TCS to Convene Annual General Meeting on June 29 – Tata Consultancy Services
Tata Consultancy Services (TCS) is scheduled to convene its twenty-eighth Annual General Meeting (AGM) on June 29, at 3:30 pm. The meeting will be conducted via video conferencing, adhering to the prevailing circumstances and ensuring the safety and convenience of all participants.
One of the key highlights of the AGM will be the announcement of TCS’ audited standalone financial statement for the fiscal year 2023. The financial statement will provide a comprehensive overview of the company’s financial performance, including its revenue, profitability, and other relevant financial metrics. This presentation will enable shareholders to gain insights into TCS’ financial health and assess the company’s growth trajectory.
As part of the agenda for Tata Consultancy Services’ twenty-eighth Annual General Meeting (AGM), the company will discuss the appointment of a new director to replace Aarthi Subramanian. The proposed appointment is that of K Krithivasan as a Director of the Company.
In accordance with Regulation 34(1) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, TCS has submitted the Integrated Annual Report, which includes the Notice of AGM for the financial year 2022-23. The company emphasizes that the Integrated Annual Report is being sent exclusively through electronic means to Members who have registered their e-mail addresses with the Company or Depositories.
The TCS Reported Poor Results in the Fourth Quarter of FY23
The financial results of Tata Consultancy Services (TCS) for the fourth quarter of the fiscal year 2022-23 (Q4FY23) fell short of market expectations, leading to a negative sentiment among investors and market experts. The disappointing Q4FY23 results had a direct impact on the company’s share price, which experienced a decline of 0.43 percent in May.
Tata Consultancy Services (TCS), the IT giant, announced its financial results for the fourth quarter of the fiscal year 2022-23 (Q4FY23), highlighting positive growth and a declaration of dividends. The company reported a consolidated Profit After Tax (PAT) of ₹11,392 crore in Q4FY23, representing a robust year-on-year (YoY) growth of 14.8%.
TCS’ revenue from operations also demonstrated a significant increase, reaching ₹59,162 crore in Q4FY23, reflecting a YoY growth of 16.9%. This growth can be attributed to the company’s continued focus on delivering value to its clients, leveraging its expertise in digital solutions and technological advancements.
In line with its commitment to rewarding shareholders, TCS declared a final dividend of ₹24 per equity share for the fiscal year 2022-23 (FY23). The declaration of dividends reinforces the company’s dedication to sharing its financial success with its shareholders and creating long-term value for its investors.
In response to its lower-than-expected quarterly results, Tata Consultancy Services (TCS) attributed the challenges to the banking crisis in the USA. The company provides services to clients in the North American banking sector, and the crisis in that industry has had an impact on TCS’ performance.
Conclusion
In conclusion, TCS’ Annual General Meeting on June 29, 2023, will serve as a significant event for shareholders and stakeholders to engage with the company’s leadership, discuss its performance, and contribute to its future growth. TCS’ unwavering focus on innovation, digital transformation, and sustainability has positioned it as a leading player in the global IT services industry. The AGM will be an opportune moment to reinforce the company’s commitment to delivering long-term value to its stakeholders and solidify its position as a trusted partner in the digital era.
