters in Stockholm, Sweden, Vermiculus consists of hand-picked teams, trained to deliver mission-critical solutions. With decades of accumulated knowledge and expertise, the team has previously completed 75+ projects for the world’s largest exchanges, clearing houses, and CSDs.

For further information, please contact:
Amelie Hedenstierna – PR & Communications
Vermiculus Financial Technology
Tel +46-(0)73 622 24 54
amelie.hedenstierna@vermiculus.se

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/vermiculusft/r/b3-live-with-the-first-phase-of-its-new-cloud-native-csd-system,c4092267

The following files are available for download:

JETOUR Speeds Ahead: Record-Breaking Sales with 80.3% Growth in 2024

WUHU, China, Jan. 16, 2025 /PRNewswire/ — JETOUR, the fast-rising global automotive brand, has shattered industry records in 2024, achieving a remarkable 568,387 units in annual sales, marking an extraordinary 80.3% year-on-year growth. This outstanding performance positions JETOUR as a major player in the global SUV market, redefining the pace of success and setting a new standard for the automotive industry. From a promising startup six years ago to a global force, JETOUR is quickly reshaping global automotive landscape with innovative products, unmatched performance, and a customer-first approach.

JETOUR Speed Takes Over Global Markets

In 2024, JETOUR reached new heights in global markets, securing top rankings in the SUV sector in regions such as the UAE, Saudi Arabia, Qatar, and Peru. The JETOUR models have been lauded for their stylish designs, advanced technology, and superior performance, earning numerous accolades, including the “Recommended Model” from Chile’s Recomendados Autocosmos 2024, as well as “Best Design” and “Best 7-Seater Car of the Year” awards in Egypt. JETOUR was also honored with the “2024 Red Dot Design Award”, further establishing its reputation for excellence in automotive design. These achievements reflect JETOUR’s commitment to delivering high-quality, innovative vehicles to global customers.

JETOUR’s growth is further evidenced by its expanding global footprint, now present in 65 countries with over 2,000 sales and service networks worldwide. With a fast-growing international presence, JETOUR has solidified its position as a globally recognized brand, offering products that cater to both everyday drivers and adventurous travelers.

Innovative Products Tailored for Global Travelers

JETOUR is always committed to meeting the needs of global travelers. The T2, JETOUR’s first light off-road vehicle launched in early 2024, has captured the attention of consumers in markets like the UAE, Saudi Arabia, and Qatar. With its sleek design and high-performance off-road capabilities, the T2 has quickly become a favorite among those seeking an exciting yet practical vehicle for their travels. As part of its sustainability efforts, JETOUR also unveiled the T2 i-DM hybrid model in December 2024, integrating advanced hybrid technology to offer a greener driving experience while maintaining JETOUR’s signature performance. This hybrid model reflects JETOUR’s commitment to reducing environmental impact while still delivering an exciting driving experience for customers seeking sustainable travel solutions.

Building the International Traveler Community

JETOUR’s dedication to its customers goes beyond just providing vehicles—it is about building a lasting connection with travelers. The “Traveler” community was introduced to global users to share experiences and enjoy exclusive benefits. The platform offers global warranty services, exclusive travel perks, and a community where JETOUR users can exchange stories of their adventures. In 2024, JETOUR hosted its inaugural International Fan Festival in Qatar. The event highlighted JETOUR’s commitment to fostering a strong, interconnected community of global travelers who share a love for adventure.

Further strengthening its customer services, JETOUR established a large spare parts warehouse in Dubai, ensuring efficient after-sales services for customers across the Middle East. JETOUR’s customer-first philosophy extends to its enhanced service offerings, ensuring a reliable ownership experience for customers worldwide.

Global Corporate Social Responsibility Initiatives


In addition to its commercial success, JETOUR has remained deeply committed to social responsibility and community impact. In 2024, the company undertook several key initiatives, including rural road development in Kazakhstan to improve transportation for local communities, book donations for children in Saudi Arabia to support education, and a partnership with the Cheetah Conservation Fund (CCF) to support cheetah conservation efforts in Africa. These efforts underscore JETOUR’s dedication to making a positive and lasting impact on the communities it serves, further solidifying its reputation as a socially responsible brand that cares for both people and the planet.

Looking Ahead: JETOUR’s Vision for 2025

Looking ahead to 2025, JETOUR is set to expand its “Travel+” concept, offering even more tailored and personalized travel experiences for its customers. JETOUR aims for its leadership in the hybrid off-road vehicle segment, with various hybrid models set to launch in the coming years. These models will offer adventurers a sustainable way to explore the world without compromising on performance. JETOUR’s expansion efforts will also focus on strengthening its global networks, ensuring that its innovative products and top-tier services reach even more consumers across the globe.

“JETOUR’s record-breaking performance in 2024 is a testament to our unwavering commitment to innovation, sustainability, and customer satisfaction,” said Mr. Ke Chuandeng, Vice President of JETOUR Auto. “As we look toward 2025 and beyond, we are excited to continue empowering global travelers with cutting-edge vehicles and unique travel experiences that enhance their journeys.”

Smartkem Completes First Sale of its TRUFLEX® Semiconductor Materials to Chip Foundation under their Co-Development Agreement

Sales under the Chip Foundation co-development agreement are expected to continue throughout 2025

MANCHESTER, England, Jan. 16, 2025 /PRNewswire/ — Smartkem (Nasdaq: SMTK), which is seeking to change the world of electronics using its disruptive organic thin-film transistors (OTFTs), announced that it has completed the first sale of its TRUFLEX® semiconductor materials to its joint development partner, Shanghai Chip Foundation Semiconductor Technology Co., Ltd. (“Chip Foundation”), a manufacturer of semiconductor and integrated circuit devices, for use by Chip Foundation in the co-development of a new generation of microLED-based backlight technology for Liquid Crystal Displays.

Smartkem Chairman and CEO, Ian Jenks, comments, “The first sale of our single layer dielectric materials marks a significant development milestone in our path to establish the commercial viability of our advanced materials in both the display industry and within other applications.”

Smartkem is supplying its proprietary organic dielectric single layer material, or Redistribution Layer (RDL), to Chip Foundation to combine with its own microLED devices, for the joint development of microLED based device structures. The resulting manufactured chip is expected to have the properties of high brightness coupled with high current efficiency, reducing power losses in driving backlights and improving uniformity of illumination.  Additional sales of RDL materials to Chip Foundation are expected to continue throughout 2025.

Dr. Maosheng Hao, Chairman of Chip Foundation, comments, “We are excited to collaborate with Smartkem and integrate their TRUFLEX® materials into our microLED devices. This partnership marks a significant step forward in advancing high-performance backlight solutions for LCDs, combining innovation and efficiency to meet the evolving demands of the display industry.”

About Smartkem

Smartkem is seeking to reshape the world of electronics with its disruptive organic thin-film transistors (OTFTs) that have the potential to revolutionize the display industry.  Smartkem’s patented TRUFLEX® liquid semiconductor polymers can be used to make a new type of transistor that can be used in a number of display technologies, including next generation microLED displays. Smartkem’s organic inks enable low temperature printing processes that are compatible with existing manufacturing infrastructure to deliver low-cost displays that outperform existing technology.

Smartkem develops its materials at its research and development facility in Manchester, UK and provides prototyping services at the Centre for Process Innovation (CPI) at Sedgefield, UK. It has a field application office in Taiwan. The company has an extensive IP portfolio including 138 granted patents across 18 patent families and 40 codified trade secrets. For more information, visit our website or follow us on LinkedIn.

About Shanghai Chip Foundation Semiconductor Technology Co., Ltd.

Shanghai Chip Foundation Semiconductor Technology Co., Ltd. has developed a comprehensive Chemical Lift-off (CLO) technology for Gallium Nitride (GaN) growth substrates through years of continuous research and practice, achieving mass production. The substrate, as the core support for GaN materials and chips, plays a crucial role. Chip Foundation have successfully developed a new type of composite patterned sapphire substrate, namely Dielectric Patterned Sapphire Substrate (DPSS), which is significantly different from the industry-standard Patterned Sapphire Substrate (PSS). Utilizing precise facet controlled epitaxial lateral over growth technology, Chip Foundation can reduce the dislocation density of the GaN epitaxial layer on the DPSS substrate to the level of 10^7/cm². For large-size LED chips, the effect of dislocations can be ignored, but for Micro LED chips, the negative effects of dislocations will become increasingly prominent. Relying on the DPSS substrate, Chip Foundation have further innovated the processing technology of chemical lift-off growth substrates. Compared with the traditional laser lift-off method, chemical lift-off shows superior performance in cost-effectiveness and product yield. The laser lift-off process has an adverse effect on the leakage performance of the chip, while the chemical lift-off process can effectively improve the leakage performance of the chip, a conclusion that has been experimentally verified and its physical mechanism clearly explained.

These technologies can effectively promote the mass production of Micro LED chips and can be used to produce Mini Thin-film Flip-chip LED chips. Due to the omission of substrate thinning, laser scribing, and cracking processes, and the fact that almost no scribe channels are needed between chips, the cost advantage is very significant. Chip Foundation have developed wafer-level packaging technology based on thin-film chips and Mini LED backlight technology that can fully leverage the superior performance of thin-film chips.

The advantages of GaN materials in electronic power and radio frequency chips are also unparalleled. Our core technologies (DPSS substrate, lateral epitaxial growth technology, chemical lift-off substrate technology) can effectively solve the reliability and heat dissipation issues of electronic power and radio frequency chips, and Chip Foundation look forward to cooperating with various parties in these fields in various forms.

Forward-Looking Statements

All statements in this press release that are not historical are forward-looking statements, including, among other things, its market position and market opportunity, expectations and plans as to its product development, manufacturing and sales, and relations with its partners and investors. These statements are not historical facts but rather are based on Smartkem, Inc.’s current expectations, estimates, and projections regarding its business, operations and other similar or related factors. Words such as “may,” “will,” “could,” “would,” “should,” “anticipate,” “predict,” “potential,” “continue,” “expect,” “intend,” “plan,” “project,” “believe,” “estimate,” and other similar or elated expressions are used to identify these forward-looking statements, although not all forward-looking statements contain these words. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties, and assumptions that are difficult or impossible to predict and, in some cases, beyond the Company’s control. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described in the Company’s filings with the Securities and Exchange Commission. The Company undertakes no obligation to revise or update information in this release to reflect events or circumstances in the future, even if new information becomes available.

Contacts:
Selena Kirkwood
Head of Communications for Smartkem
T: +44 (0) 7971 460 364
s.kirkwood@smartkem.com

U.S. Investors
David Barnard, CFA
Alliance Advisors Investor Relations
T: 1 415 433 3777
dbarnard@allianceadvisors.com

 

Bank of America Reports Fourth Quarter 2024 Financial Results

CHARLOTTE, N.C., Jan. 16, 2025 /PRNewswire/ — Bank of America reported its fourth quarter 2024 financial results today. The news release, supplemental filing and investor presentation can be accessed at Bank of America’s Investor Relations website at https://investor.bankofamerica.com/quarterly-earnings.

Investor Conference Call information
Chief Executive Officer Brian Moynihan and Chief Financial Officer Alastair Borthwick will discuss the financial results in an investor conference call at 11:00 a.m. ET today. For a listen-only connection to the conference call, dial 1.877.200.4456 (U.S.) or 1.785.424.1732 (international), and the conference ID is 79795.  Please dial in 10 minutes prior to the start of the call.

Investors can also listen to live audio of the conference call and view the presentation slides by visiting the Events and Presentations section of the company’s Investor Relations website.

Replay information for Investor Conference Call
Investors can access replays of the investor conference call by visiting the Investor Relations website or by calling 1.800.934.4850 (U.S.) or 1.402.220.1178 (international) from noon on January 16 through 11:59 p.m. ET on January 26. 

Bank of America
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 69 million consumer and small business clients with 3,700 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 58 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for news email alerts.

Investors May Contact:

Lee McEntire, Bank of America
Phone:  1.980.388.6780
lee.mcentire@bofa.com 

Jonathan Blum, Bank of America (Fixed Income)
Phone:  1.212.449.3112
jonathan.blum@bofa.com

Reporters May Contact:

Jocelyn Seidenfeld, Bank of America
Phone: 1.646.743.3356
jocelyn.seidenfeld@bofa.com 

Forte Telecom Becomes First to Launch Corero Network Security’s Cutting-Edge DDoS Solution

Top Brazilian carrier strengthens partnership with Corero to deliver unmatched service availability and protection for millions

MARLBOROUGH, Mass., Jan. 16, 2025 /PRNewswire/ — Corero Network Security (AIM: CNS) (OTCQX: DDOSF), the DDoS protection specialists, has partnered with Forte Telecom, a leading Brazilian telecommunications provider, in a multi-year, multi-million-dollar agreement. Forte is the first service provider worldwide to deploy Corero’s NTD3400—a 400G DDoS protection appliance offering unparalleled scalability and defense against evolving threats, ensuring uninterrupted services.

The partnership highlights Corero’s focus on supporting leading businesses and service providers globally while strategically selecting Forte Telecom to introduce the NTD3400. Forte’s impressive growth and shared vision for guaranteed service availability and innovative DDoS defense made it an ideal partner for this world-first deployment.

Forte Telecom’s journey to becoming a provider of cutting-edge telecommunications services began as a B2C ISP, a background that gives the company a unique understanding of its customers’ needs. Having once faced the same challenges as its users, Forte has firsthand knowledge of the pain points associated with network vulnerabilities and service disruptions. This understanding has driven Forte to prioritize solutions that afford its customers the luxury of a “normal life”—free from the worry of DDoS attacks, constant network monitoring, or handling disgruntled customers due to service outages.

“At Corero, we believe in forging partnerships that drive innovation and deliver exceptional value to end customers,” said Carl Herberger, CEO of Corero Network Security. “We deeply appreciate Forte Telecom’s desire to create peace of mind for its customers—a mission that resonates with our own. This is a natural partnership between two companies committed to unburdening their customers and achieving unmatched service availability. Together, we’re redefining what it means to deliver reliable, secure connectivity.”

Operating across multiple states, including Rio de Janeiro, Espírito Santo, Minas Gerais, São Paulo, and Ceará, Forte’s expansive fiber-optic network ensures reliable, low-latency internet access for thousands of users. With Corero’s NTD3400, Forte gains industry-leading protection against sophisticated DDoS attacks while streamlining operations and positioning its network for future growth.

“A big part of our success is staying connected with our community—providing a lifeline that keeps our customers reliably online,” said Sérgio Simas, CEO of Forte Telecom. “Having experienced the same challenges as our customers, we understand the critical need for seamless connectivity without disruptions. Corero’s innovative approach not only protects our network but also gives our customers peace of mind, allowing them to focus on what matters most. This partnership is built on a shared vision for unburdening customers and delivering stability, trust, and unmatched service availability.”

Forte initially adopted Corero’s technology through a regional MSSP partner before transitioning to a dedicated Corero deployment. The implementation of the NTD3400 further enhances Forte’s ability to protect its downstream customers and reinforces its position as a leader in delivering secure, high-performance telecommunications services.

About Corero Network Security

Corero Network Security is a leading provider of DDoS protection solutions, specializing in automatic detection and protection solutions with network visibility, analytics, and reporting tools. Corero’s technology protects against external and internal DDoS threats in complex edge and subscriber environments, ensuring internet service availability. With operational centers in Marlborough, Massachusetts, USA, and Edinburgh, UK, Corero is headquartered in London and listed on the London Stock Exchange’s AIM market (ticker: CNS) and the US OTCQX Market (OTCQX: DDOSF).

 

Trinasolar awarded TÜV Rheinland’s top AA Rating for supply chain traceability

CHANGZHOU, China, Jan. 16, 2025 /PRNewswire/ — Trinasolar has received TÜV Rheinland’s AA rating for PV supply chain traceability covering all stages from polysilicon to modules, the highest possible rating. This certification not only affirms Trinasolar’s achievements in enhancing the transparency and reliability of its upstream and downstream supply chains but also demonstrates to customers and investors the company’s trustworthy supply chain management system.

TÜV Rheinland conducted an on-site audit of Trinasolar’s supply chain traceability mechanisms. The evaluation included a rigorous assessment of the company’s supply chain management policies, system capabilities, and on-site execution. The audit aimed to verify the raw materials used at every stage of production meet the required consistency standards. The rating system is divided into five levels, with Trinasolar receiving the top AA rating in all key segments, covering polysilicon, ingots, wafers, cells and modules.

Xia Bo, Senior Vice President of TÜV Rheinland’s Products Division for Greater China, praised Trinasolar’s comprehensive traceability mechanisms, stating, “Strong supply chain traceability is a key indicator of transparency and reliability. Trinasolar has become the first in the industry to achieve the highest full-chain rating from polysilicon to modules, demonstrating its outstanding supply chain management capabilities.”

Du Qingguo, Vice President of Trinasolar and Head of the Quality Process Digitalization, said, “Trinasolar has long been committed to building a high-quality supply chain management platform by systematically managing suppliers at all levels and encouraging continuous improvement in their performance. Through close collaboration with Global Customer Service, IT, Intelligent Manufacturing departments and both upstream and downstream partners across the PV supply chain, the company has established a comprehensive traceability mechanism, setting a benchmark for supply chain traceability in the PV industry.”

Trinasolar is driving supply chain empowerment initiatives, offering training courses to help relevant employees upgrade their supply chain management skills, Du said.

A robust supply chain traceability system not only ensures stringent quality control but also makes projects more accessible to bank financing. Moreover, the completeness of this system reflects Trinasolar’s strong commitment to building a sustainable supply chain. While upholding high standards of business ethics, social responsibility and environmental stewardship, Trinasolar also holds its upstream and downstream suppliers to equally high standards, fostering a green and responsible supply chain together.

Trinasolar will continue to strengthen its supply chain traceability system, building a more reliable and sustainable supply chain to deliver trustworthy and responsible products.