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<ul><li><keyword id="10071444" type="UNKNOWN" weightage="20" keywordseo="Samir-Seksaria">Samir Seksaria</keyword> will be coming in as <keyword id="6357585" type="COMPANY" weightage="20" keywordseo="tata-consultancy-services">Tata Consultancy Services</keyword>' (TCS) new chief financial officer on May 1.</li><li>He has been will the company for over two decades.</li><li>Seksaria joined TCS within two years of finishing his graduation in 1997.</li></ul>India’s biggest information technology (IT) company in India will have a new chief financial officer starting May 1 — and he’s been with the company for over two decades. Samir Seksaria, who was leading Tata Consultancy Services’ (TCS) business finance vertical, will now officially be responsible for all of the company’s financial affairs. Seksaria’s journey with TCS began in 1999. This was two years after he graduated from Narsee Monjee College in Mumbai and completed his certification to become a charted accountant (CA). He spent his early years with the software exporter on consulting assignments. This included anything from regulatory compliance to merger and acquisition spin-offs. What many may not know is the fact that he also had a key role to play when TCS initially went public back in 2004. Since then, he’s been involved in various financial transformation journeys such as simplification, better cash management, and other financial aspects. Seksaria will be reporting directly to the TCS’ chief executive (CEO), Rajesh Gopinathan, as he takes over the reins from Ramakrishnan V, who will be retiring today, on April 30.

TCS’ new chief financial officer has been with the company for over two decades — including when it launched its IPO

<ul><li><keyword id="6357150" type="General" weightage="80" keywordseo="tcs" source="Orion">TCS</keyword> announced a ₹17,000 crore buyback at a share price of ₹4,150 per share. </li><li>Its dollar revenues fell marginally by 0.2%, but net profits went up by 2.3% sequentially. </li><li>Its attrition for the quarter stood at 14.9%. </li></ul> Tech major TCS disappointed the street as it reported a 0.2% sequential fall in second quarter dollar revenues on Wednesday, which suggests demand uncertainty continues to plague IT companies. The company announced a ₹17,000 crore buyback at a share price of ₹4,150 per share. Its dollar revenues fell marginally by 0.2% to $7,210 million from $7,226 million in the first quarter of FY24. Analysts expected the company to post anywhere between 0.5-1% growth in revenues in constant currency terms. Its net profit, however, went up 2.3% sequentially to ₹11,380 crore from ₹11,120 crore from the first quarter. The company’s orderbook stands at $11.2 billion with a book-to-bill ratio of 1.6. “Strong deal momentum delivered us a very large order book in Q2 – our second highest TCV ever in a quarter, and a good pipeline. The resilience of demand for our services, our clients’ willingness to commit to long tenure programs and their continued appetite for experimentation with Gen AI and other new technologies give us confidence in our longer-term growth prospects,” said K Krithivasan, CEO and MD of TCS. The company also reported an operating margin at 24.3% for the quarter – which expanded 0.3% YoY. “Our focus on improving employee utilization, while driving productivity improvement and cost efficiency across the organisation, has helped us expand our operating margin to 24.3%,” said Samir Seksaria, CFO of TCS. The company announced a ₹17,000 crore buyback at a share price of ₹4,150 per share. The stock closed at ₹3,610 on Wednesday. It also announced an interim dividend of ₹9 per share. Commenting on this, Prashanth Tapse of Mehta Equities Ltd. said, "TCS board approved buyback of ₹17,000 crore at a price of ₹4,150 per equity share against street expectations of ₹4,300 to ₹4,500 per share. The buyback price is at a premium of about 15%. The company will be buying back up to 4.09 crore shares which will be 1.12% of the total equity share capital." <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;">Particulars </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;">Q2 FY24 </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;">Q1FY24 </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;">% change </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;">Net Profit </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;">₹11,380 crore </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;">₹11,120 crore </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;">2.3% </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;">Revenues </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;">$7,210 </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;">$7,226 million </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;">-0.2% </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> The company’s BFSI sector constant currency revenue de-grew by 0.5%, while life science and healthcare grew by 5% and consumer business by 1%. The attrition for the quarter stood at 14.9%. “The key comments to be watched out would be strategic changes under the new CEO; deal win total contract value (TCV) and nature of deals; outlook by vertical through FY24; potential margin levers through FY24; capital allocation and clarity on buyback in FY24,” said a report by IIFL Securities.

TCS revenue falls QoQ for the first time in 4 years; announces ₹17,000 crore buyback

<ul><li><keyword id="6357150" type="General" weightage="20" keywordseo="tcs" source="Orion">TCS</keyword> HR head said that 70% of its employees will receive 100% of their variable pay. </li><li>The company said that it has given a 12-15% raise for exceptional performers in its latest annual compensation review. </li><li>TCS admitted that there have been delays in onboarding freshers, but promised to honour all their offers. </li></ul>There has been a shadow of gloom on the Indian IT sector and many sector watchers were expecting this to translate on the salaries of techies soon. However, the country’s largest IT company TCS seems to have ridden past this. The company’s HR head Milind Lakkad has said that 70% of employees will receive their full variable pay. “The rest of 30% will get it based on business performance,” Lakkad said in a press conference while declaring its Q1 earnings. Unlike fixed pay, variable pay differs as per company policy, employee performance and many other factors. Lakkad also said in the press release that the company has given a 12-15% raise for exceptional performers in our latest annual compensation review, and also commenced the promotions cycle. “We remain focused on developing, retaining and rewarding the best talent in the industry, and enhancing their effectiveness by bringing them back to office to foster our culture. Our Return to Office initiative is picking pace, with 55% of the workforce already in office thrice a week,” Lakkad added. A margin hit Sector analysts said that <a href="https://www.businessinsider.in/business/corporates/news/it-companies-like-tcs-infosys-wipro-hcl-tech-q1-2023-24-earnings-preview/articleshow/101482733.cms">revenues and margins will be soft</a> for the quarter, especially for those companies which do not cut variable pay for their employees. TCS’ operating margin stood at 23.2% which was flat on a year on year basis, growing by 0.1%. “We have gone ahead and rolled out our annual salary increase with effect from April 1st . Our operating margin of 23.2% reflects the 200-bps impact of this hike, offset through improved efficiencies,” Samir Seksaria, CFO of TCS. Most companies across the world are getting tight fisted with their IT budgets and that’s been affecting Indian tech companies’ deals wins. The company reported a 7% year-on-year revenue growth in constant currency terms for the first quarter, in line with <a href="https://www.businessinsider.in/stock-market/markets/news/tcs-kicks-off-earnings-season-by-declaring-dividend-and-matching-analysts-muted-expectations/articleshow/101699498.cms">analyst expectations</a>. TCS CEO K Krithivasan too admitted in the Q1 earnings conference that the demand for IT services are expected to remain soft in the near term. This is also bad news for employees of these organisations. ‘Will honour commitments’ TCS also has been bringing fewer and fewer people onboard in the last few quarters. This quarter, its net headcount addition was at 523, similar to the number added last quarter. Added to that, there have been delays when it comes to onboarding freshers who have received job offers from them. “There have been delays because of the environment that we are in. There are project delays and this is a result of that. I will commit today that we will honour all our offers,” said Lakkad, adding that they will also continue to onboard freshers without putting a number on it. On the bright side, the company like all its peers has been battling high attrition rates for most of FY23, and that’s seeming to let off. The number of people quitting has reduced even on a quarter on quarter basis as its April-June attrition stood at 17.8%, as compared to 21.1% in the fourth quarter of last year.

TCS assures 70% employees will receive full variable pay

<ul><li>TCS crosses ₹10,000 crore quarterly profit for the very first time.</li><li>The company reported a 10% sequential growth in net profit to ₹10,431 crore from ₹9,478 crore last quarter.</li><li>The headwinds from the supply-side challenges are abating, said Samir Seksaria, chief financial officer of the company.</li></ul>IT major TCS on Monday kickstarted the Q2 earnings season, crossing the ₹10,000 crore quarterly net profit mark for the first time. The company reported a 10% sequential growth in net profit to ₹10,431 crore from ₹9,478 crore in April-June. Revenue for the quarter grew 4.8% on a sequential basis to ₹55,309 crore, while it grew 15.4% year-on-year, in constant currency. The revenue growth has beaten most analyst expectations - which was for a 3% rise sequentially. “Demand for our services continues to be very strong. We registered strong, profitable growth across all our industry verticals and in all our major markets. Our order book is holding up well, with a healthy mix of growth and transformation initiatives, cloud migration and outsourcing engagements,” Rajesh Gopinathan, CEO and MD of TCS, said. Its primary markets – North America and EU – delivered double digit growth. While North America surged 17.6% in constant currency terms, the UK surged 14.8% and the EU grew 14.1%. This comes as the management says demand for services continues to be ‘very strong’ with growth across verticals – the company’s order book stood at $8.1 billion at the end of the September quarter. “We are steadily making our way towards achieving our operating margin priority for the year, aided by leverage from good growth, the flattening of the workforce pyramid, steadily improving productivity and currency support. Very importantly, the headwinds from the supply-side challenges are abating, so that sets us up well for the seasonally weak second half of the year,” said Samir Seksaria, chief financial officer of the company. <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;">Particulars </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;">Q2 FY23 </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;">Q1 FY23 </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;">Q2 FY22 </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;">Revenue </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;">₹55,309 crore </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;">₹52,758 crore </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;">₹46,867 crore </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;">Net profit </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;">₹10,431 crore </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;">₹9,478 crore </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;">₹9,624 crore </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;">Net margin </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;">18.9% </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;">17.3% </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;">20.5% </td></tr></tbody><tbody></tbody><tbody></tbody></table>Source: Company reports The communications segment emerged as the best performer, followed by BFSI and retail. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Segment </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q2 FY23 </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">QoQ change </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BFSI </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹5,458 crore </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6% </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Manufacturing </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,435 crore </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2% </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Retail </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,320 crore </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5% </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Communication </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,612 crore </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10% </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Life Sciences </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,694 crore </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6% </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Others </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹997 crore </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">53% </td></tr></tbody><tbody></tbody><tbody></tbody></table>Source: Company reports Attrition rates worsened for the company, surging to 21.5% in Q2 from 19.7% in the previous quarter. Overall, the company’s headcount stood at 6,16,171, with a net addition of 9,480 employees in the September quarter. The company hired 20,000 freshers in Q2, an increase of 33% over the previous quarter. Overall, its H1 FY23 fresher hires came in at 35,000, down from 43,000 in H1 FY22. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/tracxn-technologies-ipo-10-things-to-know-about-this-company-as-its-ipo-opens/slidelist/94760583.cms">Tracxn Technologies IPO — 10 things to know about this company as its IPO opens</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/heres-how-you-can-cope-with-burnout-at-work/articleshow/94761472.cms">World Mental Health Day: Here’s how you can cope with burnout at work</a>

TCS Q2 net profit crosses ₹10,000 cr for the first time, reports 10% sequential growth

<ul><li>For the current financial year, <keyword id="6357150" type="General" weightage="20" keywordseo="tcs" source="Orion">TCS</keyword> said that it’s likely to maintain its quarterly run rate of winning deals worth $7-9 billion.</li><li>TCS’ COO Subramaniam added that it’s natural to expect some softness in long-term deals and decisions, given the macro environment.</li><li>There is an increasing sense of caution amongst clients but it hasn’t made its way into deal wins as yet, says TCS. </li></ul>IT major TCS on Monday said that it has not yet seen any caution that’s being exercised by clients making its way into its deal wins. It said that it’s likely to maintain its quarterly run rate of winning deals worth $7-9 billion. “There is no need to change that kind of focus. In fact, we would like to win more,” <keyword id="4196930" type="General" weightage="20" keywordseo="N-Ganapathy-Subramaniam" source="Orion">N Ganapathy Subramaniam</keyword>, the chief operating officer of TCS said in a press conference after<a href="https://www.businessinsider.in/business/corporates/news/tcs-q2-net-profit-crosses-10000-cr-for-the-first-time-reports-10-sequential-growth/articleshow/94764279.cms"> it reported a 10% growth in July-September net profit</a> to ₹10,431 crore and 4.8% growth in revenue to ₹55,309 crore, beating street expectations. The order book of the company stood at $8.1 billion at the end of the September quarter. Talks of a possible recession in its most important market – North America – has had equity markets worried about the IT sector. “We will know in 3-6 months about next year’s budgetary decisions,” said Rajesh Gopinathan, CEO and MD of TCS, referring to the US. Subramaniam also added that it’s natural to expect some softness in long-term deals and decisions, given the macro environment. “With regards to Europe, we will see how the winter will be, and expect some softness,” he added. Gopinathan said that Covid has proved that tech is core to transformation, growth and resilience and that TCS has a relevant portfolio for that. “We are seeing an increasing caution in discussions with clients. We cannot say that we are totally insulated from it but as we said last quarter, we are vigilant of the environment and focussed on a set of customers,” said Gopinathan. Last month, Accenture gave a <a href="https://www.businessinsider.in/business/corporates/news/accentures-disappointing-q1-and-fy23-forecasts-indicate-more-pain-for-the-it-sector/articleshow/94392402.cms">weak guidance of around</a> 8-11% for the fiscal year – which has made markets and analysts cautious about the prospects of the IT sector, and its demand outlook. So much so that Jefferies too said that it will closely watch out for a revision in FY23 guidance from Infosys, HCL Tech and Coforge. “However, we do not expect it to happen as a part of the second quarter result announcements,” said Jefferies’ <a href="https://www.businessinsider.in/business/corporates/news/infosys-to-lead-it-sectors-q2-show-with-4-revenue-growth-says-jefferies/articleshow/94606976.cms">IT sector preview</a>. Since the last quarter, deal sizes have been coming down and that has continued for this quarter too. Most of the deal wins are in the $200-400 million range. “There are none above $500 million and nothing to call out,” said Samir Seksaria, chief financial officer of the company. He also said that the headwinds from the supply-side challenges are abating – which has set them up well for the seasonally weak second half of the year. Gopinathan said that they are staying close to the customers. “We are trying to carve a niche and minimize the impact of volatility,” he said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/moonlighting-is-an-ethical-issue-says-tcs-hr-head/articleshow/94765592.cms">Moonlighting is an ethical issue, says TCS HR head</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/tcs-q2-net-profit-crosses-10000-cr-for-the-first-time-reports-10-sequential-growth/articleshow/94764279.cms">TCS Q2 net profit crosses ₹10,000 cr for the first time, reports 10% sequential growth</a>

Slowdown hasn’t affected deal wins yet but seeing softness in long-term deals: TCS

<ul><li>Tata Consultancy Services or <keyword id="6357150" type="General" weightage="20" keywordseo="tcs" source="Orion">TCS</keyword> posted a 5% growth in net profits in the first quarter of FY23 at ₹9,478 crore.</li><li>On a quarter on quarter comparison, its profits fell by 5% as it was hit by increased costs across streams.</li><li>TCS’ CEO Rajesh Gopinathan too said that it started the new fiscal year on a ‘strong note’ and a good deal wins.</li></ul>Tata Consultancy Services or TCS posted a 5% growth in net profits in the first quarter of FY23 at ₹9,478 crore as compared to the same period last year, which was at ₹9,008 crore. However, on a quarter on quarter comparison, its profits fell by 5% as it was hit by increased costs across streams — like travel expenses in addition to employee benefit costs. The company’s profit grew by 5% compared to last year. “It has been a challenging quarter from a cost management perspective. Our Q1 operating margin of 23.1% reflects the impact of our annual salary increase, the elevated cost of managing the talent churn and gradually normalizing travel expenses,” said Samir Seksaria, CFO of TCS. These costs loaded on to the company’s books and took the sheen off 16% revenue growth on a year-on-year comparison. The company however insists that their long-term cost structures and competitiveness remain unchanged. <div type="image" title="TCS profits grows at 5%, hit by salary hikes, talent churn and travel costs" msid="92751815" hostid="261" sizebytes="95427"></div> <cmsannotation type="cmsannotation" annotationid="Don’t see an immediate footprint of recession" comment="subhead" text="Don’t see an immediate footprint of recession">Don’t see an immediate footprint of recession</cmsannotation> TCS’ CEO Rajesh Gopinathan too said that it started the new fiscal year on a ‘strong note’ and a good deal wins. Its total order book stood at $8.2 billion. “Pipeline velocity and deal closures continue to be strong, but we remain vigilant given the macro-level uncertainties. Looking ahead, we remain confident in the resilience of technology spending and the secular tailwinds driving our growth,” said Gopinathan. When asked about the possibility of recession and its impact on the company, Gopinath said that the top management is having serious discussions on recession. “We do not see an immediate footprint of it in the near term,” he said at the press conference. TCS also declared an interim dividend in the quarter. “We would like to inform you that at the board meeting held today (on Friday), the directors have declared an interim dividend of ₹8 per equity share of ₹1 each of the company," the company said in the BSE filing. <cmsannotation type="cmsannotation" annotationid="Table: TCS’ first quarter of FY23 in numbers" comment="subhead" text="Table: TCS’ first quarter of FY23 in numbers">Table: TCS’ first quarter of FY23 in numbers</cmsannotation> <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Q1 FY23 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Q4 FY22 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Q1 FY22 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Revenue </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹52,758 crore </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹50,591 crore </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹45,411 crore </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Net profit </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹9,478 crore </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹9,926 crore </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹9,008 crore </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Margin </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">18% </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">19.6% </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">19.8% </td></tr></tbody></table>Source: Company reports Wage hikes, currency volatility and a potential slowdown in international markets like US and Europe could impact the results of the Tata Group subsidiary, a report by Emkay had predicted. Increasing visa and travel costs, along with supply chain pressures, could affect the operating margins. In spite of pricing in these events, TCS’s profits missed analyst expectations of many brokerages like Motilal Oswal, Emkay Global, Edelweiss and Prabhudas Lilladher. TCS shares fell by nearly 15% in value ever since the start of this year, and they closed at ₹3,264 on July 8. The company’s share price declined 13% in April-June 2022, performing better than the Nifty IT index’s 23.14% drop in the same period. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/retail/news/dmarts-growth-momentum-could-be-impacted-by-high-inflation/articleshow/92747965.cms">DMart has more stores and no disruptions like it wanted – and investors are excited</a> <a href="https://www.businessinsider.in/india/news/not-just-crude-gold-silver-and-even-wheat-and-edible-oil-prices-are-going-down-in-india/articleshow/92748130.cms">It’s not just crude, gold, silver and even wheat and edible oil prices are going down</a> <a href="https://www.businessinsider.in/business/corporates/news/spicejet-shares-plunge-sharply-due-to-several-technical-malfunctions-and-rising-jet-fuel-prices/articleshow/92742788.cms">SpiceJet: In the eye of a perfect storm</a>

TCS profits grows at 5%, hit by salary hikes, talent churn and travel costs

<ul><li>A day after TCS reported its Q2 results, analysts said that the management commentary raised concerns about moderating growth for the IT sector going ahead.</li><li>Concerns related to demand in the key markets of US and Europe have battered the <keyword id="88972" type="General" weightage="20" keywordseo="it-stocks" source="Orion">IT stocks</keyword> with the <keyword id="3194921" type="General" weightage="20" keywordseo="nifty-IT" source="Orion">Nifty IT</keyword> index losing 28.40% year to date.</li><li>Market believes TCS is better placed to handle the tough environment.</li></ul>After gaining in the early hours of trade on Tuesday, shares of IT major TCS and other IT companies slipped into the red on fears of a potential recession and a challenging demand environment in the European region. Shares of TCS were trading down 1.59% at ₹3,069 at 12.34 IST while the Nifty IT index was down -1.26% and the Sensex/Nifty50 were down 0.6%. A day after TCS reported its results for the July-September quarter, analysts said that the management commentary raised concerns about moderating growth for the IT sector going ahead because of tightening budgets in recession-wary countries. N Ganapathy Subramaniam, the chief operating officer of TCS said that it’s natural to expect some softness in long-term deals and decisions, given the macro environment. “With regards to Europe, we will see how the winter will be, and expect some softness,” he added in a Q2 results conference yesterday. A report by Motilal Oswal said that TCS is seeing caution in long-term deals and delayed decision making in Europe, but continues to see a strong spending environment in the US. While referring to the US markets, Rajesh Gopinathan, CEO and MD of TCS said that their clients are becoming increasingly cautious but that’s yet to impact their deal wins. “Management commentary on the demand environment and deal pipeline remained intact with no visible impact of weakening macro environment; however, the management has indicated risks to deal pipeline and conversion in Europe due to uncertainty around energy prices,” said a report by Motilal Oswal. After markets closed on Monday, TCS reported that its revenue grew 4.8% on a sequential basis to ₹55,309 crore for the quarter, while year-on-year it rose 15.4%, in constant currency. The revenue growth has <a href="https://www.businessinsider.in/business/corporates/news/tcs-q2-net-profit-crosses-10000-cr-for-the-first-time-reports-10-sequential-growth/articleshow/94764279.cms">beaten most analyst expectations of a 3%</a> rise sequentially. Its net profit crossed ₹10,000 crore quarterly for the first time to reach ₹10,431 crore, rising 10% from the April-June quarter. “The environment is challenging and it requires all of us to remain vigilant. We saw good demand resilience across all our markets," Gopinathan said. Analysts said worries related to demand in the key markets of US and Europe have battered the IT sector stocks. The Nifty IT index has lost 28.40% so far this year. On Tuesday it was down 1.26%. <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;">Losers on IT index </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;">% change </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;">-1.91% </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;">Tech Mahindra </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;">-1.63% </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;">-1.52% </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 Technologies </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;">-1.33% </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;">Mphasis </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;">-0.97% </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> TCS is well placed say analysts However, analysts believe TCS is better placed to handle the tough environment compared to its peers. “We forecast revenue growth of 7.6% and 6.4% for FY23E and FY24E, respectively. TCS has better-than-peers supply-side management, breadth of capabilities and deep domain expertise. While demand may slow down in future, TCS will likely gain share from peers,” said a report by ICICI Securities. On Monday, the TCS management said that demand for services continued to be ‘very strong’ with growth across verticals. “Demand for our services continues to be very strong. We registered strong, profitable growth across all our industry verticals and in all our major markets. Our order book is holding up well, with a healthy mix of growth and transformation initiatives, cloud migration and outsourcing engagements,” Gopinathan said. The strength of the dollar against the rupee has turned out to be beneficial for the IT major, which earns a huge part of its revenue in dollars. Samir Seksaria, chief financial officer at TCS said that operating margins have been improving because of the flattening of the workforce pyramid, steadily improving productivity and currency support. Wipro and HCL Technologies are to release their quarterly earnings today. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[]]></cdata></div> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/slowdown-hasnt-affected-deal-wins-yet-but-seeing-softness-in-long-term-deals-tcs/articleshow/94766700.cms">Slowdown hasn’t affected deal wins yet but seeing softness in long-term deals: TCS</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/moonlighting-is-an-ethical-issue-says-tcs-hr-head/articleshow/94765592.cms">Moonlighting is an ethical issue, says TCS HR head</a>

TCS’s commentary on demand dynamics pulls IT sector stocks into the red

<ul><li><keyword id="6357585" type="COMPANY" weightage="20" keywordseo="tata-consultancy-services">Tata Consultancy Services</keyword> (TCS) board of directors has approved the buyback of over 5 million equity shares worth ₹16,000 crore at the value of ₹3,000 each. </li><li>The company posted an adjusted profit of 20.3% in the second quarter with a jump of 4.8% in revenue (constant currency) sequentially.</li><li>TCS also announced a second interim dividend of ₹12 per ₹1 equity share.</li><li><a href="https://www.businessinsider.in/">Check out all the latest news and updates on Business Insider.</a></li></ul>Tata Consultancy Services (TCS) has delivered on all parameters. It put up a strong show in the second quarter, led by strong revenue growth and margin expansion. Adjusted profit has risen 20% over last quarter, which excludes legal claim provisions amounting to around $165 million in TCS’ ongoing case against <a href="https://www.businessinsider.in/business/corporates/news/tcs-420-million-punitive-damages-ruled-excessive-by-us-court-to-be-reassessed-for-a-second-time/articleshow/77670645.cms">Epic Systems</a>. The overall profit after tax stands at ₹7,475 crore, up 6.7% over the last three months. India’s largest IT services company has also logged in revenue growth of 4.8% sequentially in constant currency. Consolidated revenues grew by 4.7% to ₹40,135 crore on a quarterly basis, while strong deal closures amounted to $8.6 billion. “The $8.6 billion also includes $2.5 billion with Phoenix systems, which was announced a few quarters back, but the contract got executed this quarter. Excluding that, it’s still a very herding $6.1 billion,” said TCS CEO Rajesh Gopinathan. Margins remain strong, expanding by 2.2% yearly to 26.2% this quarter. "What we are witnessing right now is the start of the first phase of a multi-year technology transformation cycle,” said TCS CEO Rajesh Gopinathan. TCS’ attrition is also at an all-time low of 8.9% as it adds 9,964 employees to its roster and plans to start rolling out salary hikes from October 1. Buyback, dividend and a change of guard Aside from the financials, the company also announced a mega buyback. The board of directors has approved the buyback of 53 million equity shares worth ₹16,000 crore. It amounts to around 1.42% of the total paid-up equity capital at ₹3,000 per share. The company will also be doling out ₹12 per ₹1 equity share as a second interim dividend for shareholders. There’s also a change of guard afoot with TCS CFO V Ramakrishnan set to step down on April 30, 2021. The company has chosen Samir Seksaria, who is currently the vice-president of finance, as his successor. Seksaria has been with the company since 1991 and has held various positions within the organisation in business consulting and finance in that time. TCS continues its winning streak Analysts expected a good quarter for the company after it wrapped up around ten new deals over the last three months. The numbers are also a big step up from the previous quarter when the company posted a dip of 6.3% in its revenue and profit took a hit of 13%. TCS recently became the second Indian company to cross the <a href="https://www.businessinsider.in/stock-market/news/tcs-shares-hit-record-high-board-to-mull-over-share-buyback-and-earnings-on-october-7/articleshow/78486980.cms">₹10 lakh crore barrier</a> after Mukesh Ambani’s Reliance Industries that has been on an <a href="https://www.businessinsider.in/stock-market/news/reliance-share-price-soars-as-mukesh-ambani-continues-with-his-funding-blitzkrieg-for-retail-venture/articleshow/78528841.cms">investment hot streak</a>. TCS new deal wins in the second quarter: <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></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;">Client </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;">Sector </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;">Forth ports </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;">Travel </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;">TPT South Africa </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;">Travel </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;">Tryg </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;">BFSI </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;">Emirate NBD </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;">BFSI </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;">Vistaprint </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;">Manufacturing </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;">Valiant Group </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;">Manufacturing </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;">Coop Sweden </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;">Retail </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;">Morrisons </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;">Retail </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;">Maurices </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;">Retail </td></tr></tbody></table> SEE ALSO: <a href="https://www.businessinsider.in/finance/banks/news/sbi-new-chief-dinesh-khara-shares-his-stance-on-restructuring-capital-raising-hiring-and-more/articleshow/78534234.cms">SBI’s new chief Dinesh Khara shares his stance on restructuring, capital raising, hiring, and more</a> <a href="https://www.businessinsider.in/policy/economy/three-new-natural-gas-marketing-reforms-introduced-by-union-cabinet-to-reduce-dependence-on-imports/articleshow/78532983.cms">Three new natural gas marketing reforms introduced by Union Cabinet to reduce dependence on imports</a> <a href="https://www.businessinsider.in/careers/news/new-h-1b-visa-rules-make-it-more-expensive-and-harder-to-hire-workers-from-india-but-they-may-not-hold-ground/articleshow/78531040.cms">New H-1B visa rules make it more expensive and harder to hire workers from India — but they may not hold ground</a>

You Searched For "Samir Seksaria" and got 8 results

TCS’ new chief financial officer has been with the company for over two decades — including when it launched its IPO

BI India Bureau

TCS revenue falls QoQ for the first time in 4 years; announces ₹17,000 crore buyback

Katya Naidu

TCS assures 70% employees will receive full variable pay

Katya Naidu

TCS Q2 net profit crosses ₹10,000 cr for the first time, reports 10% sequential growth

Bhakti

Rounak

Slowdown hasn’t affected deal wins yet but seeing softness in long-term deals: TCS

Katya Naidu

TCS profits grows at 5%, hit by salary hikes, talent churn and travel costs

Kritti Bhalla

TCS’s commentary on demand dynamics pulls IT sector stocks into the red

Bhakti Makwana

TCS announces ₹16,000 crore buyback — strong show in Q2 with 7% rise in profit, margins near two-year high

Prabhjote Gill

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