Tata Consultancy Services (TCS) on Friday reported a 14.1 per cent rise in consolidated net profit to Rs 9,624 crore in the September 2021 quarter, aided by broad-based growth across geographies and verticals. The Mumbai-based company had logged a net profit of Rs 8,433 crore (excluding adjustment towards a legal claim) in the year-ago period. Its revenue grew 16.7 per cent to Rs 46,867 crore for the September 2021 quarter from Rs 40,135 crore in the year-ago period.
Shares of Tata Consultancy Services on Wednesday plunged almost 4 per cent, wiping out about Rs 16,000 crore (Rs 160 billion) in investor wealth, after the IT major indicated to analysts that weak India business and lower working days could drag down March quarter growth rate.
Finance Minister Nirmala Sitharaman on Friday proposed to double the limit for Tax Deduction at Source (TDS) on interest income for senior citizens to Rs 1 lakh, and also increase the threshold to Rs 6 lakh on rent from the current Rs 2.4 lakh.
TCS is said to have bagged a multi-million pound contract to support the disclosure and barring services for the Criminal Records Bureau of the UK.
For TCS, the retail business has been growing at 10-12 per cent over the last three quarters. On a year-on-year basis, the growth rate of the retail business has been impacted due to currency fluctuation and the general slowdown. In dollar terms, the retail business grew 51.6 per cent for the company last financial year.
Form ITR-B allows the assessee to claim TDS (tax deducted at source) and TCS (tax collected at source) credit against undisclosed income.
While TCS will see demand in the US and Europe, its local business is likely to be hit on poor IT spending.
This could fundamentally transform the industry that had been a major source of employment in countries like India and the Philippines.
The TCS CEO spoke about the IT major's operations in Canada.
Demand is driven by smaller deals in the US, larger ones in Europe.
Tata Consultancy Services has become the second-largest insurance business process outsourcing provider in the UK, after winning two deals worth 250 million pound (around Rs1,800 crore).
Tata Consultancy Services posted 29.93 per cent jump in consolidated net profit at Rs 2,369.83 crore (Rs 23.69 billion) for the third quarter ended December 31, 2010. The company has announced 200 per cent dividend. It has declared the third interim dividend of Rs 2 per equity share of Re 1 each.
In dollar terms, its m-cap rose to $76 billion
Tata Consultancy Services has formed an alliance with United States-based ANSYS Inc., an innovator of simulation software and technologies, to optimize product development processes.
The campus placements process usually starts in July-August, but is likely to start earlier this year.
Tata Consultancy Services Ltd's initial public offering has been oversubscribed 5.46 times even as retail investors lined up at collection centres to submit applications on the last day of bidding.
The company has declared a dividend of Rs 7 per share.
"India is one of our focus markets, where we have crossed $500 million in (annual) revenue. Our India business has been growing in double digits for the last few years and we expect to continue this, as IT spending in the country is expected to rise further," said N Chandrasekaran, executive director and chief operating officer of the company. India contributed close to 8 per cent to the company's Rs 278.13 billion turnover in fiscal 2008-09.
TCS will manage Diageo's global IT infrastructure, data centres and servers, in addition to providing service desk support to employees, TCS said in a statement.
Tata Consultancy Services (TCS), the group's biggest cash generator, overtook Vedanta to become the highest dividend payer in India in FY23. The IT services major paid Rs 42,090 crore for FY23, up 167.4 per cent from Rs 15,738 crore for FY22. The 10 biggest payers together shelled out Rs 2.06 trillion for FY23, more than double the Rs 98,371 crore for FY22.
The company made a net addition of 12,580 employees.
Anand Rayate, senior IAS officer and state coordinator for the Talathi Recruitment Exam-2023, said the statewide test conducted with the help of IT major TCS started at 11 am, instead of 9 am scheduled originally, after the fault was rectified.
The board of directors of Tata Consultancy Services (TCS) has revised the maximum salary limit of chief executive officer (CEO) and managing director N Chandrasekaran to Rs 10,00,000 per month.
Trading in stock markets this week will be majorly influenced by the upcoming quarterly earnings from IT majors TCS and Infosys, along with global trends, analysts said. Besides, global oil benchmark Brent crude, rupee-dollar trend and trading activity of foreign investors would also dictate the movement, they said. "On the domestic front, all eyes will be on the beginning of corporate performance for the third quarter of the current fiscal year.
Tata Consultancy Services Ltd on Thursday said it has acquired Sydney-based Financial Network Services, a core banking solutions vendor for $26 million.
rediffGURU T S Khurana answers readers' personal income tax queries.
Microsoft has bought 10 per cent stake in TCS China, a joint venture promoted by India's largest IT services firm Tata Consultancy Services and three state-owned Chinese companies.
India's largest software exporter Tata Consultancy Services has set up its fourth research lab in New Delhi.
Further, as a part of its continued expansion plan across Latin America, TCS has set up its delivery centre in Argentina. This is the eighth centre for the company in the region at a cost of $2 million (around Rs 10 crore). The centre, spread over 10,000 square metres, will initially employ 250 professionals, but has the capacity to house 1,000 people.
Construction will commence in 2011-12 and be completed in three years. TCS is the second IT firm to set up such a facility after Bengaluru-based Infosys Technologies inaugurated its campus in Mysore last year.
These graduates will have the opportunity to spend a year training and working for TCS at its Innovation Labs and software development centres across India between 2016 and 2020.
Over 6,500 would be recruited through campus recruitment.
Gen Z, driven by AI anxiety and economic pragmatism, have concerns about pursuing passions as careers as they fear it may not make them enough sufficient income.
Tata Consultancy Services (TCS) is India's most-valuable brand in 2022 replacing HDFC Bank, which held the number one spot since 2014, according to Kantar BrandZ report on India's most-valuable brands. TCS was able to grab the top slot due to rising global demand for automation and digital transformation, following the pandemic. Indian brands have bounced back from the pandemic to increase their brand value by 35 per cent compound annual growth rate (CAGR) since 2020.
While Tata Consultancy Services, HUL, ITC and Infosys saw a rise in their market capitalisation (m-cap) for the week ended Friday, RIL, HDFC Bank, HDFC, Maruti Suzuki India, SBI and Kotak Mahindra Bank suffered losses.
