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Former <keyword id="6357150" type="General" weightage="80" keywordseo="tcs" source="Orion">TCS</keyword> CEO Rajesh <keyword id="221979" type="General" weightage="100" keywordseo="gopinathan" source="Orion">Gopinathan</keyword>'s overall remuneration jumped 13.17 per cent to Rs 29.16 crore in FY23, his last year as the chief executive of the largest IT services player. In the annual report for the fiscal year 2022-23, TCS said Gopinathan earned over Rs 25 crore as commission, a salary of Rs 1.73 crore and Rs 2.43 crore in other benefits. Gopinathan, who helmed the company for six years till May 31, had earned a salary Rs 25.76 crore FY22. Despite heading the largest company, Gopinathan's pay cheque is lower compared to peers and also lower than what his predecessor <keyword id="97017" type="General" weightage="50" keywordseo="n-chandrasekaran" source="Orion">N Chandrasekaran</keyword> drew in FY17 before being appointed as the Tata Sons Chairman. On his elevation to the CEO's seat from being a chief financial officer, Gopinathan drew Rs 6.22 crore in FY17 which doubled to Rs 12.5 crore in FY18 and had been steadily rising since but for a blip in FY20. Gopinathan has committed to help TCS in the leadership transition by being available till September, and is yet to reveal his future plans. K <keyword id="16817833" type="General" weightage="50" keywordseo="krithivasan" source="Orion">Krithivasan</keyword>, Gopinathan's successor, will be getting a basic salary of Rs 10 lakh per month which can go up to Rs 16 lakh, commission as decided by the board and other benefits like rent-free residential accommodation. The company's chief operating officer N G Subramaniam earned a total remuneration of Rs 23.60 crore for FY23, up from about Rs 20 crore in FY22. The annual report said the increase in managerial remuneration is at 13.58 per cent as against the median hike of 5.11 per cent across its 6.14 lakh permanent employees. Chandrasekaran thanked Gopinathan and also wished the best for Krithivasan in his note, and said TCS is significantly investing in building AI capabilities which include products and platforms that are AI-powered. "We will also invest in research areas important for the future, in collaboration with our global academic partners and start-up ecosystem," he added. Krithivasan, who has been with TCS for several decades, said he has interacted with customers, leadership teams and employees as part of the leadership transition and added that an order book of USD 34.1 billion, coupled with strong pipeline of replenishment, gives it a good visibility for the medium-term. Chandrasekaran also said that companies need to focus on building talent for the future as the energy, supply chain and AI (artificial intelligence) transitions are going to require companies to reskill or upskill existing talent base, hire and integrate new talent and invest in research. In his note to shareholders, Gopinathan spoke about overcoming the challenges on the HR front, and said TCS' best years are ahead. "We broke out of the vicious cycle of hiring and counter-hiring within the industry by investing in onboarding an unprecedented number of fresh engineers," he said, pointing out that it hired 1.10 lakh fresh engineers in FY22 and 44,000 in FY23. Its global head for human resources, Milind Lakkad, said half of its over 6 lakh workforce has been hired since March 2020 and underscored the need for staff to return to working from offices. "New employees get acculturated through physical interactions with senior colleagues and leaders, by observing and following their behaviors and ways of thinking. Without those interactions, employee engagement as well as acculturation got badly impacted," Lakkad said. Amid the talk of newer technologies like generative AI, Lakkad said the "linearity" between revenue and headcount is not going to go away any time soon. "With ever-increasing dependence on technology for competitive differentiation, we expect enterprise spending to keep growing, for which we will have to keep hiring new talent," he said. The company scrip was trading 0.89 per cent up at Rs 3263 a piece on the BSE at 1348 hrs as against gains of 0.27 per cent on the benchmark. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/tcs-looking-to-grab-opportunities-arising-due-to-global-shifts-in-energy-and-supply-chain-says-chandrasekaran/articleshow/100815501.cms">TCS looking to grab opportunities arising due to global shifts in energy and supply chain, says Chandrasekaran</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/maruti-suzuki-jimny-vs-honda-elevate-comparison-of-features-and-style/slidelist/100815083.cms">Maruti Suzuki Jimny vs Honda Elevate – Which SUV suits your need</a>

Former TCS CEO Rajesh Gopinath got a 13% pay hike last financial year

Shares of <keyword id="19950203" type="General" weightage="100" keywordseo="TCS" source="keywords">TCS</keyword> on Friday climbed over 3 per cent after the country's largest <keyword id="20069374" type="General" weightage="20" keywordseo="IT-services" source="keywords">IT services</keyword> player reported 8.7 per cent growth in the June quarter net profit at Rs 12,040 crore. The stock went up by 3.10 per cent to Rs 4,044.35 on the BSE. At the NSE, it rallied 3 per cent to Rs 4,044.90. The company's <keyword id="20097096" type="General" weightage="20" keywordseo="market-valuation" source="keywords">market valuation</keyword> jumped Rs 40,359.77 crore to Rs 14,59,626.96 crore in morning deals. The stock emerged as the biggest gainer among the Sensex pack. "The positive domestic cue is the better-than-expected numbers from TCS and positive management commentary which can lift most IT stocks," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services. In the equity market, the 30-share BSE Sensex climbed 226.11 points to 80,123.45 in early trade. The <keyword id="19950205" type="General" weightage="20" keywordseo="nse-nifty" source="keywords">NSE Nifty</keyword> went up by 82.1 points to 24,398.05. <keyword id="19950119" type="General" weightage="20" keywordseo="Tata-Consultancy-Services" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Consultancy Services" meta.hostid="261" meta.entityid="Tata Consultancy Services">Tata Consultancy Services</keyword> (TCS) on Thursday posted an 8.7 per cent year-on-year rise in its consolidated net profit at Rs 12,040 crore for the first quarter ended June 2024. Net profit for the year-ago period stood at Rs 11,074 crore. The company - which competes in the IT services market with the likes of Infosys, Wipro and HCLTech - reported 5.4 per cent increase in revenue at Rs 62,613 crore for the quarter just ended. "I am pleased to report a strong start to the new fiscal year with all-round growth across industries and markets," K Krithivasan, Chief Executive Officer and Managing Director of TCS, said in a release. TCS has declared an interim dividend of Rs 10 per equity share of Re 1 each. Meanwhile, other IT stocks -- Infosys, Tech Mahindra, HCL Technologies and Wipro -- were also in demand.

TCS shares climb over 3% after earnings announcement; Market valuation jumps Rs 40,360 crore

<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>TCS and HCL Tech said that they have over a 100 <keyword id="17930214" type="General" weightage="20" keywordseo="genai" source="Orion">genAI</keyword> opportunities in the pipeline.</li><li>They also won a few projects, most of which are in the proof-of-concept or pilot stages.</li><li>Tech companies said they built large-scale genAI capabilities, and are ready to take on projects. </li></ul>Less than a year after ChatGPT was launched, Indian tech majors have started bagging generative AI projects. Even in times when demand is slow, discretionary spends are elusive, the new-age technology is bringing work as well as excitement into the IT outsourcing market. Although the size of the deals is small at the moment, genAI has ‘captured the imagination’ of clients, say top executives of Indian IT companies. TCS and HCL Tech said that most of their <keyword id="19151325" type="General" weightage="20" keywordseo="genai-projects" source="Orion">genAI projects</keyword> are proof-of-concept or pilot stages. “Deal sizes are small and are mostly under $1 million where clients are trying them out. But there is potential to convert a part of our Jaguar Land Rover with AI and ML capabilities,” said N Ganapathy Subramaniam, COO of TCS at the company’s Q2 earnings press conference. HCL Tech’s MD C Vijayakumar too shared that most of the genAI deals they are bagging are either half a million or sub-$1 million deals. But they are currently working on a hundred such opportunities. “We have been selected as a partner by this very large software major for their product testing and sustenance efforts. We are providing GenAI on a private language model to improve resolution rate and speed efficiency,” said Vijayakumar. Infosys CEO Salil Parekh also shared that they are working on some proprietary large language models (LLMs). “AI is a part of almost every deal we do. And, GenAI is getting there. As it expands and more and larger enterprises get into it, it will be very exciting,” he added. A catalog of AI opportunities A few months back, all tech majors announced big moves in the generative AI space. Wipro announced that it will spend as much as $1 billion over three years to build capabilities. TCS, HCL Tech partnered with software major NVIDIA to skill their employees. As of September end, TCS said that they have 100,000-strong GenAI-ready workforce. They said they also have as many as 250 Gen AI opportunities in the pipeline. “When we started generative AI, they were all about knowledge discovery. As clients understand more, the genAI is getting more complicated. We are now working for a co-pilot for a financial advisor on what advice to give clients, help underwriting policies,” explaining K Krithivasan, CEO of TCS. TCS said that it has identified opportunities across various verticals, identified use cases and cataloged them per vertical. With that it says that it’s planning to go and engage with clients and have conversations on the same. “With this, we can have conversations with our clients – be in CRM or payments space and wealth advisory and other use cases,” explained Ganapathy. HCL Tech too is working on use cases related to banking and financial sector. “We signed a generative AI deal with a to improve their risk and compliance efforts – which is a very big effort in financial services. There are a lot of transactions happening on this front, and we have discussed how we can help,” said Vijayakumar. The buzz for cost optimization and automation deals has gone up in the last few months. Clients are looking to ramp down their expenses and intend to use tech to help with their overall cost reduction efforts. As automation gains ground, AI and ML will find more use cases – and most tech companies are confident that a little of it can spill into the new and emerging area of GenAI as well.

Beyond just chats: Indian tech majors start bagging deals in GenAI space

The stage adaptation of Canadian author <keyword id="258485" type="General" weightage="50" keywordseo="yann-martel" source="Orion">Yann Martel</keyword>'s Booker Prize-winning novel '<keyword id="151001" type="General" weightage="100" keywordseo="life-of-pi" source="Orion">Life of Pi</keyword>' shines a spotlight on messages of faith, perseverance and immigration, and brings South Asian talent to centre stage in New York City's iconic Broadway, the team behind the production said. Renowned playwright Lolita <keyword id="312341" type="General" weightage="80" keywordseo="chakrabarti" source="Orion">Chakrabarti</keyword>'s stage adaptation of the story of 16-year-old Indian boy Pi (Piscine) Patel stranded in the ocean on a lifeboat with a Royal Bengal Tiger named Richard Parker officially opens at Broadway's Gerald Schoenfeld Theatre on March 30. It brings together an ensemble cast of global actors as well as award-winning puppeteers who bring to life the book's other main characters - the tiger, hyena, zebra and orangutan - to life on stage. Chakrabarti said for anyone who has read the book or seen the Ang Lee-directed film, the stage adaptation will be a "totally surprising" experience. "Because it's a different kind of experience (compared) to a personal reading of a novel or sitting in a cinema. This requires the audience to be engaged and in the room and discovering the story with us," Chakrabarti told PTI here. She described the journey of bringing the book to life on stage as "long" and "thrilling" and said she hopes the audiences "travel with us and have an emotional experience that ends in hope." Sri Lankan actor Hiran Abeysekera plays the title role of Pi in the Broadway adaptation, Indian-born actor Mahira <keyword id="1602" type="General" weightage="80" keywordseo="kakkar" source="Orion">Kakkar</keyword> reprises the role of Pi's mother while Rajesh Bose makes his Broadway debut and plays Pi's father. Abeysekera has won the <keyword id="916262" type="General" weightage="80" keywordseo="olivier-award" source="Orion">Olivier Award</keyword>, Britain's most prestigious stage honour, for his performance in Life of Pi in the West End production of the play. With the Broadway adaptation bringing together actors from the Asian and South Asian regions on centre stage in New York, Chakrabarti said she "loves" the message this conveys. "Because we're here, we're always here, not necessarily recognised or celebrated. I hope this is a change. The world is changing fast. This is a universal story for everybody but in terms of representation, it is thrilling," she said. Director Max Webster said the show promises to be a "wonderful entertainment" with humour, emotion and surprise and at the same time "asks really important questions about life, love, faith and family and immigration and how we hold on to meaning in our lives." "The world has been through some really, really big challenges, especially the last few years. It's hard to hold on to that sense of faith, purpose and belief. I really hope what we're all trying to do is offer a sense of wonder or a sense of re-enchantment and the possibility of being alive," Webster said. Kakkar, who acted in the TV miniseries 'A Suitable Boy' directed by Mira Nair and based on Indian novelist Vikram Seth's eponymous novel, said that audiences from all over the world come to see Broadway. With Life of Pi bringing together South Asian actors "front and centre" on Broadway, Kakkar said this "centers the human experience and it makes us all connect with each other at a human level" and implores everyone to "try and understand where someone else is coming from regardless of their race, religion, ethnicity, age." Sathya Sridharan, who plays the role of Pi's 'Mamaji' (uncle) in the play, said that as the world comes out of a very dark time, "this play offers light and upliftment and is a testament to the human spirit of perseverance." With the story of Pi beginning in Pondicherry in southern India, the play also shines a spotlight on the region's culture. On the significance of South Asian representation on Broadway through the production, Sridharan said: "We're able to pay homage to our parents and generations that came before them." "There are so many South Asian actors. This is a testament to anybody that says, 'We couldn't find the right person'. We're here. We're right here. We are waiting. And we're not going to wait anymore," Sridharan said. The novel's other main character Richard Parker, as well as the other animals, has been brought alive on stage through award-winning puppeteers. Set and Costume design is by Olivier Award winner Tim Hatley, Puppetry and Movement Direction by Olivier Award winner Finn Caldwell and Puppet Design by Olivier Award winners Nick Barnes and Finn Caldwell. Life of Pi played at Wyndham's Theatre in London's West End where it won five Olivier Awards including Best New Play, Best Scenic Design and Best Lighting Design. Prior to the Broadway engagement, Life of Pi made its North American premiere at the American Repertory Theater at Harvard University. The novel Life of Pi, written by Martel, was published in 2001 and won the coveted Booker Prize in 2002. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/tcss-new-ceo-designate-k-krithivasan-confident-about-doubling-down-on-customer-deliveries/articleshow/98725624.cms">TCS's new CEO-designate K Krithivasan confident about doubling down on customer deliveries</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/wall-street-giants-launch-30-billion-rescue-of-first-republic-bank-to-stem-crisis/articleshow/98725305.cms">Wall Street giants launch $30 billion rescue of First Republic bank to stem crisis</a>

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Former TCS CEO Rajesh Gopinath got a 13% pay hike last financial year

PTI

TCS shares climb over 3% after earnings announcement; Market valuation jumps Rs 40,360 crore

PTI

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

Katya Naidu

Beyond just chats: Indian tech majors start bagging deals in GenAI space

Katya Naidu

Lolita Chakrabarti's stage adaptation of 'Life of Pi' to take centerstage in Broadway, New York

PTI

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