E-governance to gain momentum: TCS

Tata Consultancy Services (TCS) Chairman Cyrus Mistry on Friday exuded optimism on growth prospects, assuring shareholders he would try to give them the “same love and affection” predecessor Ratan Tata had.

The chairman of India’s largest information technology services company also told shareholders growth momentum was expected to continue, with a thrust on investing in the expansion of strategic businesses. He added these investments, in areas such as digital business, would play an “impactful” role.

“The growth momentum of TCS is likely to carry on…we are confident the company has great business opportunities…in the current financial year,” Mistry said, adding the company would focus on remaining relevant customer needs across geographies.

EYEING LOCAL MARKETS

• Investments in areas such as digital business would play an “impactful” role
• With new government at the Centre, better performance in the local market expected
• TCS Chairman Cyrus Mistry assured shareholders he would try to give them the “same love and affection” predecessor Ratan Tata had

With a new government in place at the Centre and e-governance expected to gain momentum, TCS said it expected a better performance in the domestic market. Last year, the company’s India business had to take a backseat due to the general elections.

“It is still early days to know what business is coming from the government, but the thrust on e-governance looks better in 2015,” said N Chandrasekaran, managing director and chief executive.

Shareholders thanked Vice-Chairman S Ramadorai, set to retire later this year, for his contribution towards the company. A few suggested to adhere to the Companies Act, 2013 by appointing a woman as director on the board.

The Companies Act, 2013, which came into effect in April, prescribes every listed or public company with a paid-up share capital of at least Rs 100 crore or a turnover of at least Rs 300 crore should appoint at least one woman director on its board.

For the year ended March this year, TCS has announced a dividend of Rs 32 a share against Rs 22 a share for the previous year.