INSUBCONTINENT EXCLUSIVE:
following the Covid-19 virus outbreak that has roiled companies worldwide, with several key IT clients, especially in the travel and
hospitality sectors, severely impacted over the last two months.
The $22-billion software services leader said it remained hopeful of demand
recovery in the third quarter of the ongoing fiscal year as clients invest in technology to rebuild businesses following what is expected to
Its peak impact will be in the coming quarter
concluded fiscal year, lower than projected earlier as banking clients in the United States spent less due to business
uncertainty.
Operating margins in the fourth quarter stood at 25.1%, a marginal 7 basis point increase on a quarter-on-quarter
basis.
Gopinathan said while there was short-term volatility, its long-term profitability goal remained unchanged at 26-28%.
TCS contributes
448,464.
The company will honour all the 40,000 campus offers it made during the year and assured existing employees it would not lay off
However, there would be no increments this year
Accenture to warn investors that business would be impacted in the short term due to the pandemic, which has paralysed its main markets --
decades, forecasting that clients would cut technology budgets, demand price cuts and restructure contracts
ask for deferred payments which we are seeing
V Ramakrishnan, chief financial officer of TCS.
TCS won orders worth $8.9 billion in the quarter to December as clients wanted it help
transform their businesses and shift applications to the Cloud.
The company had cash reserves of $4.5 billion as of March 31.
In rupee
terms, TCS reported a 1% decline in fourth quarter profit to Rs 8,049 crore, while revenue grew by 5% to Rs 39,946 crore, lower than street
expectations.
For fiscal year 2020, it reported a profit of Rs 32,340 crore on revenue of Rs 156,949 crore.
It declared a final dividend of
