Cyrus Mistry's Tata Consultancy Services to turn corruption killer with e-governance projects

PTI Posted online: Friday, Jun 27, 2014 at 0000 hrs
Mumbai : India's largest software services firm Tata Consultancy Services (TCS) is working on projects of e-governance, which can help in checking corruption, Chairman Cyrus Mistry said today.

Cyrus Mistry, who is also Chairman of the over USD 100-billion Tata Group, told shareholders at the 19th Annual General Meeting of TCS here that the company is looking into the appointment of a woman director on its board.

"TCS is involved in a number of e-governance projects in India and abroad. They can help curb corruption," he told shareholders here.

He added that the city-headquartered firm will take up the issue of setting up new research and development (R&D) centres when the business requirement happens.

On appointment of woman director, he said: "The nomination committee is looking into the appointment of a lady director."

The Companies Act, 2013, which came into effect in April, 2014, prescribes that every listed firm and every public company with a paid-up share capital of Rs 100 crore and above or turnover of Rs 300 crore and above should appoint at least one woman director.

Cyrus Mistry told the shareholders: "We have developed a safety app for ensuring safety of our lady employees."

TCS's CSR expenditure has gone up to Rs 93 crore, he said. "We've to do a lot more in that area (CSR)," he added.

TCS posted a industry-leading results in 2013-14 fiscal with a record consolidated revenue of Rs 81,809 crore (up 29.9 per cent) and net profit of Rs 19,164 (up 37.7 per cent).

For the January-March 2013-14 quarter, it reported a 48.2 per cent jump in consolidated net profit to Rs 5,357.6 against Rs 3,615.64 crore a year earlier.

Consolidated revenue for the quarter was up 31.2 per cent to Rs 21,551.09 crore from Rs 16,430.09 crore in the year-ago period. The results are on India GAAP basis.

It added a net 9,751 employees in the fourth quarter and a net 24,268 employees during the entire financial year to take its head count to 300,464.