Tata Consultancy Services (TCS), one of the leading companies in the IT services industry, conducted its 27th Annual General Meeting (AGM) on June 9 virtually.
The members attended the AGM through Video Conferencing (VC)/Other Audio Visual Means (OAVM). The chairman of Tata Sons & TCS, Natarajan Chandrasekaran, and TCS CEO Rajesh Gopinathan were present at TCS House in Mumbai to address shareholders' queries.
The facility of joining the AGM through video conferencing was made available for members on a first come-first served basis. Like physical meetings, members were allowed to express views or ask questions.
This LIVE blog session has concluded. For the latest news, views and updates, stay logged-on to Moneycontrol.
TCS AGM 2022 Live Updates | TCS chairman N Chandrasekaran on related party transactions:
Overall, between the company Tata Sons and its associates, there is a total transaction of Rs 1,551 crores. Mostly these transactions are related to either the company providing IT services or the company engaging with the group companies to be able to leverage the joint procurement volume so that the procurement can be done for the common needs of TCS and the other companies.
TCS AGM 2022 Live Updates | TCS chairman N Chandrasekaran:
7.5% of TCS workforce is temporary workers. The company has 921 employees who are differently-abled. 64.4% of TCS employees are male.
TCS AGM 2022 Live Updates | TCS chairman N Chandrasekaran on the number of shares or dividends transferred to EPF:
Unclaimed dividends of Rs 6.28 crores and 25,561 shares were transferred to EPFs in the year 2022
TCS AGM 2022 Live Updates | TCS chairman N Chandrasekaran’s response to shareholder question: “TCS’ revenue from India market is 5%. Will it increase?”
“TCS has geographical distribution and in the global arena the IT spend varies across markets and TCS' proportion of revenues from diff markets is in proportion to the total IT Budget. The IT Budget, for example, in the United States, is significantly larger compared to India, so it’s not possible to substantially increase TCS’ revenue from India as of now.” -- TCS Chairman
TCS AGM 2022 Live Updates | TCS chairman N Chandrasekaran’s response to a shareholder question on Centre’s Digital India Act:
“I think the Digital India Act is necessary because so much has changed over the last couple of decades since the original IT Act was put in place. So, I am glad that the government is engaged and developing a participative approach to develop the Digital Act, which is very important given there are new issues such as privacy.
TCS AGM 2022 Live Updates | Gopinathan on TCS’ annual growth:
“Over the last five years revenue growth has been steady, with a compounded annual growth rate of more than 10 percent and with resilient industry-leading profit, with operating profits of between 24.8 to slightly more than an average of 25 percent.”
“Our approach towards shareholder-friendly capital allocation has resulted in us returning 90.5 percent of total cash generated during the course of this year.” – Rajesh Gopinathan
TCS AGM 2022 Live Updates | N Chandrasekaran lists four specific trends that have been set for the future
A digital transition: A world that is totally determined and accelerated by artificial intelligence, machine learning, and data analytics
Energy transition: An irreversible move towards a green economy
Supply Chain transition, where the supply chain will get rebalanced for resilience
Talent transition: A diverse, inclusive global talent pool
TCS AGM 2022 Live Updates | Tata Consultancy Services has employees of 153 nationalities: Rajesh Gopinathan
“We have now more than 200K women employees and employees of 153 nationalities. This year TCS added more than 100K employees,” TCS CEO and MD Rajesh Gopinathan said at the AGM. He added: “We have more than 1200 customers who contribute revenue of over million dollars. Today we have 58 customers from whom we generate more than 100 million dollars in annual revenue”
TCS AGM 2022 Live Updates |
We are also currently facing a number of supply chain shocks from higher oil prices, gas, and semiconductor shortages to name a few. As a result, many of the macroeconomic factors are rather looking a bit difficult: Chandrasekaran
TCS AGM 2022 Live Updates | India likely to be fastest growing economy: Chandrasekaran
“We are likely to face a low growth, high inflation environment globally this year. In this context, India becomes a very important market as it is likely to be the fastest-growing major economy at an estimated 7.8%,” N Chandrasekaran said.
TCS AGM 2022 Live Updates |
“FY22 saw us enjoy very good deal wins with $34.6 billion of deals signed which is 1.3 times of the total revenue of the year, laying a strong foundation for the future,” TCS CEO and MD Rajesh Gopinathan said at the AGM.
TCS AGM 2022 Live Updates |
At the start of this calendar year, the world economic situation looked rather very promising, with an anticipation of high growth, a high inflation environment. The conflict and the crisis that has come out of the Russia-Ukraine situation has imparted a stagflationary impulse. This is going to dent the global growth and at the same time further increase the inflation:N Chandrasekaran
TCS AGM 2022 Live Updates | Chairman N Chandrasekaran addresses shareholders
Shareholders (who submitted their names before hand) start reading their queries. Subsequently, they will be answered by the chairman or the management followed by a voting
TCS AGM 2022 Live
Updates | TCS' virtual AGM
Members attend the AGM through VC or OAVM. A voting on key proposals will be put forth before the AGM. In a seamless e-voting system, members will vote by using their remote e-voting login credentials. Investors will also be joining in digitally.
TCS AGM 2022 Live Updates | N Chandrasekaran begins addressing shareholders
Chairman of Tata Sons & TCS, Natarajan Chandrasekaran, begins formal address at 27th Annual General Meeting
Good Afternoon! Hello and welcome to Moneycontrol's LIVE blog for TCS' 27th AGM 2022 today. Stay tuned to this space for updates on the AGM which is set to take place a few minutes from now.
