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<keyword id="22373997" type="General" weightage="20" keywordseo="IT-behemoth" source="keywords">IT behemoth</keyword> <keyword id="19950203" type="General" weightage="20" keywordseo="TCS" source="keywords" meta.keywordsubtype="org" meta.entityname="TCS" meta.hostid="261" meta.entityid="TCS" topicspecial.url="https://economictimes.indiatimes.com/tata-consultancy-services-ltd/stocks/companyid-8345.cms">TCS</keyword> reported its <keyword id="22373996" type="General" weightage="20" keywordseo="Q1FY25" source="keywords">Q1FY25</keyword> results. The stock closed at Rs 3,902, down by 0.18%. The stock has offered a YTD (yield to date) of 2.39% while inching up almost 19% over the last year. The company announced an interim dividend of Rs 10/share for FY2024-25. The company reported an above-expectations growth for the quarter, while its margins remained largely in line with what the D-street had been anticipating. <h2>Strong net profits, margins</h2>On expected lines, the <keyword id="6354185" type="General" weightage="20" keywordseo="IT" source="Orion">IT</keyword> giant's net <keyword id="19933742" type="General" weightage="20" keywordseo="profit" source="keywords">profit</keyword> is down by 3.2% on a quarter-on-quarter (QoQ) basis and up by 8.7% on a YoY basis, standing at Rs 12,040 crore for this quarter. Last quarter, this figure stood at Rs 12,434 crore. The company's consolidated EBIT (earnings before interest and tax) margins stood at 24.7%, witnessing an expansion of 1.5% on a year-on-year (YoY) basis. The company's revenue jumped up by 2.2% on a quarter-on-quarter basis and a 5.4% on a YoY basis, reaching Rs 62,613 crore for April-June 2024, as opposed to Rs 61,237 crore in the quarter before. The company's PAT (profit after tax) saw a marginal dip on a QoQ basis of 3.2%, reaching Rs 120.4 billion. However, on a YoY basis, PAT saw a robust 8.7% growth. The company TCV (total contract value) or order book for the quarter dipped significantly by 37.1% to $8.3 billion, also registering a fall of 18.6% on a YoY basis. <h2>Dip in attrition, rise in employee count</h2>However, the company managed to add 5,452 employees to its workforce, as opposed to losing 1,759 employees during the previous quarter. This takes the company's total workforce to 6,06,998. Its attrition rate, at 12.1% this quarter, also came down from 12.5% from the previous quarter. Per the company, AI Cloud, Cyber Security and Enterprise Solutions led their growth this quarter. The company also saw a YoY growth (in constant currency terms) of 61.8% in its India markets, jumping from 4.9% in Q1FY24 to 7.5% in Q1FY25. The company's client base of ones worth over $100 million and $50 million increased by 3 each during the year. On the other hand, clients worth over $10 million rose by 18, and ones over $1 million inched up by 42 on a YoY basis.

TCS Q1 results 2024: Contract values, net profits take a hit as PAT, employee count sees hike

<ul class="summary-list"><li>Former President Donald Trump's actions on January 6, 2021, are back in the news.</li><li>Vice President Kamala Harris is also elevating one of Trump's biggest critics, former Rep. Liz Cheney.</li></ul>With roughly 30 days left before Election Day, Vice President <a target="_blank" class="" href="https://www.businessinsider.com/blockbuster-jobs-report-kamala-harris-election-trump-inflation-economy-2024-10">Kamala Harris</a> and her allies are amplifying their focus on the January 6, 2021, Capitol riot and former President Donald Trump's efforts to overturn the 2020 election.Trump, for his part, has really never stopped talking about the 2020 election. He brings it up at almost every rally. But Harris' final rebuttal is shaping up in the form of a closing argument delivered by former Congresswoman <a target="_blank" class="" href="https://www.businessinsider.com/liz-cheney-voting-for-kamala-harris-for-president-2024-9">Liz Cheney</a> and top Trump aides."Our republic faces a threat unlike any we have faced before — a former president who attempted to stay in power by unraveling the foundations of our republic, by refusing to accept the lawful results confirmed by dozens of courts of the 2020 election," Cheney said Thursday night in Ripon, Wisconsin, the birthplace of the Republican Party.The Harris campaign's efforts to remind voters of Trump's final days in office will get a boost next week when an outside group will host <a target="_blank" class="" href="https://www.businessinsider.com/cassidy-hutchinson-back-out-bombshell-testimony-jan-6-hearing-enough-2023-9">Cassidy Hutchinson</a>, the former Trump aide whose searing testimony was at the forefront of the House January 6 committee, Cheney, and two other former Trump aides at an event in Pennsylvania. While that is not an official Harris rally, her campaign has already made waves in the key battleground by airing an ad featuring a local couple who previously supported Trump."I voted for him twice, I won't vote for him again," Bob Lange says in the ad entitled "Not Again." "January 6 was a wake-up call for me." Former Trump 2020 staffer Matt Wolking said the Harris' campaign focus on January 6 illustrates a return to the core of what made Biden's campaign struggle."What happens when you run a vibes campaign like Kamala has, devoid of most other substance and then you run out of vibes?" Wolking told Business Insider. "Well, you return to old crutches, and this is an old crutch that is leftover from the Biden campaign. The January 6 campaign strategy is the Biden campaign strategy from earlier this year."Voters have given Harris better marks than Biden, but the topic still does not have the sheer weight that the economy does.<h2 id="9fea5b3b-3415-4795-ab61-8624c8955edd">The economy is still the most important issue in the race.</h2>Voters have long said the economy is the most important issue in the race, lending some slight risk to focusing on the 2020 election. Polls have shown that Harris has closed Trump's commanding lead on the economy. But the broader theme of democracy hasn't been forgotten. A recent PBS News/NPR/Marist poll found that 95% of voters say the economy is a factor in their vote. The same survey found that 89% of voters would say the same about "preserving democracy," including 64% who say it would be a "deciding factor" in their decision. (The poll of US adults was conducted from September 27 through October 1, 2024. Marist interviewed 1,628 adults via phone, text, and online. The margin of error for registered voters is +/- 3.5 percentage points.)Trump's campaign blamed the media for the renewed focus on January 6."The media is desperate to talk about anything other than the issues Americans are facing today — from the ongoing conflict in the Middle East, to the crisis at our border, migrant crime, inflation, and the ongoing port worker strike — because the problems of today prove Kamala Harris is the worst vice president in history," Trump campaign spokesperson Karoline Leavitt said in a statement issued on Thursday. On Thursday night, port workers and the United States Maritime Alliance announced the <a target="_blank" class="" href="https://www.businessinsider.com/striking-dockworkers-return-to-work-amid-ongoing-negotiations-cnn-2024-10">suspension of the strike</a> until January 15 as contract negotiations continue.Both campaigns have tried to lean into democracy-related appeals. Trump has claimed that it's the Democrats who are the true threat, arguing without evidence that they are responsible for his assassination attempts. He also repeatedly claimed that the White House is orchestrating the criminal cases against him, another claim that doesn't hold up.There's ample evidence that Trump should be concerned if voters cast their ballots with 2020 in mind. Voters thoroughly rejected his allies who echoed his concerns about 2020 during the midterm elections two years later. Most notably, those setbacks occurred in Michigan, Wisconsin, Pennsylvania, and Arizona, all four states that remain battlegrounds in the presidential race.According to a recent Washington Post poll, most of the voters in Pennsylvania, widely believed to be race's biggest prize, believe Biden won the 2020 race fair and square. The numbers are different for Republicans, but the rejection of election denialism is clear among Democrats and, most critically, independents.<h2 id="07baf555-3b4c-414d-b4a3-f164a7d84702">Harris' efforts aren't the only reason 2020 is back in the news</h2>Special counsel <a target="_blank" class="" href="https://www.businessinsider.com/judge-releases-prosecutors-evidence-against-trump-in-election-interference-case-2024-10">Jack Smith's 165-page filing</a> was released earlier in the week, providing new details about Trump's actions as rioters stormed the Capitol. Smith's team says it is prepared to call a top Trump aide to testify that only the then-president himself could have sent out his infamous tweet attacking Vice President Mike Pence for lacking "courage" by refusing to help overturn the results."The defendant personally posted the tweet on the afternoon of January 6 at a point when he already understood that the Capitol had been breached," Smith's team wrote in the filing.Sen. <a target="_blank" class="" href="https://www.businessinsider.com/jd-vance-donald-trump-january-6-vp-debate-tim-walz-2024-10">JD Vance</a> of Ohio refused to answer directly to Gov. Tim Walz during Tuesday's vice-presidential debate when he pressed Trump's running mate about who won the 2020 election."Tim, I am focused on the future," Vance replied. "Did Kamala Harris censor Americans from speaking their mind in the wake of the 2020 COVID situation?"Harris' campaign soon cut what Walz described as Vance's "damning non-answer" into an attack ad.Asked again about his views on the 2020 election, Vance remained defiant after a Friday rally. The GOP vice presidential nominee accused journalists of being so interested in the last election because "they don't care a lick about what happened afterwards.""I'm from Ohio, I am not from the South, but I think there's a phrase that really works — bless your heart," he said. "We are focused on the future in this election and in this campaign."

2020 is back on the 2024 campaign trail

<ul><li>The second quarter has always been a historically strong quarter, but Q2 FY24 is expected to be soft.</li><li>The demand picture is still weak and for most sectors, the slowdown has not bottomed out.</li><li>Vendor consolidation has led to a few large deal wins by the Big 3, but conversion to revenues will be slow.</li><li>Margin expansion will also be tough with a stable Rupee and cost levers yet to kick in. </li></ul>Little has changed for the Indian <keyword id="46964" type="General" weightage="20" keywordseo="it-sector" source="Orion">IT sector</keyword> in the last three months. The second quarter earnings are expected to be as muted as the quarter before. IT sector clients are continuing with their budget squeezes, cuts in discretionary spending that’s bringing in less into the companies’ revenue kitty. Top-tier IT companies are expected to see a 0.8% fall in constant currency revenues to a tad over 1% growth on a quarter-on-quarter basis. At the highest end of the most optimistic expectations is a 1.3% growth. On a year-on-year basis too, most see lower single digit growth or a fall – showing that the fear of recession has taken over the market. Most analysts expect <keyword id="6354512" type="General" weightage="20" keywordseo="infosys" source="Orion" topicspecial.url="https://economictimes.indiatimes.com/infosys-ltd/stocks/companyid-10960.cms">Infosys</keyword> to retain its FY24 revenue growth, guidance of 1-3.5%. <keyword id="141968" type="General" weightage="20" keywordseo="hcl-tech" source="Orion" topicspecial.url="https://economictimes.indiatimes.com/hcl-technologies-ltd/stocks/companyid-4291.cms">HCL Tech</keyword> is widely expected to cut its 6-8% growth projections. Most others are expected to veer towards the lower end of the guidance as the first half remains muted. Where is the budget flush? The much awaited budget flush that could have changed the fortunes of the sector is still evasive. “The second quarter of FY24 is likely to be incrementally better than the first quarter. But nowhere close to what most players envisaged at year-beginning. Hopes of finding a bottom in the first half has not materialised, we believe, as project ramp downs/cancellations continue,” says a report by J M Financial. The second quarter has always been a historically strong quarter. And, this theory is all set to change. “Most of the demand indicators are trailing 10-15% below levels at the beginning of the year and only slightly better than the July lows,” said HDFC Securities. Across sectors, budget cuts have played out differently. For the key BFSI sector, spend cuts have bottomed out. The recovery however is gradual and may not be visible before FY25, says HSBC. Telecom sector which was one of the worst affected, along with high-tech and retail, could also bottom out in the second quarter. “We think the spending cuts have been unsustainably aggressive. Hi-tech demand has already started to improve from 2Q. Further, verticals like O&amp;G and manufacturing continue to do well,” says HSBC, which believes that Q2 will see a slight positive growth. It however does not see any major budget flush or V-shaped recovery. Expected change in Constant Currency Revenues (QoQ) <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kotak </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">J M Financial </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IIFL Securities </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TCS </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.5% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.2% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.6% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.3% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wipro </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.6% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.8% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HCL Tech </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.8% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.8% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.1% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TechM </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.5% </td></tr></tbody><tbody></tbody><tbody></tbody></table>Source: Research reports Big deals, slow conversion Budget squeezes led to consolidation, with IT clients going in for mega deals. All the big three made top deal announcements in Q2. Infosys bagged a EUR1.5 billion deal from Liberty Global, in addition to a $454 million deal from Danske Bank. <keyword id="6357150" type="General" weightage="20" keywordseo="tcs" source="Orion" topicspecial.url="https://economictimes.indiatimes.com/tata-consultancy-services-ltd/stocks/companyid-8345.cms">TCS</keyword> bagged a £800 million deal from Jaguar Land Rover. It also won a NEST € 810 million deal from NEST. HCL Tech also won a $2.1 billion deal from Verizon. “We believe deal flow has steadied after the transition from discretionary spending-powered short-tenured programs to larger programs fueled by cost take-outs, which have longer sales cycles,” said Kotak Institutional Equities. These kinds of deal wins are expected to continue and grow through the financial year, as discretionary spending. “While most IT services firms saw a further moderation in year-on-year revenue growth in the June quarter, deal wins accelerated. Since then, the large and mega deal win momentum has quickened, giving us confidence in strong growth for FY25,” said BNP Paribas. Large deals, however, are spread across five years, and tend to convert slowly into revenues. “Barring re-badging deals, ramp-up and hence revenue conversion of mega deals tend to be long drawn,” says J M Financial. The most watched metric for the IT sector this season would be Total Contract Value-to-revenue conversion pace. The others would be the extent of compression in the existing book of business, and greater-than-normal furloughs, says a report by Nirmal Bang. Rupee, salaries &amp; margins One advantage of a soft macroeconomic environment is Rupee depreciation that adds to the margins of IT companies. Rupee depreciated only by 1% on a quarter-on-quarter basis, adding little to the sectoral margins. “This slowdown is different. Indian Rupee is relatively stable and Covid-19-led cost rationalisation is still unwinding like travel costs and onshore mix,” says HSBC Global Research. Margin management is also expected to be tough going forward as the operating environment has turned hard. Unplanned benching due to sudden ramp-downs, shift in revenue mix towards cost-takeout deals and lower growth will add to the pain on the profitability end. Kotak also expects a marginal decline in the EBIT margin on year-on-year comparison, except TechM where the decline will be sharp. Increase in costs such as travel and back-to-office expenses will hurt. “Cost levers are yet to fully kick in,” the research firm adds. On the other hand, net hiring has been all but flat for most IT sector companies. Moreso, Infosys, HCL Tech and <keyword id="10862" type="General" weightage="20" keywordseo="wipro" source="Orion" topicspecial.url="https://economictimes.indiatimes.com/wipro-ltd/stocks/companyid-12799.cms">Wipro</keyword> have all delayed wage hikes which can help, along with other cost rationalization programmes. <div type="javascript" title="Custom" contenttype="Text"><cdata><![CDATA[]]></cdata></div>

Earnings preview: Q2 to be another washout quarter for IT sector, market to focus on execution

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TCS Q1 results 2024: Contract values, net profits take a hit as PAT, employee count sees hike

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2020 is back on the 2024 campaign trail

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Earnings preview: Q2 to be another washout quarter for IT sector, market to focus on execution

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