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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

Tata Sons chairman <keyword id="97017" type="General" weightage="50" keywordseo="n-chandrasekaran" source="Orion">N Chandrasekaran</keyword> is learnt to have discussed the engagement of outgoing <keyword id="6357150" type="General" weightage="80" keywordseo="tcs" source="Orion">TCS</keyword> MD and CEO <keyword id="1422411" type="General" weightage="50" keywordseo="rajesh-gopinathan" source="Orion">Rajesh Gopinathan</keyword> with the group beyond September 15 in an advisory role, according to sources from <keyword id="6355725" type="General" weightage="80" keywordseo="tata-group" source="Orion">Tata Group</keyword>. Tata Sons and IT behemoth Tata Consultancy Services declined to comment on the development. Tata Group sources, who did not wish to be identified, told PTI that there have been preliminary discussions between the two as the group needs reliable and experienced hands with its diversification into various technology domains. "Chandrasekaran has discussed with <keyword id="221979" type="General" weightage="100" keywordseo="gopinathan" source="Orion">Gopinathan</keyword> his engagement with Tata Group in an advisory role after his notice period ends on September 15. There has been preliminary discussion," a source at one of Tata Group technology firms said. Gopinathan during his press conference said that he has no immediate plans to engage with Tata Group in advisory roles. "As far as advisory roles go, my respect for advisors is exponentially growing. So, I will see whether something comes out of that. But as of now no plans," he had said. Chandrasekaran, who has worked with Gopinathan for almost 25 years, appreciates the contributions the latter has made to the growth of TCS. During Gopinathan's tenure, TCS added over USD 10 billion in incremental revenues and over USD 70 billion increase in market capitalisation. He also helped TCS cross a trailblazing net profit mark of Rs 10,846 crore in the third quarter of the current fiscal year. Under his leadership, TCS' brand value increased by 212 per cent to USD 45.5 billion in the past two years. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/windfall-tax-on-diesel-export-hiked-to-1-per-litre/articleshow/98856296.cms">Windfall tax on diesel export hiked to ₹1 per litre</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/amazon-deepens-tech-gloom-as-503-firms-lay-off-1-5-lakh-employees-this-year/articleshow/98855180.cms">Amazon deepens tech gloom as 503 firms lay off 1.5 lakh employees this year</a>

Discussion at Tata Group on to engage Gopinathan beyond September 15

The WHO has criticised <keyword id="1334" type="General" weightage="100" keywordseo="china" source="Orion">China</keyword> for withholding data related to samples taken at a market in <keyword id="208994" type="General" weightage="80" keywordseo="wuhan" source="Orion">Wuhan</keyword> in 2020 that could have provided vital information about the Covid-19 pandemic's origins, calling on Beijing to be transparent and to share results of investigations it conducts. The Huanan market in central China's Wuhan city was the epicentre of the pandemic. From its origin there, the SARS-CoV-2 virus rapidly spread to other locations in Wuhan in late 2019 and then to the rest of the world. "Every piece of data relating to studying the origins of COVID-19 needs to be shared with the international community immediately. These data could have - and should have - been shared three years ago," <keyword id="6356311" type="General" weightage="80" keywordseo="world-health-organisation" source="Orion">World Health Organisation</keyword> (WHO) Director-General Dr Tedros Adhanom Ghebreyesus said in Geneva on Friday. "We continue to call on China to be transparent in sharing data and to conduct the necessary investigations and share the results. Understanding how the pandemic began remains both a moral and scientific imperative," he said. Ghebreyesus said that last Sunday, the global health agency was made aware of data published on the GISAID database in late January, and taken down again recently. "The data, from the Chinese Center for Disease Control and Prevention, relates to samples taken at the Huanan market in Wuhan, in 2020," he said. Ghebreyesus said while the data was online, scientists from a number of countries downloaded the data and analysed it. "As soon as we became aware of this data, we contacted the Chinese <keyword id="6379474" type="General" weightage="80" keywordseo="cdc" source="Orion">CDC</keyword> and urged them to share it with WHO and the international scientific community so it can be analysed," he said, adding that WHO also convened the Scientific Advisory Group for the Origins of Novel Pathogens, or SAGO, which met on Tuesday. "We asked researchers from the Chinese CDC and the international group of scientists to present their analyses of the data to SAGO. These data do not provide a definitive answer to the question of how the pandemic began, but every piece of data is important in moving us closer to that answer," he said. In a report Thursday, the New York Times said that an international team of virus experts said they had "found genetic data from a market in Wuhan, China, linking the coronavirus with raccoon dogs for sale there." The <keyword id="52850" type="General" weightage="80" keywordseo="nyt" source="Orion">NYT</keyword> report said that the genetic data was drawn from swabs taken from in and around the Huanan Seafood Wholesale Market starting in January 2020, "shortly after the Chinese authorities had shut down the market because of suspicions that it was linked to the outbreak of a new virus." While the animals had been cleared out from the market, researchers took swabs from the walls, floors, metal cages and carts used for transporting animal cages. "In samples that came back positive for the coronavirus, the international research team found genetic material belonging to animals, including large amounts that were a match for the raccoon dog," the report said, quoting three scientists involved in the analysis. The report noted that after the international team came across the new data, it reached out to Chinese researchers who had uploaded the files with an offer to collaborate. However, after that, the sequences disappeared from GISAID. Globally, there have been more than 760,360,900 confirmed cases of COVID-19, including over 6,873,400 deaths, according to the World Health Organisation. WHO said that three years later, while there are almost 7 million reported deaths from COVID-19, "we know that the actual number of deaths is much higher." Ghebreyesus expressed confidence that this year "we will be able to say that COVID-19 is over as a public health emergency of international concern." He however noted that "we are not there yet" given that last week, there were still more than five thousand reported deaths from COVID-19. "That's five thousand too many for a disease that can be prevented and treated. Even as we become increasingly hopeful about the end of the pandemic, the question of how it began remains unanswered," he said. "We have a duty to ourselves to end this pandemic as soon as possible. We have a duty to those we have lost to find out how it started," he said. The NYT report said that the "jumbling together" of genetic material from the virus and the animal does not prove that a raccoon dog itself was infected. "And even if a raccoon dog had been infected, it would not be clear that the animal had spread the virus to people. Another animal could have passed the virus to people, or someone infected with the virus could have spread the virus to a raccoon dog," the report said. "But the analysis did establish that raccoon dogs - fluffy animals that are related to foxes and are known to be able to transmit the coronavirus - deposited genetic signatures in the same place where genetic material from the virus was left," according to the scientists. They noted that the evidence was "consistent" with a scenario in which the virus spilled into humans from a wild animal. The new evidence comes weeks after a new intelligence assessment from the US Department of Energy pointed out that an "accidental laboratory leak" in China most likely caused the pandemic. "But the genetic data from the market offers some of the most tangible evidence yet of how the virus could have spilled into people from wild animals outside a lab. It also suggests that Chinese scientists have given an incomplete account of evidence that could fill in details about how the virus was spreading at the Huanan market," the NYT report said. SEE ALSO: <a href="https://www.businessinsider.in/finance/banks/news/hdfc-hdfc-bank-merger-gets-nclt-clearance/articleshow/98735804.cms">HDFC-HDFC Bank merger gets NCLT clearance</a> <a href="https://www.businessinsider.in/stock-market/news/reliance-shares-down-22-from-all-time-high-attractive-entry-opportunity-says-jp-morgan/articleshow/98725589.cms">Reliance shares down 22% from all-time high: Attractive entry opportunity, says JP Morgan</a> <a href="https://www.businessinsider.in/business/corporates/news/tcs-is-an-integral-part-of-who-i-am-ill-be-a-part-of-tcs-too-as-it-soars-rajesh-gopinathan/articleshow/98722638.cms">TCS is an integral part of who I am, I’ll be a part of TCS too as it soars: Rajesh Gopinathan</a>

WHO calls on China to be transparent in sharing data to determine Covid's origins

New Delhi, India's IT services heavyweights delivered between 14-20 per cent on-year growth in topline for December quarter, as they raised guard on global uncertainties and choppy verticals, but remained hopeful that costs as well as business considerations will drive tech demand. The tech earnings season began with large IT companies -- Tata Consultancy Services (<keyword id="6357150" type="General" weightage="80" keywordseo="tcs" source="Orion">TCS</keyword>), <keyword id="6354512" type="General" weightage="80" keywordseo="infosys" source="Orion">Infosys</keyword>, <keyword id="10862" type="General" weightage="80" keywordseo="wipro" source="Orion">Wipro</keyword> and HCL Technologies -- declaring their Q3 report card this week, amid analysts' gloomy prognosis around slowdown in advanced economies and fear of geopolitical flare-ups. The industry leaders said they are keeping a close watch on the global economy and cues. Overall, the revenue growth band of the top-tier IT players was pegged at between 14-20 per cent for Q3FY23, compared to the year ago period. Seen sequentially, the topline growth for the large IT pack ranged between three per cent and eight per cent versus previous September quarter. Meanwhile, December-quarter net profit of the top IT deck rose between three per cent (Wipro) to 19 per cent (<keyword id="141968" type="General" weightage="80" keywordseo="hcl-tech" source="Orion">HCL Tech</keyword>) year-on-year; and about 4 per cent (TCS) to 17 per cent (HCL Tech) when computed on a sequential basis. TCS' overall revenue rose 19.1 per cent to Rs 58,229 crore for the reporting quarter. The chief executive and managing director of India's largest IT services company <keyword id="1422411" type="General" weightage="50" keywordseo="rajesh-gopinathan" source="Orion">Rajesh Gopinathan</keyword> said the firm is more confident about the North American and British operations, which account for two-thirds of its revenues, but there are short-term uncertainties, and it is Europe, which needs closer monitoring as geopolitical tensions restrict clients from making IT spends. TCS management talked of "slow" decision making in Europe, and said it is "fairly constructive" when it comes to markets like the US, although it is keeping a close watch on how things play out over next couple of quarters. The conversations with customers are much more balanced ones, "where they are equally positive as well as cautious" yielding opportunities of "a mix of both cost and transformation deals". Chief operating officer N <keyword id="1564843" type="General" weightage="50" keywordseo="ganapathy-subramaniam" source="Orion">Ganapathy Subramaniam</keyword> said the deal momentum and pipeline are looking good, and the overall situation on technology spending seems to be intact even in this environment. Infosys posted a 20.2 per cent year-on-year increase in consolidated revenue for December quarter at Rs 38,318 crore, and surprised many by hiking full year revenue guidance to 16-16.5 per cent. Infosys' consolidated net profit rose to Rs 6,586 crore during October-December 2022 as against Rs 5,809 crore a year back, translating into 13.4 per cent increase. Sequentially, the net profit was 9.4 per cent higher than September quarter. The company raised its annual sales forecast on a strong deal pipeline, but in the same breath, it warned of "constraints" in certain verticals amid slowing global economy. Infosys called out mortgage, investment banking, telecom and hi-tech, saying these segments were "more impacted, leading to delays in decision making and uncertainty in spending." The company was, however, quick to add that sectors like energy, utilities and manufacturing continue to see traction. Moreover, the concerns are more pronounced in Europe than the US, the Bengaluru-based IT bellwether said. "We see in the European markets, more concerns on what's going on with the economy... and the US market is also there, but relatively less so in the US with respect to Europe. We will see how this plays out," Infosys CEO <keyword id="328377" type="General" weightage="50" keywordseo="salil-parekh" source="Orion">Salil Parekh</keyword> said during the Q3 results conference. Smaller rival Wipro has talked of potential slowdown in retail sector in its earnings' roundup. The management's talking points also touched upon "bit of a lag for conversion of bookings" and "certain level of volatility from customers in particular sectors regarding discretionary spendings." Wipro Ltd on Friday reported a better-than-expected 2.8 per cent rise in consolidated net profit for the December 2022 quarter to Rs 3,053 crore and exuded optimism about "strong" bookings for the fourth quarter despite global headwinds. The company's Q4 guidance, however, came below analysts' expectations. Wipro said its IT services revenue is expected to grow in the range of -0.6 per cent to 1 per cent sequentially in constant currency in the quarter ending March 2023. Wipro expects revenue from the IT services business for the full year to be in the range of 11.5-12 per cent in constant currency terms. The revenues of Wipro stood at Rs 23,229 crore in Q3FY23, 14.3 per cent higher than the same period previous year. Noida-headquartered HCL Tech posted a 19 per cent increase in the consolidated net income to Rs 4,096 crore for just-ended third quarter. Its consolidated revenue grew by 19.56 per cent to Rs 26,700 crore during the reported quarter, from Rs 22,331 crore in the December 2021 quarter. HCL Tech narrowed current fiscal growth guidance in the range of 13.5-14 per cent for the overall revenue in constant currency terms and margin to 18-18.5 per cent. "Looking ahead, we believe there is a near term impact to a few industries, specifically technology industry clients, as they optimise while they will end up as great growth opportunities in medium term with the right propositions," C Vijayakumar, CEO of HCL Tech, said. He added: "Looking ahead we remain positive of our medium term growth, a confidence generated by our good booking and pipeline across every segment." SEE ALSO: <a href="https://www.businessinsider.in/business/news/paradyes-on-shark-tank-a-startup-so-good-that-sharks-had-to-pitch-their-expertise-to-founders/articleshow/96993620.cms">Colour them impressed: A startup so good that sharks had to pitch their expertise to founders</a> <a href="https://www.businessinsider.in/careers/news/meta-microsoft-vacating-offices-in-seattle-amid-remote-work-layoffs/articleshow/97002350.cms">Meta, Microsoft vacating offices in Seattle amid remote work, layoffs</a> <a href="https://www.businessinsider.in/india/news/pm-modi-flags-off-vande-bharat-train-connecting-secunderabad-with-visakhapatnam-ld/articleshow/97005023.cms">PM Modi flags off Vande Bharat train connecting Secunderabad with Visakhapatnam</a>

IT biggies post 14-20% topline growth in Q3 as caution, optimism marks mixed earnings' commentary

<keyword id="526777" type="General" weightage="100" keywordseo="tiger-global" source="Orion">Tiger Global</keyword> marked down the value of its investments in private companies by about 33 per cent across its venture-capital funds in 2022, according to The <keyword id="6384660" type="General" weightage="80" keywordseo="wall-street-journal" source="Orion">Wall Street Journal</keyword>. The markdowns erased USD 23 billion in value from Tiger's giant holdings of startups around the globe, one of the people familiar with the firm said. Its private portfolio includes big bets on hundreds of companies including TikTok parent ByteDance and payments company <keyword id="944108" type="General" weightage="80" keywordseo="stripe" source="Orion">Stripe</keyword>. In the fourth quarter, Tiger's newest venture funds lost between 9 per cent and 25 per cent. While substantial, the markdowns -- including USD 9 billion in the second half of the year--highlight the lag in private markets compared with similar fast-growing public companies. Tech stocks fell sharply last year, yet large venture-capital investors have so far reported more modest declines, <keyword id="51124" type="General" weightage="80" keywordseo="wsj" source="Orion">WSJ</keyword> said. According to the Wall Street Journal, SoftBank Group reported its USD 48 billion Vision Fund 2 saw a roughly 30 per cent drop in valuations of its private investments between April and December, compared with a more than 50 per cent drop in its publicly traded holdings. The disconnect is partly explained by the tricky process of valuing private companies. WSJ said managers have wide discretion; they typically rely on recent transactions, fundamentals like revenue and the performance of comparable companies. They also often hold preferred stock, which gives investors protections if a company sells at a discount and often decreases in value at a slower rate than common stock. Managers generally say they hew to consistent valuation processes, regardless of market cycles, that involve independent assessments of companies' worth, according to WSJ. Some question if public markets are a valid benchmark, contrasting the volatility of public markets with the longer-term nature of their investments in private companies. Still, the lag in private-market valuations during a rout in technology stocks has drawn the attention of investors including Harvard University's endowment, whose chief suggested in his annual letter last fall that venture managers hadn't written down their private investments sufficiently. That could create a blind spot for investors deciding whether to invest in new funds managers are raising, WSJ said. The recent write-downs at Tiger changed some of its performance stats significantly since it began raising a new USD 5-billion venture fund last fall, according to WSJ. WSJ said when it initially sought investors for the fund, PIP 16, it reported that a USD 5 billion fund it raised in 2020, PIP 12, had generated a 22 per cent internal rate of return for investors--a well above-average figure--through June 30. That figure has fallen to 9 per cent, people familiar with the matter said. Similarly, PIP 11's internal rate of return has fallen to 13 per cent from 23 per cent over the same time frame. PIP 10's decreased to 35 per cent, from 39 per cent. Tiger subsequently shared updated performance metrics with prospective investors after taking additional losses in the third quarter, a person familiar with the matter said. Tiger regularly provides performance and portfolio data to existing and potential investors, the person said, regardless of the market backdrop, according to WSJ. All of Tiger's largest investments have taken a hit, according to people familiar with the firm. When it began fundraising last fall, the firm told investors that its stake in payment processor Stripe was worth USD 1.6 billion as of June 2022, WSJ said. On Wednesday, Stripe said it raised USD 6.5 billion in a deal that valued it at USD 50 billion, nearly half of where it was in its last funding round two years ago. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/tcs-is-an-integral-part-of-who-i-am-ill-be-a-part-of-tcs-too-as-it-soars-rajesh-gopinathan/articleshow/98722638.cms">TCS is an integral part of who I am, I’ll be a part of TCS too as it soars: Rajesh Gopinathan</a> <a href="https://www.businessinsider.in/finance/banks/news/time-to-move-on-from-ceo-extension-debate-for-indusind-bank-and-focus-on-the-fundamentals/articleshow/98693999.cms">Time to move on from CEO extension debate for IndusInd Bank and focus on the fundamentals</a> <a href="https://www.businessinsider.in/stock-market/news/analysts-remain-optimistic-about-indias-top-100-stocks-most-popular-5-stocks-deliver-double-digit-returns/articleshow/98648739.cms">Analysts remain optimistic about India’s top 100 stocks: Most popular 5 stocks deliver double digit returns</a>

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

PTI

Discussion at Tata Group on to engage Gopinathan beyond September 15

PTI

WHO calls on China to be transparent in sharing data to determine Covid's origins

PTI

IT biggies post 14-20% topline growth in Q3 as caution, optimism marks mixed earnings' commentary

PTI

Tiger Global writes down venture funds' bets by 33% in 2022, says Wall Street Journal

ANI

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