TCS Q1 net profit grows 16.8% YoY to ₹11,074 crore
The Hindu
TCS reported 18.8% y-o-y growth in net profit to ₹11,074 cr. Revenue grew 12.6% y-o-y to ₹59,381 cr. Margin was at 18.6%. Board declared dividend of ₹9/share. Order book stood at $10.2 bn. Demand softening due to global macroeconomic uncertainties. Investing in new tech & AI. Growth led by Life Sciences & Healthcare, Manufacturing, BFSI, Retail & CPG, Tech Services & Communication & Media.TCS reported 18.8% y-o-y net profit growth to ₹11,074 cr on 12.6% y-o-y revenue growth to ₹59,381 cr. Margin was at 18.6%. Board declared dividend of ₹9/share. Order book at $10.2 bn. Demand softening due to global macroeconomic uncertainties. Investing in new tech & AI. Growth led by Life Sciences & Healthcare, Manufacturing, BFSI, Retail & CPG, Tech Services & Communication & Media.
Tata Consultancy Services Ltd. (TCS) reported that its first quarter consolidated net profit grew 18.8% year-on-year to ₹11,074 crore on the back of marquee deals. Net margin was at 18.6%.
But due to demand softness witnessed in the market, the company reported a comparatively lower net profit on a quarter-on-quarter basis, from ₹11,392 crore in the fourth quarter.
The company’s revenue for the quarter ended June 30, 2023 grew 12.6% year-on-year to ₹59,381 crore. The Constant Currency revenue growth was 7%. On a quarter-to-quarter basis, however, the growth was nearly flat. The board has declared a dividend of ₹9 per share.
The company said its order book stood at $10.2 billion.
With a net addition of 523 to overall headcount, the company’s workforce at the end of the quarter stood at 615,318. While the company has announced it will hire about 40,000 people this year, the quarterly spread-out has not been finalised.
Stating that demand was softening due to global macroeconomic uncertainties, the company believes that achieving double-digit growth this year would be a tall order.
“The market uncertainty is the biggest headwind. In the tailwind perspective, every time a new technology comes to play, it creates lot of opportunities. There is so much to be done,” said K Krithivasan, CEO & MD, TCS.
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