Bengaluru: Following the news of Ratan Tata’s passing, Tata Consultancy Services Ltd (TCS) is reportedly reevaluating its decision to hold the scheduled press conference for its second-quarter earnings announcement, which was originally set for today.
Reports suggest that the press conference and subsequent media interactions, planned for later this evening, might be cancelled, though no official statement has been made by the company or on its website thus far.
Ratan Naval Tata, the esteemed industrialist and chairman emeritus of the Tata Group, passed away on Wednesday night at the age of 86 after a prolonged illness at Mumbai’s Breach Candy Hospital. His death has created a significant void in the Indian business community, eliciting tributes from all over the country.
TCS is slated to disclose its financial results for the quarter ending September 30, 2024, after today’s market close. Along with the quarterly results, the TCS board is also set to deliberate on the declaration of the second interim dividend for FY25.
The TCS leadership team was scheduled to conduct a press conference at 5:30 pm to discuss the company’s financial results. The briefing was intended to be broadcast live across various business news channels. In addition, an earnings call was planned for 7 pm, where senior executives were expected to delve deeper into the company’s performance and engage with questions from analysts and investors.
Following Ratan Tata’s demise, the likelihood of Tata Consultancy Services (TCS) proceeding with its scheduled public engagements is uncertain.
Investors are eagerly anticipating TCS’s second-quarter results for FY25, with a particular focus on the company’s demand outlook in critical sectors such as software development services, transportation, and healthcare, along with any new developments in its relationship with key clients, including Jaguar Land Rover.
Interest is also directed towards TCS’s involvement with transportation clients other than Jaguar Land Rover, and its projections for the media and communications industry. The healthcare and medical devices sector is under close watch due to its slower growth in recent times.
Kotak Institutional Equities has forecasted a 9.9% year-on-year increase in TCS’s net profit to Rs 12,461 crore and a 7.3% rise in revenue to Rs 64,040 crore for the September quarter.
Despite traditionally exhibiting steady growth, TCS has recently encountered difficulties in expanding deals in sectors such as healthcare and media, compounded by a global economic slowdown impacting client expenditure.
With TCS yet to make an official announcement about the status of its press conference or earnings call, the company’s leadership and investors are attentively monitoring how events will unfold today, given Ratan Tata’s passing.