Tata Consultancy Services to announce fourth-quarter and FY20 results on 16 April
India's largest software services firm Tata Consultancy Services (TCS) on Friday said it will announce its fourth-quarter and FY20 results on 16 April
New Delhi: India's largest software services firm Tata Consultancy Services (TCS) on Friday said it will announce its fourth-quarter and FY20 results on 16 April.
"...a meeting of the Board of Directors of TCS Ltd is scheduled to be held on Thursday, 16 April, 2020, inter alia to approve...the audited financial results of the company under Indian Accounting Standards (Ind AS) for the year ended 31 March, 2020," TCS said in a regulatory filing.
The board will also recommend a final dividend, if any, for the fiscal for the approval of the shareholders at the ensuing 25th Annual General Meeting, it added.
TCS' smaller rival Wipro will announce its fourth quarter and FY20 earnings on April 15.
There are speculations that companies could look at delaying their March quarter earnings announcements, given the ongoing lockdown following coronavirus outbreak.
Markets regulator Sebi has also given relaxation of 45 days to companies for filing fourth-quarter results and one-month extension to file results for 2019-20.
Besides, relaxation of one month has been given for filing quarterly corporate governance reports and three weeks each for shareholding pattern and statement of investor complaint reports.
Operations of businesses across the world have been impacted by the coronavirus outbreak that has claimed thousands of lives.
In India, 206 deaths have been reported, while there were 6,039 cases of COVID-19 .
The government, on March 24, had announced a complete lockdown in the country for 21 days to contain the spread of coronavirus infection.
Most individuals have been asked to work from home to ensure business continuity and only skeletal staff has been allowed to be on-premises to run critical operations at IT and IT-enabled services organisations.
In a report, Sharekhan by BNP Paribas had said the January-March quarter is expected to be a weak quarter for Indian IT companies, owing to lower billings from lockdown measures in western countries (including the US and Europe) and India in wake of COVID-19 outbreak.
"Though management of IT companies has restrained to quantify the potential impact of the COVID-19 breakout on the financials, there has definitely been disruption in service delivery and execution due to travel restrictions, client''s confidentiality clauses, and work-from-home (WFH) advisories since mid-March," it had said.