India's TCS to cut 12,000 jobs as demand contracts
The software services firm — India's largest by market cap — said the reductions would mainly affect employees in middle and senior roles and would be rolled out over the course of this year.
TCS employs 613,000 people worldwide, and the IT services sector is one of India's biggest employers and revenue earners.
The company said the move was part of efforts to become a "future-ready" organisation as it enters new markets and scales up its use of artificial intelligence.
"As part of this journey, we will also be releasing associates from the organisation whose deployment may not be feasible," TCS said in a statement.
It said the restructuring was being carried out with "due care" to avoid disruption to client services.
After TCS's June-quarter revenue fell short of expectations, CEO K Krithivasan said this month that "continued global macro-economic and geopolitical uncertainties caused a demand contraction".
IT services are the most visible part of India's modern economy and historically one of its biggest white-collar job creators, driving the expansion of the middle class.
But a slowdown in the sector has seen hundreds of thousands of new graduates struggle to find work.
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China Tower (788.HK) Announces 2025 Interim Results
Deepening "One Core and Two Wings" Strategic Layout Steady Improvement in Business Quality Continuously Enhancing Shareholder Returns HONG KONG SAR - Media OutReach Newswire - 5 August 2025 - The world's largest telecommunications infrastructure service provider China Tower Corporation Limited ("China Tower", or the "Company") (Stock Code: is pleased to announce its interim results for the six months ended 30 June 2025. Performance Highlights RMB Million 1H 2025 1H 2024 Change Operating revenue 49,601 48,247 2.8% EBITDA[1] 34,227 33,045 3.6% Profit attributable to owners of the Company 5,757 5,330 8.0% Basic earnings per share (RMB yuan) (Re-presented) 0.3293 0.3049 8.0% Dividend per share (RMB yuan) 0.13250 0.01090 21.6% [2] Key operating data Number of tower sites (thousand) 2,119 2,070 2. 4 % Number of tower tenants (thousand) 3,844 3,731 3.0% Tenancy ratio (tenants / tower site) 1.81 1.80 0.6% In the first half of 2025, the Company's operating revenue maintained steady growth, reaching RMB49,601 million, an increase of 2.8% year-on-year. EBITDA reached RMB34,227 million, an increase of 3.6% year-on-year, with an EBITDA margin [3] of 69.0%. Profit attributable to the owners of the Company reached RMB5,757 million, an increase of 8.0% year-on-year, with a net profit margin of 11.6%, demonstrating a continuous improvement in profitability. Net cash generated from operating activities amounted to RMB28,679 million, a decrease of RMB4,151 million year-on-year. Capital expenditures stood at RMB12,392 million, with free cash flow [4] reaching RMB16,287 million, down by RMB2,814 million year-on-year. As at 30 June 2025, our total assets amounted to RMB331,127 million, with interest-bearing liabilities of RMB92,639 million and a gearing ratio [5] of 29.5%, representing a decrease of 1.5 percentage points from the end of 2024. Financial position remains healthy and stable. The Company attaches great importance to shareholder returns. After considering our profitability, cash flow and future development needs, the board of directors of the Company has resolved to distribute an interim dividend of RMB0.13250 per share (pre-tax). We will work towards realizing healthy growth in annual dividend payment per share and creating greater value for shareholders. Strong foundation helped maintain stable performance in TSP business The Company fully delivered on its role as part of a nationwide consortium of telecommunication infrastructure developers and as the leading force in new 5G infrastructure construction. We further overcame challenges in the Dual-Gigabit network joint-entry, as well as implementing special projects such as upgrading signal strength and extending broadband coverage to all border areas. We were able to capture opportunities presented by the continuous expansion of 5G network penetration and coverage in China. By working to improve resource coordination and sharing, and enhancing our professional operations, we were able to fully satisfy customer network construction needs and maintain stable growth in the TSP business. In the first half of 2025, our TSP business recorded revenues of RMB42,461 million, an increase of 0.8% year-on-year. Tower business. 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In the first half of 2025, our Tower business revenue reached RMB37,797 million, maintaining at about the same level year-on-year. As of 30 June 2025, the Company managed a total of 2.119 million tower sites, an increase of 25,000 sites compared to the end of 2024. We gained 35,000 new TSP tenants since the end of 2024, bringing the total number of TSP tenants to 3.579 million. Our TSP tenancy ratio was 1.72. DAS business. Maintaining a clear focus on high-value scenarios, the Company continued to strengthen its resource coordination and sharing capabilities for key sites such as large transportation hubs, subways, large venues, Grade 3A hospitals, tertiary institutions, and landmark buildings. We collaborated with TSPs to accelerate 5G network upgrades on high-speed railways, achieving a larger share of high-value scenario orders. 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As of 30 June 2025, we had covered buildings with a cumulative area of 13.85 billion square meters, up by 20.0% year-on-year, while the coverage in high-speed railway tunnels and subways reached a cumulative length of 30,878 kilometers, representing an increase of 17.0% year-on-year. Refined operations to boost rapid development of Two Wings business We continued to strengthen product innovation and optimized business planning to improve our core competencies and promote further development of our Two Wings business, realizing rapid revenue and scale expansion. In the first half of 2025, revenues from our Two Wings business reached RMB6,935 million, accounting for 14.0% of our overall operating revenue and representing an increase of 1.6 percentage points over the same period last year. Smart Tower business. Focusing on spatial digital intelligence governance, we leveraged our rich resources and capabilities to transform "telecommunication towers" to "digital towers", which supported national strategies and major projects while improving the quality of our Smart Tower business. In terms of identifying customer demands, we further developed the Smart Tower business across vertical sectors and promoted strategic cooperation with a list-based approach. Our market share expanded and leadership consolidated across key scenarios such as farmland protection, fisheries law enforcement, bushfire prevention, disaster alert, and emergency rescue. In terms of refining our products, we advanced the construction and operations of the distributed platform and optimized our distinctive algorithm warehouse for mid-to-high points. We developed high-quality data sets for digital intelligent governance, further improving the competitiveness of products in key service scenarios. In terms of upgrading service delivery, we continued to elevate the service quality for customers in key industries, centering around the development of high-standard service systems. We reinforced service process management and advanced service upgrades for major projects and key service scenarios. We reinforced our local support and service teams to ensure swift response to customers' incremental development requirements, continuously enhancing our "companion" service capabilities. In terms of strengthening security, we solidified measures by deepening closed-loop management of network information security risks and improving the technical protection system. We carried out special initiatives to comprehensively enhance technical protection capabilities for network information security across data, terminals, platforms, and cloud networks. In the first half of 2025, our Smart Tower business achieved revenue of RMB4,726 million, a year-on-year increase of 18.7%. Of which, RMB2,822 million was generated from Tower Monitoring business, accounting for 59.7% of our Smart Tower business. Energy business. We focused on key business segments such as battery exchange and power backup, leveraging core competitiveness in product, service, and platform. We carried out refined operation and turned our Energy business into a specialized business stream. For the battery exchange business, we strengthened our presence in the consumer food delivery market while accelerating expansion among corporate customers. We established a VIP user management system to improve service capabilities and customer retention, driving rapid growth in our user base. As of 30 June 2025, we had approximately 1.470 million battery exchange users, an increase of 166,000 from the end of 2024, further maintaining our leading position in battery exchange for low-speed electric vehicles. 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Looking ahead, we will continue to uphold the philosophy of resource sharing and adhere to the 'One Core and Two Wings' strategy to further enhance our core competitiveness, promote high-quality development, and maximize value for shareholders, customers, and society." [1] EBITDA is calculated by operating profit plus depreciation and amortization. [2] The Company's share consolidation and capital reduction took effect on 20 February 2025. The Company's total issued share capital was reduced from 176,008,471,024 shares to 17,600,847,102 shares. Taking into account the aforementioned change in total issued share capital, the growth rate is calculated based on the total amount of dividends. [3] EBITDA margin is calculated by dividing EBITDA by operating revenue, and multiplying the resulting value by 100%. [4] Free cash flow is the net cash generated from operating activities minus the capital expenditures. 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Meanwhile, relying on unique resources to provide energy application services such as information application and intelligent battery exchange and power backup to the society, the Company strives to build itself into a world-class integrated digital infrastructure service provider, and a highly competitive information and new energy applications provider. As of the end of June 2025, the Company's total assets amounted to RMB331,127 million. China Tower operated and managed 2.119 million tower sites across 31 provinces, municipalities and autonomous regions in the PRC, and served over 3.844 million tenants with the tenancy ratio of 1.81. China Tower
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