Hello Tomorrow...that maybe the tagline of a popular airline ad...but it's also best used to describe Tata Sons chairman Ratan Tata's last TCS AGM . The spotlight was on Cyrus Mistry rather than Tata himself, the mood was practical rather than reminiscing, and the focus firmly on TCS's future plans. CNBC-TV18's Kritika Saxena reports.
The today and tomorrow of the Tata group made their way into what was today …Ratan Tata's last official TCS AGM. But as he bid farewell to investors, Tata chose to turn the spotlight instead on Cyrus Mistry, chairman designate, who will take over the reins this December.
Tata said, “Cyrus has the capacity to lead this Group and TCS in years to come. I am confident that Cyrus will lead the company to new heights. I thank shareholders and investors for the support given to me and hope that shareholders will give Cyrus the same support in years to come.”
But Cyrus Mistry won't have an easy job. The transition is happening at a time when TCS is feeling the global slowdown jitters and Tata admitted the depressed situation in western continues was a concern and hoped the tech company would recover soon.
On his part, TCS CEO N Chandrasekaran, while admitting that recovery in the macro environment may be prolonged, said that client mood though hadn't changed dramatically.
“Customers have a stable view on what they do because they plan their budget in current environment,” he said.
Shareholders did express concern on the class action law suit against TCS in US but Ratan Tata said that it was still in the procedural stages.
On the visa front, he said that there were no major issues in getting visas but there were delays in processing visas.
Going forward, TCS is banking on a non linear growth model and emerging verticals to steer it through the economic uncertainty.
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