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Indian Express
16 minutes ago
- Indian Express
TCS Q1 result: IT giant's net profit rises 6%, board recommends Rs 11/ share dividend
Indian IT major Tata Consultancy Services (TCS) on Thursday reported a 6 per cent growth in its consolidated net profit at Rs 12,760 crore for the first quarter ended June 2025 as against Rs 12,040 crore in the year-ago period. The company's revenue rose to Rs 63,437 crore, higher by 1.3 per cent as against Rs 62,613 crore in the year-ago period. However, TCS' revenue declined 3.1 per cent year-on-year (YoY) in constant currency. The company's operating margin was at 24.5 per cent, an expansion of 30 bps on a quarter-on-quarter basis. TCS' board also recommended a dividend of Rs 11 per share. 'The continued global macro-economic and geo-political uncertainties caused a demand contraction. On the positive side, all the new services grew well. We saw robust deal closures during this quarter,' K Krithivasan, managing director and CEO, said. 'We remain closely connected to our customers to help them navigate the challenges impacting their business, through cost optimisation, vendor consolidation and AI-led business transformation,' he said. TCS' shares remained subdued at Rs 3,382.30, down 0.06 per cent, on the BSE on Thursday. The share has fallen 26 per cent from the 52-week high level of Rs 4,585. Aarthi Subramanian, Executive Director-President and COO, said 'Across industries, clients are increasingly shifting their focus from use case-based approach to ROI-led scaling of AI. We are investing across the AI ecosystem including infrastructure, data platform solutions, AI agents and business applications.' TCS' workforce stood at 613,069 as on June 30, 2025. 'Our associates invested 15 million hours and acquired 1.3 million competencies in emerging technologies, enabling them to lead the transformation journey for our customers,' it said. IT services' attrition was at 13.8 per cent for the last 12 months. 'We continued our investments in long term sustainable growth this quarter. We stayed agile and adapted to the dynamic environment, delivering steady margins. Our industry leading profitability alongside robust cash conversion, positions us well to make strategic investments for the future,' Samir Seksaria, chief financial officer, said. According to TCS, this quarter, the AI and Data unit delivered robust growth, with enterprises advancing from pilots to scaled GenAI deployments. 'Demand was led by AI-led transformation, SDLC/IT-Ops automation, and data-platform modernisation. Our investments in WisdomNext, TCS' flagship AI platform are expanding with the addition of agentic AI capabilities. Strategic partnerships expanded, and our AI workforce with higher order skills exceeded 114,000, strengthening our leadership position in enterprise AI solutions,' it said.
Hans India
17 minutes ago
- Hans India
Tamil Nadu CM Stalin Reportedly Mediates In Maran Brothers' Business Feud Over Sun TV
Tamil Nadu Chief Minister MK Stalin has reportedly stepped in to mediate a bitter family dispute between DMK MP Dayanidhi Maran and his elder brother Kalanidhi Maran, who serves as chairman and managing director of Sun TV Network. Sources suggest that the Chief Minister, who is also the uncle of the warring siblings, has counseled both brothers to settle their differences privately for the sake of family harmony. The intervention comes in the wake of escalating tensions between the brothers, which became public when Dayanidhi Maran issued a legal notice to his elder brother last month. The notice also named his sister-in-law and six other individuals in connection with disputed share transactions within the Sun TV Network that allegedly occurred more than two decades ago. Neither brother has officially confirmed the Chief Minister's involvement in attempting to resolve their dispute, leaving the extent of Stalin's mediation efforts unclear. However, the reported intervention highlights the significant nature of the conflict and its potential implications for both the family and the broader political landscape in Tamil Nadu. The legal notice filed by Dayanidhi Maran contains serious allegations against his brother, including claims of criminal breach of trust and fraudulent practices. The core of the dispute centers on allegations that Kalanidhi Maran improperly allocated 12 lakh shares of Sun TV Network Ltd. to himself on September 15, 2003, without following proper procedures for valuation, obtaining fair consideration, or securing consent from existing shareholders. The younger Maran brother has characterized these share transactions as illegal and a fundamental violation of shareholder rights. His legal notice goes beyond the initial share allocation issue, also alleging that approximately Rs 8,500 crore was invested in various domestic and international Real Estate Investment Trust funds and mutual funds using undisclosed resources without proper authorization or disclosure. The allegations extend to claims that regulatory filings with major financial institutions were misleading. Dayanidhi Maran has accused his brother of submitting fraudulent documentation to the Securities and Exchange Board of India, National Stock Exchange, and Bombay Stock Exchange, allegedly in collaboration with lead managers to facilitate the company's public listing. The legal notice demands significant remedial action, including restoration of the company's shareholding structure to its 2003 configuration and return of all dividends, assets, and monetary benefits that were allegedly misappropriated. The notice warns that failure to comply with these demands would result in comprehensive legal action across civil, criminal, regulatory, and enforcement domains. Sun TV Network Ltd. has strongly refuted these allegations through an official regulatory filing with the Bombay Stock Exchange. The company dismissed the claims as speculative, defamatory, and lacking factual or legal foundation. The company's statement emphasized that all corporate actions were conducted in compliance with legal requirements and had been properly vetted by relevant intermediaries before the public offering. The company's response also sought to minimize the potential impact of the dispute on its operations, noting that the allegations relate to events that occurred 22 years ago when Sun TV was a privately held company. The statement characterized the matter as a personal family dispute among promoters that does not affect the company's business operations or daily functioning. The timing of this family feud is particularly significant given the prominent positions held by both brothers in Tamil Nadu's political and media landscape. The dispute has the potential to create complications for the DMK party, of which Dayanidhi Maran is a sitting Member of Parliament, while also affecting one of South India's largest media conglomerates. The Chief Minister's reported intervention reflects the delicate balance required in managing family disputes that intersect with political and business interests. The outcome of this mediation effort could determine whether the brothers can resolve their differences privately or whether the dispute will continue to play out in legal and public forums.
New Indian Express
19 minutes ago
- New Indian Express
RCom account not fraud: Canara Bank tells Bombay HC
MUMBAI: In a dramatic turnaround and a likely setback to the State Bank's effort to recover its dues from RCom, the crippled telecom company that was promoted by Anil Ambani, state-run lender Canara Bank has informed the Bombay High Court that it has withdrawn its order classifying the loan as fraudulent. Following this disclosure, a bench of justices Revati Mohite Dere and Neela Gokhale on Thursday disposed of the petition filed by Ambani challenging the bank's order issued last year, saying 'nothing survives in it now,' and asked the bank to inform 'the withdrawal order to the Reserve Bank,' a PTI report quoting the judge said Thursday. In September 2024, Canara Bank became the first lender to classify the RCom account, which is has been in NCLT since 2019 and is yet to have a resolution, as fraudulent in its report to the Reserve Bank and the fraud classification though came out into the public domain only in November 2024 when the bank informed the exchanges. The crippled company owes more than Rs 40,000 crore to a slew of lenders led by SBI and the loans became NPAs since March 2017.
