Ratan Tata, the renowned industrialist and philanthropist, passed away on the evening of October 9 at Breach Candy Hospital in Mumbai. In light of this significant loss, Tata Consultancy Services (TCS) has cancelled its customary press conference following the announcement of its Q2 FY25 results, originally scheduled for October 10 at 5:30 PM. However, TCS will still disclose its performance figures to the exchanges after the board meeting.
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Despite the cancellation of the press conference, TCS will conduct a scheduled call with analysts at 7 PM as planned. Ratan Tata’s last rites are set to occur at 4 PM in Worli, central Mumbai, on the same day.
As of 10:22 AM on October 10, TCS shares were trading slightly higher at ₹4,274.85 on the Bombay Stock Exchange. The IT sector is expected to show moderate growth for the September quarter, with analysts predicting a slight improvement in non-discretionary spending.
Large enterprises are anticipated to focus on cost optimization, leading to more cost-cutting deals, vendor consolidation, and reduced discretionary expenditures. Additionally, the demand for emerging technologies, such as generative AI and cloud transformation, is expected to boost deal wins in the sector.
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In Q1 FY25, TCS reported an 8.7% year-on-year increase in net profit at ₹12,040 crore, although it expressed concerns about maintaining growth momentum moving forward. The company remains optimistic that FY25 will outperform the previous fiscal year.
