Aniket Pujari
The country’s largest software exporter Tata Consultancy Services (TCS) on Friday (December 20) said its wholly-owned subsidiary, Tata Consultancy Services (Africa) (Proprietary) Ltd (TCS Africa), has sold a 30% stake in Tata Consultancy Services (South Africa) (Proprietary) Ltd (TCS SA) to the Isisekelo Sethu Trust for ZAR 60.77 million (₹28.29 crore).
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“…we hereby inform that Tata Consultancy Services (Africa) (Proprietary) Ltd(TCS Africa), a wholly owned subsidiary of Tata Consultancy Services Ltd (TCS) and Tata Consultancy Services (South Africa) (Proprietary) Ltd (TCS SA), a step down wholly owned subsidiary of TCS have entered into an agreement with Isisekelo Sethu Trust to sell and dispose off (sic) 30% of shares held by TCS Africa in TCS SA to comply with the Broad-Based Black Economic Empowerment (B-BBEE) guidelines in South Africa,” TCS said in a regulatory filing.
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The agreement, signed on December 20, 2024, ensures compliance with South Africa’s Broad-Based Black Economic Empowerment (B-BBEE) Act. The Isisekelo Sethu Trust, an entity dedicated to empowering disadvantaged and economically marginalised communities, will now hold a 30% stake in TCS SA. Following the transaction, TCS SA will cease to be a wholly-owned step-down subsidiary of TCS.
Tata Consultancy Services reported a 4.99% year-on-year (YoY) increase in net profit at ₹11,909 crore for the second quarter that ended September 30, 2024. In the corresponding quarter of the previous fiscal, TCS posted a net profit of ₹11,342 crore, the company said.
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The company’s revenue from operations increased 7.06% to ₹64,988 crore against ₹60,698 crore in the corresponding period of the preceding fiscal.
Shares of Tata Consultancy Services Ltd ended at ₹4,168.05, down by ₹103.45, or 2.42%, on the BSE.
(Edited by : Shoma Bhattacharjee)
