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TCS says co not under probe in M&S breach; Chandra skips AGM for first time
India's largest IT services firm, Tata Consultancy Services (TCS), clarified at its 30th annual general meeting (AGM) that the company is not under investigation in relation to the recent cyber breach at one of its largest retail clients, Marks & Spencer.
'The purview of investigation does not include TCS,' said Keki Mistry, independent director, addressing shareholders.
Responding to a shareholder query regarding the breach at UK-based Marks & Spencer, Mistry said: 'This incident is currently under review and investigation by the customer. As no TCS customer or system was compromised, none of our other customers were impacted.'
The cyber breach, which occurred during the busy Easter weekend, disrupted online shopping services. According to a report by the Financial Times, the breach may result in losses of up to 300 million pounds.
Mistry added that TCS has followed all required procedures and continues to provide full support to the client to ensure full recovery of systems and business continuity.
For the first time in 17 years, N Chandrasekaran, chairman of Tata Sons, was absent from the TCS AGM. Chandrasekaran has been on the TCS board since 2007, when he served as the chief operating officer and executive director.
As board members and key executives gathered to address shareholders, company secretary Yashaswin Sheth informed attendees that Chandrasekaran was unable to attend due to exigent circumstances.
TCS is the second Tata Group company whose AGM Chandrasekaran missed this year. On Wednesday, he was also absent from the AGM of Tata Consumer Products.
'This is a very difficult time for us at the Tata Group. We are all deeply saddened. This is an unimaginable tragedy that has resulted in the loss of so many lives. Words can be of no consolation right now,' said Mistry.
'Our thoughts are with the families and loved ones of those who have lost their lives. The Tata Group stands in solidarity with those affected during these challenging times,' he added.
During the AGM, shareholders expressed concerns over how TCS is preparing for the rapid rise of artificial intelligence (AI) and generative AI, particularly in terms of potential job losses and shifts in the business model.
'We are building AI and genAI-powered solutions for customers to solve key business challenges. We are setting up AI centres of excellence and AI labs to enable enterprise-wide adoption,' Mistry said. He also added that the company is developing digital assets and investing in talent.
Addressing concerns around job losses, Mistry acknowledged that AI will automate several functions but will also create new roles. 'Recent advances in AI, such as reasoning capabilities and agentic AI, are expected to result in higher levels of automation. We do foresee scenarios where new forms of AI can perform some tasks autonomously that humans do today. This will lead to a new human-plus-AI operating model,' he explained.
Commenting on the global volatility, Mistry noted that industries are experiencing heightened uncertainty due to ongoing conflicts and macroeconomic conditions. 'We continue to stay close to our customers and help them navigate this extremely challenging environment. Our order books remain healthy,' he elaborated.
On India's digital sovereignty, Mistry reaffirmed the country's strategic importance for TCS. 'India is an extremely important geography for us, and we continue to build indigenous technologies that directly address the needs of governments and enterprises,' he added.
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