Tata Consultancy Services (TCS) on Wednesday reported a 12.2 per cent rise in its consolidated net profit to Rs 9,769 crore for the December 2021 quarter, and announced Rs 18,000-crore buyback offer for its shareholders at Rs 4,500 per scrip. The country's largest software services firm had logged a net profit of Rs 8,701 crore in the year-ago period. Revenue of the Mumbai-based firm grew 16.3 per cent in the quarter under review to Rs 48,885 crore from Rs 42,015 crore in the corresponding period last fiscal, TCS said in a regulatory filing.
In a multi-year first, the country's largest software exporter TCS on Monday reported a marginal decline in its overall employees for the December 2022 quarter but announced that it will be hiring over 1.25 lakh staff in FY24. The software firm posted a decline of 2,197 people in its employee base for the October-December period to 6.13 lakh. The Tata group company, however, made it clear that this was due to the higher hiring done over the last 18 months, and not driven by the demand environment.
From the Sensex pack, Tech Mahindra, HDFC Bank, Larsen & Toubro, ITC, Infosys, IndusInd Bank, Kotak Mahindra Bank, Titan and HCL Technologies were among the gainers. Maruti Suzuki India, Tata Steel, Bajaj Finance, UltraTech Cement, Nestle India, Axis Bank and Tata Consultancy Services (TCS) were among the laggards.
The country's largest software services exporter TCS on Monday reported an annualised 8.4 per cent growth in net income at Rs 10,431 crore for the September quarter. The Tata Group company said its total revenue from services grew at a much faster pace of 18 per cent to touch Rs 54,309 crore in the period under review. The city-headquartered IT major had reported consolidated revenue of Rs 46,867 crore in the year-ago quarter from which it had earned Rs 9,624 crore net income.
The performance of banking and information technology (IT) stocks has had a significant impact on the composition of diversified mutual fund (MF) portfolios. Over the past two months, these sectors have become increasingly dominant, now constituting nearly 30 per cent of the total allocation in many diversified MF portfolios.
The company is racing ahead of its peers even as other sectoral players feel the slowdown heat.
Over the past few months, RIL and TCS are competing with each other to claim the number one position in terms of market capitalisation.
The campus placements process usually starts in July-August, but is likely to start earlier this year.
Its revenue grew 3 per cent year-on-year to Rs 40,135 crore for the just-ended quarter from Rs 38,977 crore in the year-ago period.
TCS moved into new markets like France, Japan thanks to acquisitions.
Fresher hiring, which has been subdued as Indian information technology (IT) services firms scaled back their recruitment, is set for a turnaround. The IT sector's fresher hiring is expected to rise by 20-25 per cent for 2024-25 (FY25). Additionally, the global capability centres are projected to boost their fresher hiring by 40 per cent compared to last year, according to a TeamLease Digital analysis.
Equity benchmark Sensex tanked 372 points on Thursday, tracking losses in index majors L&T, Infosys and TCS amid a negative trend in global markets. The 30-share index ended 372.32 points or 0.62 per cent lower at 59,636.01. Similarly, the NSE Nifty fell 133.85 points or 0.75 per cent to 17,764.80.
The top three Indian IT firms -- Tata Consultancy Services (TCS), Infosys and Wipro -- collectively trained over 775,000 employees in generative AI (GenAI) capability by the end of 2023-24, according to an analysis of GenAI-trained workforce of leading companies in India in this sector. This number is significantly higher that the projection made by the IT industry body Nasscom in its Strategic Review of 2023, released in February this year. It said in 2023-2024, over 650,000 employees across the IT industry received training in Gen AI skills.
NTPC, JSW Steel, Tata Motors, Bharti Airtel, Power Grid, Kotak Mahindra Bank and Tech Mahindra were also among the major gainers. Larsen & Toubro, Sun Pharma, Nestle, HDFC Bank and Maruti were among the laggards.
The nine-member jury found in an Oakland, California court on Wednesday that the TCS did not have a "pattern or practice" of intentionally discriminating against non-South Asian workers due to their race or national origin.
The IT sector's fresher hiring is expected to rise by 20% to 25% for 2024-2025. The increase in hiring is driven by a focus on specialised skills catering to segments like AI, machine learning and data analytics.
Out of 24,230 IIT and NIT grads, about 8,000 students didn't find any takers during campus placement drives this year.
'The race is now on for Indian IT firms to develop their AI prowess and focus on a software-first approach to services as the people element becomes more complicated with Trump's expected new regulations.'
As many as 86 per cent of senior business executives have deployed artificial intelligence (AI) to enhance revenue streams or create new ones, said a report by Tata Consultancy Services (TCS) on Wednesday. As many as 69 per cent of businesses are more focused on using AI for innovation and increasing revenue than on improving productivity and optimising cost, said the 'TCS AI for Business Study'.
TCS is tapping an emerging opportunity called IT modernisation, which potentially could be a growth driver for the entire IT services industry for the next two to three years, says Raghu Krishnan.
Tech giant Microsoft regained the top spot in the list of best employers to work for in India in 2024, followed by Tata Consultancy Services (TCS) and Amazon, according to a Randstad Employer Brand Research report released on Wednesday. Microsoft had topped the list in 2022, but slipped to fifth in 2023. The 2024 list is based on responses from 3,507 people.
As the job markets open up, top IT services firms may look at a tiered strategy in which they hire entry-level talents at higher salaries, amid a major technological shift, say HR analysts.
Experts pointed out the move will only help taxpayers temporarily, as the tax liability remained the same and the date for advance tax has not been extended.
Revenue grew 5.1 per cent in the quarter under review to Rs 39,946 crore from Rs 38,010 crore in the corresponding period last fiscal.
Campus recruits can also aim to double the existing entry level package by proving their skills through the TCS national qualifier tests.
'He asserted in his usual jovial style that he was not an MBA like his audience at IIM-Ahmedabad but perhaps had an even better business degree: MBB'. 'He went on to explain to his perplexed, blue chip B-School audience that MBB stood for "Marwadi by birth"!' Shivanand Kanavi salutes Shashi Ruia, co-founder of the Essar group who passed into the ages on November 25, 2024 in Mumbai.
Among major Sensex gainers, Mahindra & Mahindra rose the most by 3.29 per cent. Adani Ports gained 1.26 per cent, Tata Motors by 1.14 per cent, and Axis Bank by 0.92 per cent. Nestle, NTPC, Reliance, ITC Titan, Kotak Bank, Infosys and TCS also gained. HCL Tech, Tech Mahindra, and ICICI Bank were the losers.
Revenue of the Mumbai-based firm grew 6.7 per cent in the quarter under review to Rs 39,854 crore from Rs 37,338 crore in the corresponding period of the last fiscal.
Using credit or debit cards abroad can prove costly.
'Both campuses and talent should brace for a low-velocity campus hiring season that might extend into the off-campus period.'
In the domestic m-cap ranking, TCS was at number one position followed by RIL, HDFC Bank (Rs 666,533.49 crore), HUL (Rs 400,325.83 crore) and HDFC (Rs 378,236.52 crore).
TCS CEO and MD Rajesh Gopinathan said the company believes the coronavirus impact has "bottomed out" and that TCS should now start tracing its path to growth.
The buyback, at Rs 2,100 per equity share, entails up to 7.61 crore shares or 1.99 per cent of the total paid up equity share capital.
The candidates will be selected through a National Qualifier Test. The top 1,000 will be offered a much higher salary -- almost double of that being offered to peers.
TCS, which, plans to earn $1 bn in 3-7 years will explore segments such as cyber security, internet of things, analytics of IoT, and cloud application and infrastructure.
Bharti Airtel was the biggest gainer in the Sensex pack, rising 1.63 per cent, followed by Tata Steel, ICICI Bank, Titan, Asian Paints and Ultratech Cements. On the other hand, M&M, NTPC, Tata Motors, TCS and PowerGrid were the major losers.
While TCS will see demand in the US and Europe, its local business is likely to be hit on poor IT spending.
A sharp rise can be attributed to the significant changes in India's share buyback tax regime, which will come into effect from October 1, 2024.
Move to keep pace with tech landscape; senior employees might be affected
Stock crashes 6.5%; top 5 firms lose Rs 33,883 crore in market cap
