TCS to hold Annual General Meeting on this date

The company will also discuss and appoint a director in place of Aarthi Subramanian, appointment of K Krithivasan as Director of the Company.

“The twenty-eighth Annual General Meeting (“AGM”) of the Company will be held on Thursday, June 29, 2023 at 3.30 p.m. IST through Video Conferencing/Other Audio Visual Means. Pursuant to Regulation 34(1) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are submitting herewith the Integrated Annual Report containing the Notice of AGM for the financial year 2022-23 which is being sent only through electronic mode to the Members, who have registered their e-mail addresses with the Company/ Depositories,” said the company in its statement.

TCS reported weak Q4 result in FY23

Financial result of TCS for the quarter ending in March was a mood dampener for investors and market experts. The market sentiment after the lower-than-expected Q4FY23 result of TCS reflected in the downfall of its share price, which have lowered by 0.43 per cent alone in May. 

The IT giant reported a consolidated PAT of ₹11,392 crore in Q4FY23, and registered a growth of 14.8% YoY. Company’s revenue from operations rose by 16.9% YoY to ₹59,162 crore. The company declared final dividend of ₹24 per equity share for the FY23. 

Responding to its lower-than-expected quarterly results, TCS blamed banking crisis in the USA. The IT company catered its services to some clients in the North American banking space. 

“The quarter has come out weaker than what we originally anticipated and primarily coming out of North America,” TCS CEO Rajesh Gopinathan said in a media conference.

The company flagged ‘a lot of uncertainty’ in its banking, financial services and insurance segment over the near-term in the North American market as clients rushed to conserve cash.

Updated: 07 Jun 2023, 09:14 AM IST