Comviva expects 33% growth in revenue to about Rs 1,600 cr this fiscal

IT company Comviva expects its revenue to grow by 33 per cent to around Rs 1,600 crore in this fiscal driven by the enterprise business, a top company official said.

Comviva CEO Manoranjan Mohapatra told PTI that the company’s 80 per cent business comes from telecom companies but banking, financial services and insurance (BFSI) is growing well for the company.

“The BFSI growth is pretty good. FinTech continues to grow and bulk of the FinTech sales are now to banks and payment solutions. Marketing technologies go to everybody telco banks and retail. That’s also growing extremely well. We recorded a revenue of USD 150 million in the last year and expect this to go up to USD 200 million in this (financial) year,” Mohapatra said.

He said that the company had been facing a high level of attrition which has now come down in the range of 27-28 per cent.

Mohapatra expressed confidence in achieving the business target despite challenges around manpower.

He said employee dynamics has changed post Covid-19 where employees want to work from home as it leads huge savings in their cost of living.

“I wanted people to be hired predominantly in the Delhi NCR area and some who are willing to relocate from Bangalore, Mumbai, Hyderabad. But there was an expectation that they had to come to office in Gurgaon, five days a week. Now, this myth is broken. A family of two or three staying in Gurgaon were paying rent which I think is 20-25% of their salary,” Mohapatra said.

He said with relocation to hometown, employees are also saving on other expenses like high tuition fees.

“Now because you can work from anywhere, a company from the US is hiring in Trivandrum. The world has become a global village and they’re looking at resource availability as a global pool and not a local or regional pool anymore,” Mohapatra said.

“Indian companies which are looking at hiring have to up their ante so that they can get closer to what other international competition is willing to offer,” Mohapatra said.

He said foreign companies have started hiring Indian talents at around 4-5 hire cost than they have been getting from local firms and the cost of employees has also been impacted by the start-up wave in the country.

“Dynamics have changed where resources have become expensive and scarce. Eastern Europe was contributing significantly to talent. Russia, Ukraine, Belarus, suddenly have become untouchables. That has complicated life further,” Mohapatra said. PTI