Despite the volatile economic environment in the global market, the year 2013-14 presents several opportunities for Tata Consultancy Service (TCS) even as it identifies new opportunities and lines up investments ahead of the curve, said TCS Chairman Cyrus Mistry in his maiden address to shareholders at the company’s 18 Annual General Meeting (AGM). It was a change for Tata Group shareholders who were so far accustomed to the avuncular presence of Ratan Tata— who retired as chairman of the group in December 2012.
Obviously, the cynosure of all eyes at the AGM, Mr. Mistry did not disappoint as he answered shareholder queries comfortably.
On the rupee depreciation, Mr. Mistry said the company followed a hedging policy and met at periodic intervals to review strategy, “to protect the profits of the core business.”
Responding to a shareholder query as to whether the retirement age would be reviewed, Mr. Mistry said, “all those who have retired are in our thoughts, and have been there to mentor us. Over time, we will, hopefully, grow into our appropriate roles. Mr. Ratan Tata enjoyed your unstinting support, and I request you for the same.”
N. Chandrasekaran, CEO & MD, TCS, expressed confidence that 2013-14 would bring better opportunities as technology played an increasing role in the re-imagination and transformation of many industries globally.
“Currency volatility is a significant factor but amidst all this, there are a lot of opportunities from a technical point of view,” he said.
“Today, we are seeing the ‘enterprisation’ of the consumer, and the consumerisation of the enterprise. As the trusted partner to many top global corporations, we believe our success will lie in being able to identify new growth engines. This will help us sustain our momentum. However, we must continue to ensure cost discipline at operational level while supporting diversified business growth,” he said.
Looking ahead to 2013-14, Mr. Chandrasekaran said, “there are challenges in some markets with regard to regulatory changes. These include restrictions in the movement of highly skilled professionals between countries. TCS remains conscious of these changes, and will be taking steps to ensure total compliance and also mitigate any risks arising from such changes.”