TCS, one of India’s leading IT services companies, has made an unprecedented decision to cancel its scheduled Q2 earnings press conference.
The cancellation comes in the wake of the passing of Ratan Tata, the esteemed chairman emeritus of Tata Sons.
TCS Cancels Press Conference: Background
The press conference was initially slated for Thursday evening at 5:30 PM. The sudden demise of Ratan Tata, a towering figure in Indian business and philanthropy, led to the cancellation.
Ratan Naval Tata breathed his last on Wednesday evening at a city hospital.
Despite the cancellation of the press conference, TCS will still inform the stock exchanges about its July-September performance. They will announce the same after the board meeting.
A call with analysts, originally planned for 7:00 PM, will proceed as scheduled.
Impact and Significance
Canceling an earnings press conference is highly unusual in the corporate world. TCS’s decision reflects the deep respect and mourning for Ratan Tata, who played a pivotal role in shaping the Tata Group’s legacy.
Investors and analysts are closely monitoring the situation. TCS’s financial performance during Q2 is eagerly awaited, especially given the ongoing global economic challenges.
In the previous quarter Q1 FY25, TCS posted a 9% increase in net profit, reaching Rs 12,040 crore, up from Rs 11,074 crore in the same period last year.
Revenue from operations grew by 5%, totaling Rs 62,613 crore for the June 2024 quarter compared to Rs 59,381 crore in the year-ago quarter.
In Q2FY25, brokerage JM Financial expects TCS’ constant currency revenue growth at 0.9% with an 80bps cross currency tailwind translating into 1.6% QoQ USD rev growth.
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