Gopinathan has taken over the reins of the country's largest IT services firm from N Chandrasekaran, who has been elevated as Chairman of Tata Sons, the holding company of the $103-billion Tata Group.

Chandrasekaran, who is also known as 'Chandra', will resume his role as the chairman of Tata Sons from tomorrow onward.

Amid calls in the IT industry for sharing of cash pile with shareholders and investors, India's largest software company Tata Consultancy Services today said its board will discuss suggestions received on certainty over dividend policy and share buyback.

N Chandrasekaran, chairman designate of Tata Sons and currently the CEO and Managing Director of Tata Consultancy Services, was today elected as Chairman of Tata Steel Board.

Moving the head of Tata Consultancy Services to the top job at Tata Sons' holding company fills a critical hole for the salt-to-software conglomerate, but it leaves another at its most valuable company ahead of a complex and unpredictable 2017.

Shares of TCS fell by almost 4 per cent today after the company flagged issues surrounding the H1-B visas in the US as a key headwind going forward.

After being appointed as the new Chairman of Tata Sons, TCS CEO and MD N Chandrasekaran today expressed confidence that his successor, Rajesh Gopinathan, will take the country's largest IT services firm to \"greater heights\".

On quarter-on-quarter basis, net profit was up 2.9 per cent, while revenue grew 1.5 per cent in the reporting quarter.

The head of India's largest software services firm had taken home a package of Rs 18.68 crore in 2013-14 financial year.

\"Q4 revenues is expected to be in line with the Q4 trends of last year's trends,\" TCS Chief Financial Officer Rajesh Gopinathan said on an investor concall.

Consolidated revenue rose 22.9 per cent to Rs 22,111 crore for the April-June quarter this fiscal from Rs 17,987 crore for the same quarter in the 2013-14 fiscal. The figures are in Indian GAAP.

Also smaller verticals like Media & Entertainment and Travel & transportation are growing better than the firm's overall average growth, the Mumbai-headquartered company said in a business update for the first quarter of 2014-15 fiscal.

\"We are planning to hire 55,000 this fiscal. We have already said that as far as campus hiring is concerned, it will be 25,000,\" TCS Executive Vice-President and Global Human Resources Head Ajoy Mukherjee said.

The Tata Group company's revenue came in at $3.33 billion, 5.4 per cent higher sequentially. In rupee terms, the firm's topline shot up 17 per cent to Rs 20,977 crore.

The company's total revenue, under Indian IFRS accounting standards, rose 21 per cent to Rs 17,987 crore from Rs 14,869 crore in the corresponding period last fiscal.

Rajesh Gopinathan would take over as the Chief Financial Officer (CFO) of the company with effect from February 10, 2013.

Revenues rose 34.3 per cent to Rs 15,621 crore in the second quarter of 2012-13, compared to Rs 11,633.49 crore in the year-ago period.

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