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TCS now has over five lakh employees

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3 years ago

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TCS now has over five lakh employees

The IT services giant reported a profit of Rs 9,008 crore in the first quarter of FY22, up 28.5% year-on-year. This is also because its profit in Q1FY21 had fallen to Rs 7,008 crore when business was disrupted due to the lockdown in the quarter last year. This is also slightly below analyst expectations.

Consolidated revenue from operations increased by 18.5% year-on-year (3.9% sequentially) to Rs 45,411 crore compared to Rs 38,322 crore in the corresponding quarter of 2020-21. In terms of the company’s discretionary spends, which fell due to the pandemic, Chief Financial Officer Samir Seksaria said that discretionary spends are seeing an uptick, and are expected to return to pre-pandemic levels by end of FY22.

Its workforce was up 17.3% year-on-year, and its headcount came in at 5,09,058. TCS said this was its highest-ever quarterly net headcount addition of 20,409. Women make up 36.2% of the workforce. Attrition for the quarter came in at 8.6%. Attrition, CEO Rajesh Gopinathan said, was picking up in response to the overall demand environment.

In response to a question, Chief HR Officer Milind Lakkad said that the attrition at 8.6% is artificial in a way, as the company generally operates at 11-12%. He added that in high demand environments it has gone up to 13-14%, and it is part of the company’s operating model.

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In terms of industries, TCS said that Life Sciences and Healthcare led growth, up by 7.3% sequentially and 25.4% year-on-year. “Retail and CPG also bounced back to double digit growth, growing 4.4% QoQ and 21.7% YoY. BFSI (+3.1% QoQ, +19.3% YoY), Manufacturing (+4.8% QoQ, +18.3% YoY), Technology & Services (+5% QoQ, +12.3% YoY) and Communications & Media (+1.7% QoQ, +6.9% YoY) also saw significantly improved performance,” TCS said in a statement. In terms of growth in markets, the pandemic’s second wave led to a degrowth of 14.1% sequentially due to the second wave of the pandemic.

News Source : Business Today

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Oppn seeks probe into Adani charges in US: ‘Obvious protection of PM Modi’

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1 day ago

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November 21, 2024

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Oppn seeks probe into Adani charges in US: ‘Obvious protection of PM Modi’

Following US SEC charges of bribery against Gautam Adani, opposition parties criticise PM Narendra Modi and call for a JPC investigation.

As billionaire Gautam Adani faces charges in the US for alleged bribery and fraud, the Opposition on Thursday intensified its attack on the Centre over its alleged links with the Adani Group.

Gautam Adani has been charged in the US with allegedly paying $250 million in bribes to Indian officials between 2020 and 2024 to secure favourable terms for solar energy contracts. The scheme, prosecutors said, could have earned Adani’s group over $25 billion in profits.

Congress demands JPC probe

Reacting to the charges, the Congress called for a Joint Parliamentary Committee (JPC) probe into alleged scams involving Adani’s conglomerate. The party also demanded the appointment of a “new and credible” Sebi chief to investigate Adani’s financial dealings and compliance with securities laws.

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ALSO READ- At 65.2%, Maharashtra records highest voter turnout since 1995 assembly election

Congress leader Jairam Ramesh said the US Securities and Exchange Commission’s (SEC) actions highlight the failure of Indian institutions to investigate the group. “The indictment vindicates Congress’s demand since January 2023 for a JPC into the Modani scams,” Ramesh wrote on X.

He accused Prime Minister Narendra Modi of shielding Adani and claimed Congress’s “Hum Adani Ke Hain Kaun” (HAHK) series had exposed the businessman’s alleged fraud and his ties with the PM.

The fact that it has taken a foreign jurisdiction to properly investigate Adani only shows how Indian institutions have been captured by the BJP, and how decades of institutional development have been undone by greedy and power hungry leaders, the Congress leader said in another post.

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“All of this is consistent with a long record of fraud and criminality carried out with impunity with the obvious protection of the Prime Minister,” Ramesh charged.

Other Oppn leaders join attack

Other opposition leaders joined the attack. Trinamool Congress MP Saket Gokhale questioned the BJP’s involvement in Adani’s dealings and demanded an independent judicial probe.

Aam Aadmi Party leader Sanjay Singh accused PM Modi of allowing Adani to tarnish India’s global reputation.

ALSO READ- Adani Group shares plunge after US SEC charges, Adani Green down 16%

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Adani stocks latest updates

The allegations rattled markets, with Adani Group stocks plunging. Adani Enterprises fell 20 per cent in pre-open trade, while shares of Adani Ports, Adani Green, Adani Power, and others dropped between 7 per cent and 18 per cent.

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