On Thursday, the share price of Tata Consultancy Services (TCS) increased by more than 1% following K. Krithivasan’s full-time appointment as the company’s CEO.

After Rajesh Gopinathan resigned from the job he took on in 2017, Krithivasan was designated as CEO-designate on March 16 by TCS, India’s largest provider of information technology (IT) services.

In the company’s 55-year history, Krithivasan is just the fifth CEO, a testament to its steady leadership and management. Over the course of his more than 34 years with TCS, Krithivasan served as the company’s global head of the Banking, Financial Services, and Insurance (BFSI) Business Group.

Market analysts are of the opinion that the company would not experience any instability as a result of the leadership shift, and they also believe that Krithivasan’s prior position may have been beneficial during the worldwide downturn in IT investment, which has particularly hurt the BFSI industry.

TCS’s total net profit for the three months ended March 2023 increased by 5.03% QoQ to 11,392 crores. Its operating revenue was 59,162 crore, up 1.6% from the previous period.

Net margins for the company were 19.3%, and operating margins remained constant at 24.5%.

A final dividend for FY23 of 24 per equity share was also issued by TCS.

TCS shares were trading 1.21% higher at 3,330.85 a share on the BSE at 12:30 p.m.