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TCS Makes Waves in Brazil

The new delivery centre will specialise in key areas such as business transformation, artificial intelligence and CBO, offering a comprehensive suite of IT services to clients in Brazil and around the world…reports Asian Lite News

Tata Consultancy Services (TCS) on Monday announced a new delivery centre in Brazil that will create more than 1,600 new job opportunities over the next five years.

The centre in Londrina, in the state of Parana, would contribute to the local economy and strengthen the TCS’ presence in the region.

“We are looking to double the number of associates in key areas such as cyber-security, cloud, cognitive business operations (CBO), ITIS, AI and automation, reflecting our dedication to innovation and excellence in technology services,” said Bruno Rocha, Country Head, TCS Brazil.

Present in Londrina since 2018, the company employs around 1,700 people in the city.

The new delivery centre will specialise in key areas such as business transformation, artificial intelligence and CBO, offering a comprehensive suite of IT services to clients in Brazil and around the world.

“I have come to India to learn more about the capabilities that the country has built in many areas, especially in digital technologies, where India is a global leader, and leveraging experiences from here, we can deepen digitisation of various services and products for the Brazilian economy,” said Carlos Massa Ratinho Junior, Governor of the State of Parana.

TCS said it has been operating in Brazil for over two decades, with operations in Londrina, Sao Paulo, and Rio de Janeiro

Meanwhile, Tata Consultancy Services (TCS)  revealed that its headcount dropped by 13,249 employees (year-on-year) during the financial year 2023-24 (FY24).

This is the first time in 19 years that the leading IT software company witnessed a drop in headcount.

The company ended FY24 with 601,546 employees, according to TCS’s stock exchange filing.

TCS saw a decrease of 1,759 employees in the fourth quarter (Q4) of FY 2024 (January to March).

This marks the third consecutive quarter in which the company’s headcount has declined.

In the previous quarter, the number of employees dropped by 5,680 employees (quarter-on-quarter), and in Q2, the company witnessed a net reduction of 6,333 employees.

Tata Consultancy Services (TCS) had reported a 9 per cent increase in net profit at Rs 12,434 crore for the Jan-March quarter of 2023-24 up from Rs 11,392 crore in the same period of the previous year.

The TCS board has approved a final dividend of Rs 28 per share.

The revenue of the IT sector bellwether rose 3.5 per cent to Rs 61,237 crore during the quarter, according to the stock exchange filing by the company.

The operating margin went up to 26 per cent from 25 per cent in the previous quarter.

TCS posted a 6.8 per cent increase in revenue for the full financial year 2023-24 to Rs 240,893 crore while the net profit for the year was at Rs 46,585 crore.

TCS also registered an all-time high in new deals for the fourth quarter at $13.2 billion, while the value of the new deals won by the company for the full financial year also was a record $42.7 billion.

TCS Chief Executive Officer K Krithivasan said: “We are very pleased to close Q4 and FY24 on a strong note with the highest ever order book and a 26 per cent operating margin, validating the robustness of our business model and execution excellence.”

“In an environment of global macro uncertainty, we are staying close to our customers and helping them execute their core priorities with TCS’ portfolio of offerings, innovation capabilities and thought leadership,” he added.

The share price of TCS closed at Rs. 4003.80 per share on BSE, a 0.48 per cent increase over the previous day’s close.

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Business Tech Lite Technology

TCS launches new generative AI practice with AWS

To accelerate its customers’ journeys, TCS has invested in foundation training of over 100,000 employees on generative AI….reports Asian Lite News

Tata Consultancy Services (TCS) on Monday said it has launched new generative AI practice in collaboration with Amazon Web Services (AWS) to help customers harness the full potential of generative AI and transform their operations.

To accelerate its customers’ journeys, TCS has invested in foundation training of over 100,000 employees on generative AI. It is now focused on deepening their expertise further, including certification of over 25,000 employees on the AWS generative AI services.

“Drawing from all the investments we have made in building deep capabilities in generative AI, our strong partnership with AWS, and contextual knowledge of our customers’ businesses, we help them take a comprehensive approach to realize the true potential of generative AI to drive their growth and transformation,” said Krishna Mohan, Deputy Head, TCS AI.Cloud unit.

TCS’ AWS generative AI practice will help enterprises choose and quickly scale the right solutions for their unique business needs and transform their organisations, using AWS’ services such as Amazon Bedrock.

TCS’ consultants will help clients explore the most impactful use-cases in their business context, experiment collaboratively and co-innovate generative AI-powered solutions, said the company.

“AWS has been focused on making AI accessible to companies of all sizes and across industries, and by deepening the AWS and TCS relationship through the TCS generative AI practice, more customers can easily and quickly leverage and benefit from generative AI,” said Vasi Philomin, Vice President of Generative AI, AWS.

Wyndham Hotels & Resorts, the world’s largest hotel franchising company, has extended its strategic partnership with TCS and AWS to manage its digital transformation journey leveraging AWS generative AI services.

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Business India News Technology

TCS Ends Work-From-Home

The company will, however, continue flexibility/hybrid policies and make exceptions wherever necessary…reports Asian Lite News

Tata Consultancy Services (TCS) is reportedly ending work-from-home or hybrid work from October 1, and has asked employees to attend office for five days a week.

In an internal email, cited by multiple media reports, the company has signalled the end of work-from-home policies. The company will, however, continue flexibility/hybrid policies and make exceptions wherever necessary, the reports mentioned.

“As communicated by CEO and chief human resources officer (CHRO) in various town-halls, it is mandatory for all associates to attend office on all the working days (5 days per week if there are no holidays) starting 1 October 2023,” read a portion of the email accessed by CNBC-TV18. The email has not gone out to all teams, according to the report. TCS declined to comment, as it is in the “silent period at the moment.”

The company had nearly 615,318 employees (as of June 30). In its FY23 annual report, the company said that new employees benefit from physical interactions with senior colleagues and leaders to acculturate and learn from their behaviours and ways of thinking. At present, employees need to be in office for only three days a week.

During the first wave of the Covid-19 pandemic, TCS’s then CEO, Rajesh Gopinathan, had introduced the “25×25 model,” aiming to bring back 25 per cent of the workforce to the office by 2025.

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-Top News UK News

TCS bags $1.1 bn deal to transform savings trust

The maximum estimated value of the contract, if extended to the entirety of its 18-year tenure, would be $1.96 billion…reports Asian Lite News

Tata Consultancy Services (TCS) and National Employment Savings Trust (Nest), the UK’s largest workplace pension scheme, on Wednesday announced the expansion of their long-standing partnership in a 840 million pounds ($1.1 billion) deal to focus on digitally transforming Nest’s scheme administration services.

The deal, over an initial tenure of 10 years, is also meant to deliver enhanced member experiences and expand the scheme’s mission of delivering better retirement outcomes for people across the UK.

The maximum estimated value of the contract, if extended to the entirety of its 18-year tenure, would be $1.96 billion.

“I’m looking forward to continuing our journey with TCS and exploring the opportunities ahead of us. We have a strong foundation after many years working together and they’ve proven their ability to deliver successfully for a scheme the size and complexity of Nest,” said Gavin Perera-Betts, Nest’s Chief Customer Officer.

Nest and TCS have worked closely since 2011 when the digital, auto-enrollment pension scheme was first launched.

“The purpose-driven partnership between Nest and TCS resulted in an immensely successful pension plan for the UK workforce, that is now a global benchmark on how an innovative, user-friendly, auto enrollment pension scheme should be run,” said Vivekanand Ramgopal, President BFSI Products and Platforms, TCS.

“We are looking forward to leveraging our contextual knowledge, technology expertise and proven platform to help Nest realise our shared vision for the future,” he added.

As part of the partnership, TCS will help Nest transform the administration services using a future-ready, digitally enabled, omnichannel platform powered by TCS BaNCS.

It will leverage the latest technologies and data analytics to deliver personalised, self-directed experiences to members.

This will enable Nest’s 12 million members and 1 million employers to access the right information at the right time, in the way that suits them best, the company said.

ALSO READ-Another feather in TCS’ cap

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Business Economy India News

Reliance dominates Indian brands

TCS is ranked at the top, Infosys is ranked number 3, followed by HDFC, Airtel, LIC, Mahindra, SBI and ICICI…reports Asian Lite News

Reliance has two brands in the top ten list of Indian brands, as per a recent report.

As per an Interbrand report, Reliance Industries is ranked number 2 and Jio is ranked number 5 in the top ten list of Indian brands for 2023.

TCS is ranked at the top, Infosys is ranked number 3, followed by HDFC, Airtel, LIC, Mahindra, SBI and ICICI.

The Total List Value is US$ 100 billion with a growth of 167 per cent in the last 10 years. The GDP growth over the decade is 138 per cent. The Total Value of the table has reached US$ 100 billion for the first time ever, Interbrand report said.

The brand value of Top 3 brands makes up 46 per cent of the Total Value of top ten brands. Top five brands represent more than a third (40 per cent) of the total value of the Table. For the first time ever in 10 years, there are three Technology Brands in the Top 5.

The Total Brand Value of Top 10 brands (INR 4,950 billion) is more than the value of the rest of the table (40 brands: Total Value: INR 3,360 billion) Fastest Growing Sectors over the last decade are FMCG (CAGR 25 per cent), Home Building & Infrastructure (CAGR 17 per cent) and Technology (CAGR 14 per cent).

The Home Building & Infrastructure sector has grown the most (from INR 69 billion to INR 344 billion), followed by Technology (from INR 693 billion to INR 2.5 trillion) over the last 10 years. While the Financial Services sector still has the greatest number of brands, nine, and the Home Building & Infrastructure sector has seen the highest jump in terms of the number of brands with seven brands since 2014.

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Business India News USA

Another feather in TCS’ cap

This recognition is based on an independent survey of 45,000 employees working for American companies with more than 1,000 employees…reports Asian Lite News

Software major Tata Consultancy Services (TCS) on Monday said that it has been named to the Forbes annual list of “America’s Best Large Employers”.

This recognition is based on an independent survey of 45,000 employees working for American companies with more than 1,000 employees.

“TCS has focused on creating an employee-friendly workplace that fosters innovation and empowers people to grow both personally and professionally,” Suresh Muthuswami, Chairman, TCS North America, said in a statement.

“We will continue to invest in our people and culture to ensure TCS remains one of the best employers in the US and around the world,” he added.

Moreover, the company said that TCS is one of the largest recruiters in the US in the IT services industry, and has hired more than 21,000 people over the last three years.

Its diverse and engaged workforce of more than 45,000 people across the US, collaborates with global teams to help customers innovate, transform, and grow.

The company further mentioned that TCS has become a top employer and set the industry standard for talent retention by consistently investing in building talent across the company through professional development initiatives and digital skills programmes.

TCS is consistently recognised by the foremost authorities of corporate reputation in the US.

In 2023, Fortune Magazine recognised TCS as one of the world’s most admired companies.

CareerBliss named TCS one of the 50 Happiest Companies of 2023.

In addition to being lauded by the Top Employers Institute for building a diverse workforce and nurturing the next generation of technology talent, Forbes ranked TCS among the Best Employers in New York for 2022.

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Business

TCS to add 1,200 new jobs in US

Shares of Tata Group firms surge after SC verdict against Mistry

More than 3,000 Illinoisans currently work for TCS – including 1,100 who were hired within the last five years….reports Asian Lite News

Amid the layoff season, tech major TCS on Thursday announced plans to create 1,200 new jobs in the US by the end of 2024.

The Indian company will create these jobs in the state of Illinois, along with accelerating its STEM outreach efforts in local schools to cover 25 per cent more students and teachers.

“I am thrilled that TCS will be expanding their footprint in the Land of Lincoln – with over a thousand jobs being added over the next two years,” said Illinois Governor J.B. Pritzker.

“With their STEM Education Initiatives, the next generation of Illinoisans will be prepared for the innovative jobs of the future – jobs that will transform our state into the premier tech hub in the nation,” he added.

More than 3,000 Illinoisans currently work for TCS – including 1,100 who were hired within the last five years.

Naperville is home to one of the 30 TCS facilities in the US where TCS employees help digitally transform and grow businesses that are cornerstones of the Illinois economy, such as United Airlines and Walgreens Boots Alliance.

Suresh Muthuswami, Chairman of North America, TCS, said that the expansion in Illinois is driven by companies “that use these obstacles as an opportunity to transform themselves and capture growth. They are investing to overcome today’s challenges and become more resilient for tomorrow”.

“TCS is attracting the brightest talent in cloud computing, AI, cybersecurity and other technologies to help them become future-ready enterprises,” he added.

TCS has been present in the US for more than 50 years.

Nearly half of the Fortune 500 companies partner with TCS to digitally transform and grow their businesses.

The company has hired 512 graduates of Illinois colleges and universities over the past five years, and it is the second largest recruiter of IT services talent in the country.

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Business Economy

TCS sets net zero emission target

In FY 2021, the specific carbon footprint of TCS across Scope 1 and Scope 2 was lower by 61.6 per cent compared to baseline year FY 2008….reports Asian Lite News

Tata Consultancy Services (TCS) has announced its plan to reduce its absolute greenhouse gas emissions across ‘Scope 1’ and ‘Scope 2’ by 70 per cent by 2025, and to achieve net zero emission by 2030.

In its recently published Integrated Annual Report 2020-21, the company has set forth this new carbon reduction goal after having achieved the previous target of reducing its specific carbon footprint by half by 2020, ahead of schedule.

In FY 2021, the specific carbon footprint of TCS across Scope 1 and Scope 2 was lower by 61.6 per cent compared to baseline year FY 2008.

“At the core of TCS’ strategy to reduce its carbon footprint is improved energy efficiency through the addition of more green buildings to the company’s real estate portfolio, reduction of IT system power usage, and the use of TCS Clever Energy, which leverages IoT, machine learning and AI to optimize energy consumption across campuses,” said a company statement.

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