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For the first time since 2019, TCS sees a fall in Sep quarter margins | Mint

Livemint

Livemint · 10m ago

For the first time since 2019, TCS sees a fall in Sep quarter margins | Mint

- Tata Consultancy Services (TCS) reported a sequential decline in profit for the September quarter due to increased equipment costs and a decline in revenue from the Americas. - The net profit for the quarter stood at $1.43 billion, down 1.59% from the previous quarter, marking the first sequential decline in five years for TCS. - However, the company saw a 2.2% sequential and 6.38% yearly increase in revenue, reaching $7.67 billion. - The growth in revenue was primarily led by TCS's communication, media, and technology business segment, which accounted for more than 90% of the incremental revenue. - Despite the revenue growth, TCS experienced a decline in operating margins for the first time since September 2019, with profitability narrowing to 24.1%. - TCS's India business showed promise, contributing almost 9% or $681 million to its revenue, with domestic clients driving 74% of the incremental revenue in the quarter.

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India drives TCS growth buzz

Economic Times

Economic Times · 10m ago

India drives TCS growth buzz

- TCS, India's largest software exporter, reported a 5% YoY increase in net profit to Rs 11,909 crore in Q2. - The company's revenue surpassed expectations, posting consolidated revenue of Rs 64,259 crore, a 7.6% YoY growth. - TCS cited the ramp-up of its deal with BSNL as a key driver for its performance, while clients in America and Europe remained cautious with technology spends. - Margins for TCS shrank to 24.1%, marking the second consecutive quarter of contraction. - The company added 5,726 employees in Q2, bringing the total employee count to 612,724 at the end of September. Attrition increased to 12.3%. - TCS mentioned a positive outlook with signs of improvement in financial services in North America and expects better performance in Q2 of FY25.

TCS salary hike to be decided later in the year: HR chief Milind Lakkad - The Economic Times

Economic Times

Economic Times · 28d ago

TCS salary hike to be decided later in the year: HR chief Milind Lakkad - The Economic Times

Tata Consultancy Services (TCS) announced it will decide on salary increments later in the year due to uncertain business conditions. This comes as the attrition rate increased to 13.8% in the June quarter. Despite this, TCS continues its target of onboarding 40,000 freshers. In the first quarter of FY26, TCS reported a 6% year-on-year growth in net profit but a modest 1.3% rise in revenue, impacted by global market uncertainties.

Accenture secures $1.1 billion GenAI projects in Sep-Feb

Livemint

Livemint · 1y ago

Accenture secures $1.1 billion GenAI projects in Sep-Feb

IT services provider Accenture has secured generative artificial intelligence (GenAI) projects worth $600m in the past three months, bringing its total GenAI deals for the first half of the fiscal year to $1.1bn. The surge in GenAI projects follows the global attention on AI after the launch of ChatGPT, positioning it as a disruptor. In addition to its success in GenAI, Accenture's overall revenue growth has disappointed analysts for the second consecutive quarter, with revenues totalling $15.8bn in the quarter ended in February. The company has revised its full-year revenue growth forecast to between 1% and 3%.

Wage hikes a priority for TCS; focus on growth with profitability: CFO - The Economic Times

Economic Times

Economic Times · 26d ago

Wage hikes a priority for TCS; focus on growth with profitability: CFO - The Economic Times

TCS is prioritizing deferred wage hikes for its 600,000 employees amid macroeconomic challenges affecting growth and margins. CFO Samir Seksaria focuses on growth with profitability, aiming to boost operating profit margins to 26-28%. While navigating demand uncertainties, TCS is optimizing controllable factors like utilization and retention of top talent. Attrition rates are a concern, and realignment of investments is planned. The company remains open to strategic acquisitions that enhance capabilities.

TCS Continues 100% Variable Pay for Majority of Employees in Q2FY24 Amidst Workforce Changes

Business Bytes

Business Bytes · 1y ago

TCS Continues 100% Variable Pay for Majority of Employees in Q2FY24 Amidst Workforce Changes

TCS, India's largest IT services company, will be paying 100% variable pay to 70% of its employees for the quarter ending September 2023, while the remaining 30% will have variable pay determined by performance. This comes as TCS reported a decrease in its workforce by 6,333 employees during Q2FY24, marking the first decline in over a year. Despite the reduction in staff, TCS has managed to mitigate attrition with a rate of 14.9%, the lowest in over two years. The company's compensation and talent management strategies reflect the need for adaptability in the IT sector.

TCS expects margin benefits as BSNL deal tapers; to create 25K-seat capacity in Bengaluru: CFO

Livemint

Livemint · 6m ago

TCS expects margin benefits as BSNL deal tapers; to create 25K-seat capacity in Bengaluru: CFO

TCS anticipates enhanced profit margins as the BSNL deal tapers over upcoming quarters, while planning to expand a 25,000-seat capacity in Bengaluru. The BSNL contract, vital to recent revenue growth, is set to reduce until FY26. TCS aims to offset this with diversified revenue streams. While exact margin gains weren't disclosed, TCS aims to surpass the current 24.5% operating margin, leveraging currency dynamics and strategic property acquisitions for long-term growth.

BSNL blues to global gloom, TCS clocks yet another bleak quarter

Livemint

Livemint · 29d ago

BSNL blues to global gloom, TCS clocks yet another bleak quarter

Tata Consultancy Services (TCS) reported a third consecutive quarter of declining revenue, with June quarter revenues at $7.42 billion, down 0.59% from the previous quarter and 1.12% year-over-year. This marks TCS’s poorest Q1 performance since June 2020. Despite a 5.3% rise in net profit, challenges persist due to global economic uncertainties and cautious client spending, reflected in an unannounced wage hike and conservative outlook on business from domestic and international clients.

TCS top performers receive double-digit hike, attrition cools to 12.5%

Livemint

Livemint · 1y ago

TCS top performers receive double-digit hike, attrition cools to 12.5%

Tata Consultancy Services (TCS), India's largest IT company, has reported a decline in its attrition rate to 12.5% in the fourth quarter, improving from the previous quarter's rate of 13.1%. The company also announced double-digit annual increments for its top performing employees. However, TCS has experienced a decline in its total headcount. In terms of financial performance, TCS recorded a net profit of ₹12,434 crore in the fourth quarter, representing a year-on-year growth of 9.1%.

What the vacant seats at TCS mean

Livemint

Livemint · 1y ago

What the vacant seats at TCS mean

Tata Consultancy Services (TCS), India's largest IT services company, ended FY24 with fewer employees than at the beginning, the first decline since the firm went public in 2004. However, TCS downplayed concerns, attributing the dip to a recalibration following a hiring spree in previous years. Some industry experts believe this may indicate a shift towards AI replacing employees in IT services firms. TCS stated that headcount fluctuations are a result of utilization and not revenue. The company plans to hire 40,000 freshers this year, with specialists in high demand.

Mankind Pharma’s large fund-raising plan irks investors

Money Control

Money Control · 1y ago

Mankind Pharma’s large fund-raising plan irks investors

Shares of Mankind Pharma declined despite reporting strong earnings in the March 2024 quarter. The company saw a revenue increase of 18.9%, and provided positive guidance for profit margins and business growth in FY25. However, the stock dropped by 4.5% on May 16, although it has slightly recovered since then. The reasons for this decline are uncertain.

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