TCS Q2 results: Former HDFC CEO Keki Mistry, two others join company's board

IT major Tata Consultancy Services on Wednesday said that former HDFC CEO and Vice Chairman Keki Mistry, Hanne Birgitte Breinbjerg Sorensen, and Al-Noor Ramji will join the company board as non-executive independent directors.

In an exchange filing on Wednesday, TCS said as per rules, Sorensen, Mistry and Ramji are not debarred from holding office of directors by virtue of any Order passed by the Securities and Exchange Board of India or any other authority.

"ln accordance with BSE circular no. LIST/COMP/14/2018-19 and NSE circular no. NSE/CML/2018/24, dated June 20, 2018, it is hereby confirmed that Ms. Hanne Birgitte Breinbjerg Sorensen, Mr. Keki Minoo Mistry and Mr. Al-Noor Ramji are not debarred from holding office of Directors by virtue of any Order passed by Securities and Exchange Board of India or any other authority. There is no inter-se relationship between Ms. Hanne Birgitte Breinbjerg Sorensen, Mr. Keki Minoo Mistry, Mr. Al-Noor Ramji and any other member of the Board," TCS said.

Keki Minoo Mistry was the CEO and Vice Chairman of HDFC Ltd since 2010. Post its merger with HDFC Bank, he joined the bank as an additional and Non- Executive Director (Non-Independent) on June 30, 2023. He is also the Non-Executive Chairman of HDFC Ergo General Insurance Company Limited.

Mistry is currently a member of the Primary Markets Advisory Committee set up by Sebi. He is the chairman of the sub-group constituted by Sebi to ‘Review the Reverse Book Building Process and Review the Compulsory Delisting Framework Adopted by Stock Exchanges’.

He also joined Cyrus Poonawalla Group as the strategic advisor to all its financial services ventures spearheaded by Adar Poonawalla.

Sorensen is a Danish national and holds an MSc in Economics and Management from the University of Aarhus. During the period 1994-2016, she was engaged in various roles within the A.P. Moller - Maersk A/S Group in Denmark.

Sorensen is presently on the board of directors and committees thereof of various international companies. She is a member of the Audit Committee and Nomination and Remuneration Committee of TCS.

Ramji is a veteran Chief Information Officer, Board Advisor and Entrepreneur with more than 30 years of experience driving digital strategy and transformation for global enterprises. His most recent executive position was as Group Chief Digital Officer at Prudential plc. Prior to that, he held CEO and senior technology leadership roles at Misys PLC, Calypso Technologies, BT Group, Qwest Communications, Dresdner Kleinwort Benson, and Swiss Bank Corporation.

The company added that Daniel Hughes Callahan, also known as Don Callahan, Independent Director of the Company, whose term of office expires on January 9, 2024, will not continue his term. Accordingly, his tenure as Independent Director shall come to an end on January 9, 2024.

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"On behalf of the Board, I thank Don for his enormous contribution and guidance during his tenure on the Board of TCS. The Company, Board and Management have immensely benefited from his profound knowledge of the industry, of evolving technology landscape and impact of technology on businesses. We are grateful for his contribution to the Board, Audit and Risk Management Committees of the Board. I am delighted to welcome Al Noor Ramji to the Board of TCS. His vast experience in driving digital transformation across a broad range of industries like banking, telecom and hi-tech will be very valuable to the company,” said N Chandrasekaran, Chairman, Board of Directors, TCS.

TCS Q2 results

TCS, which is the largest IT firm in terms of sales, on Wednesday reported a 8.74 per cent year-on-year (YoY) rise in net profit at Rs 11,342 crore for the September quarter.

TCS board approved buyback of Rs 17,000 crore at a price of Rs 4,150 per equity share. The buyback price is at a premium of about 15 per cent.

"TCS reported Q2 earnings that met street expectations while buyback price was below expectations and even below the last buyback price. US Dollar revenue declined for the first time in many quarters while Q2 EBIT Margin was better than expectations. TCS board approved buyback of Rs 17,000 crore at a price of Rs 4,150 per equity share against street expectations of Rs 4,300 to Rs 4,500 per share. The buyback price is at a premium of about 15 per cent. The company will be buying back up to 4.09 crore shares which will be 1.12% of the total equity share capital," said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

Shares of TCS closed at at Rs 3,609.90, 0.5 per cent down, on the National Stock Exchange.