TCS Q1FY24 net profit up 16.8% at Rs 11,074 crore

India's largest technology services company, Tata Consultancy Services (TCS) reported its consolidated financial results for the quarter ending June 30, 2023. The IT company reported a 16.83% YoY rise in net profit at Rs 11,074 crore for the June quarter as compared with Rs 9,478 crore in the same quarter last year. 

Revenue for the quarter came in at Rs 59,381 crore, which was up 12.55 YoY over Rs 52,758 crore in the same quarter last year. 

Revenue growth in constant currency terms rose by 7% YoY, TCS said today.

 The IT firm said its board has declared an interim dividend of Rs 9 per share of face value Re 1 each. 

The interim dividend would be paid on Monday, August 7, to the equity shareholders of the company, whose names appear on the register of members of the company or in the records of the depositories as beneficial owners of the shares as of Thursday, July 20, which is the record date, fixed for the purpose.

The IT firm said its workforce at the end of the quarter stood at 6,15,318, a net addition of 523 during the quarter. The workforce continues to be very diverse, comprising 154 nationalities and with women making up 35.8%.

The company rolled out its annual salary increase across its workforce, with effect from April 1, 2023. Its investment in upskilling its workforce continues apace. Year till date, 103,000 employees were trained in high demand competencies and collectively, TCSers clocked 12.7 million learning hours and acquired 1.3 million competencies. IT services attrition dipped further in Q1 and was at 17.8% for the last twelve months.

K Krithivasan, Chief Executive Officer and Managing Director said: “It is very satisfying to start the new fiscal year with a string of marquee deal wins. We remain confident in the longer-term demand for our services, driven by the emergence of newer technologies. We are investing early in building capabilities at scale on these new technologies, and in research and innovation, so we can maximize our participation in these opportunities.”

N Ganapathy Subramaniam, Chief Operating Officer and Executive Director said: “Our products and platforms achieved major milestones during the quarter with several transformational engagements going live. In the UK Life and Pensions administration space, we signed three new deals on our digital insurance platform, making TCS the undisputed leader in this market on any metric. We are proactively building differentiating capabilities in generative AI and actively working on such projects with our clients, delivering impact on technology, operations and client experience dimensions.”

Source: BSE

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