Ratan Tata passes away: TCS cancels Q2 earnings press conference; results announcement on track

The press conference was originally scheduled at 5:30 pm on Thursday.

As originally scheduled, TCS will inform the exchanges about its July-September performance after the board meeting, the officials said.

A scheduled call with analysts at 7 pm will be held as per schedule, they said.

The last rites of Ratan Tata, who passed away late on Wednesday evening, are scheduled to take place after 4 pm at central Mumbai's Worli on Thursday.

Ratan Tata, the veteran industrialist, philanthropist, and investor, breathed his last on Wednesday, October 9, in Breach Candy Hospital, Mumbai.

At 10:22 AM, TCS shares were trading over 0.5% higher at ₹4,274.85 apiece on the BSE. 

The IT sector is expected to post moderate growth for the September quarter. As per analysts, non-discretionary spending is expected to see some improvement. Many large enterprises are likely to prioritise cost optimisations, resulting in an increase in cost take-out deals, vendor consolidation, and reduced discretionary spending. They also expect new deals to ramp up, indicating a pickup in demand.

Deal wins for the quarter are expected to remain resilient, driven by strong demand for emerging technologies such as generative AI, machine learning, cloud transformation, and digital transformations. The medium- to long-term outlook for the IT sector remains constructive, with a quicker recovery anticipated in the second half of FY25E.

For the first quarter of the ongoing fiscal year (Q1 FY25), the country's largest IT services player, TCS, reported an 8.7% YoY growth in net profit at ₹12,040 crore, but sounded unsure about sustaining growth momentum in the remainder of the fiscal.

The Tata Group company, however, reiterated that it feels FY25 will be better than the previous fiscal year for the business.

TCS posted revenue growth of 5.4% to ₹62,613 crore for the quarter, and chief executive and managing director K Krithivasan said that the company was happy with the all-round growth.