TCS Q2 Results: Post Earnings Press Conference Cancelled After Ratan Tata’s Death

Tata Consultancy Services Ltd. has cancelled its September quarter earnings press conference and interviews scheduled later on Thursday after the demise of Ratan Tata.

The IT giant, however, will release the Q2 financial results and analyst call on Thursday, Oct. 10, after the board meeting, as decided earlier.

Legendary industrialist Ratan Tata, who served as the chairman of the Tata Group from 1991 to 2012, died on Wednesday at the age of 86.

TCS is set to release its earnings report for the quarter ending Sept. 30, 2024, after market hours. The company's board will also consider the second interim dividend for the current financial year. 

The IT giant’s leadership team was scheduled to address the media in a press conference at 5:30 p.m. This was to be followed by an earnings conference call at 7 p.m. where the leadership team was expected to discuss financial performance and take questions. However, the events now stand cancelled. 

The Tata Group-company had earlier told its clients that the second quarter would be soft with most of the business coming from India, which contributed 7.5% to the total revenue during the first quarter.

TCS is expected to clock a net profit of Rs 12,543 crore and revenue of Rs 64,186 crore for the July-September period, as per Bloomberg analysts.

International brokerage CLSA had projected a further downside in the company's Q2 sequential revenue growth forecast of 1.8% in contract current terms, based on a sharp ramp-up in the BSNL contract following the general elections earlier this year.

According to Ambit Capital, growth disappointments are possible at TCS in Q2.

Also Read: TCS Q2 Results Live Updates

Thursday will see major companies across key sectors declaring their second quarter financial performance report. The list includes Anand Rathi Wealth Ltd., Tata Elxsi Ltd., Hathway Bhawani Cabletel and Datacom Ltd., Tata Consultancy Services Ltd., Infomedia Press Ltd., Ashoka Metcast Ltd., NB Footwear Ltd., Arkade Developers Ltd., GM Breweries Ltd., Indian Renewable Energy Development Agency Ltd., Reliance Naval and Engineering Ltd., and Den Networks Ltd.