TCS profit increased by nine percent in the fourth quarter to Rs 12,434 crore.
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Mumbai . Tata Consultancy Services (TCS) on Friday said its net profit rose nine per cent to Rs 12,434 crore in the January-March quarter of financial year 2023-24. The company said its gains were driven by better margins and strong performance of its Indian business. The country’s largest software services provider company had registered a net profit of Rs 11,392 crore in the same period of the previous financial year (2022-23). The company’s net profit increased by nine percent to Rs 45,908 crore for the full financial year 2023-24.
During this period, revenue increased to Rs 2,40,893 crore, which was Rs 2,25,458 crore in 2022-23. The company managed to increase its sales margin by 1.5 percent to 26 percent in the quarter under review. During this period, revenue also increased by 3.5 percent to Rs 61,237 crore, which was Rs 60,583 crore in the same quarter a year ago. In the fourth quarter of the financial year 2023-24, the company received new orders worth $ 13.2 billion, which is the highest in any quarter so far. TCS Chief Executive Officer and Managing Director K Keerthivasan said in a statement that the profit margins and orders received by the company confirm its business model and execution excellence. He said that the company is working closely with its customers and helping them amid the challenging global environment.
The company’s revenue from its India business, including the over Rs 15,000 crore deal with BSNL, grew 38 per cent. With this, the domestic contribution to trade in the March 2024 quarter increased from five percent to 6.7 percent. Revenue in North America, the company’s biggest market, declined 2.3 percent year-on-year during the quarter under review. The share of this market in the company’s total business declined from 52.4 percent to 50 percent. The company’s employee headcount decreased by about 2,000 during the quarter. The total number of employees of the company was 6,01,546 in the financial year ending March 31, 2024.
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