TCS has finally released their Quarter 1 results for the Financial year 2009-10. Amongst others, freshers who are awaiting joining dates were really eager to see how they fare. And the good news has arrived. TCS will start to call freshers from this quarter itself. You cannot be sure when they will give joining dates to your college, but people say they call according to the rankings of the colleges. An official assurance for us after a long time!
In a press conference, some of the main points expressed by TCS are –
-Maintained vigor in pricing deals
-Focus on pharma, energy and utility sectors showing result
-Telecom, manufacturing and IT sectors under pressure
-Lower costs, lower forex loss increased dividend in Q1
-Forex hedging loss stood at Rs 85 crore versus Rs 195 crore (QoQ)
-Forex loss to come down further due to less outstanding hedges
-Cost management efforts yielded better margins at 24.83%
-Moved to more offshoring in Q1
-Q1 volume growth stood at 3.54%
-Earnings/share at Rs 7.83 versus Rs 6.59 (YoY)
-Revenue from new clients at 0.3% versus 0.4% (YoY)
–2009 Batch recruits will start getting joinings in Q2 (July-Sept 2009)
–Fresh campus recruitments to start in January 2010
-Net Profit up 15% Quarter-to-Quarter at Rs. 1,534 crore
The campus offers made for the current fiscal totaled 24,885. TCS has made about 111 job offers to prospects for its development centre in Cincinnati, Ohio.
Of these, 99 have accepted offers,while 38 have joined. It may be recalled that with the help of tax rebates and grants from the Ohio State government, TCS inaugurated the centre in March, 2008. The project aims to create 1,000 jobs there over three years.
Discretionary spending from clients is still under pressure and discretionary projects are sporadic, according to N. Chandrasekaran, Executive Director and COO, TCS. Discretionary spends are those that IT decision-makers in client companies decide on a continuous basis, using their discretion, as opposed to IT budgets for their companies fixed once a year.
In their official site TCS said:
* 24,885 campus offer were made in FY09. They would start joining us from Q2 onwards.
* Campus visits in FY10 would start in Q4 when students are in their last semester.
Though the results may not be mind-blowing, but surely a very comfortable one and something which will assure freshers and the employees alike of a stable future. With the 2010 batch of students to be recruited from January 2010 onwards, it surely is a great news for the 2009 batch whose joinings will start in Q2 as their anxious waiting days are sure to become lot more calm now!