TCS to declare second quarter results today, but press meet cancelled after Ratan Tata's demise

Tata Consultancy Services (TCS) has cancelled a press conference scheduled today evening to announce its second quarter performance, company officials said. The press conference was originally scheduled at 1730 hours on Thursday.

As originally scheduled, TCS will inform the exchanges about its July-September performance after the board meeting, the officials said.

Call with analysts to go as per schedule

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A scheduled call with analysts at 7 pm will be held as per schedule, they said. The last rites of Ratan Tata, who passed away late on October 9 evening, are scheduled to take place after 4 pm at central Mumbai's Worli today as detailed in a report by the Press Trust of India.

It is also important to note, Ratan Tata will be provided a state funeral by the Maharashtra government as a token of respect for the iconic business leader, signifying his invaluable contribution towards Indian businesses and the nation as a whole. Seen as a difficult day for the group and the nation, Tata breathed his last on October 9 evening at a city hospital.

Results of the previous quarter and CEO views

Tata Consultancy Services Ltd (TCS) reported consolidated first quarter net profit growth of 8.7 per cent year on year (YoY) to Rs 12,040 crore despite degrowth in several business year on year (YoY). Net margin for the quarter ending June 30, 2024 was at 19.2 per cent, India’s biggest IT company by revenue said in a filing with exchanges.

Revenue for the quarter at Rs 62,613 crore grew 5.4 per cent and 4.4 per cent YoY in constant currency. Operating margin at 24.7 per cent has seen an expansion of 1.5 per cent YoY. Further, net cash from operations at Rs 11,168 crore was 92.8 per cent of net profit, the company said. The board has approved a dividend of Rs 10 per share.

Commenting on the results K Krithivasan, Chief Executive Officer and Managing Director, TCS said: “I am pleased to report a strong start to the new fiscal year with all-round growth across industries and markets.”

“We are continuing to expand our client relationships, create new capabilities in emerging technologies and invest in innovation, including a new AI-focused TCS PacePor in France, IoT lab in the U.S. and expanding our delivery centers in Latin America, Canada and Europe,” he added.

The market now awaits for the Information and Technology giant to declare its second quarter results to gain more insights into the growth trajectory of the company and the sector as a whole.