TCS Q1 Results: Profit Rises 8.7 Per Cent To Rs 12,040 Crore, Revenue Up 5.4 Per Cent
TCS Q1 Results: The company has declared an interim dividend of Rs 10 per equity share of Re 1 each
Tata Consultancy Services (TCS), India's largest IT services company, announced an 8.7 per cent year-on-year (YoY) increase in its consolidated net profit for the first quarter ended June 2024, reaching Rs 12,040 crore. This is up from Rs 11,074 crore in the same period last year.
The company's revenue for the quarter saw a 5.4 per cent rise, totaling Rs 62,613 crore. Despite this growth, the net profit fell 3.1 per cent sequentially from the March quarter.
"I am pleased to report a strong start to the new fiscal year with all-round growth across industries and markets," said K Krithivasan, Chief Executive Officer and Managing Director of TCS. He highlighted the company's ongoing efforts to expand client relationships, innovate in emerging technologies, and invest in new capabilities, including a new AI-focused TCS PacePort in France, an IoT lab in the US, and expanding delivery centers in Latin America, Canada, and Europe.
Chief Financial Officer Samir Seksaria noted the company's strong operating margin performance despite the impact of annual wage increments, attributing this to operational excellence.
Milind Lakkad, Chief HR Officer, expressed satisfaction with the successful completion of the annual increment process, highlighting TCS's focus on employee engagement and development, which has led to industry-leading retention and strong business performance.
K Krithivasan, chief executive officer and managing director, said: "I am pleased to report a strong start to the new financial year with all-round growth across industries and markets. We are continuing to expand our client relationships, create new capabilities in emerging technologies and invest in innovation, including a new AI-focused TCS PacePort in France, an IoT lab in the US and expanding our delivery centres in Latin America, Canada, and Europe."
TCS has also declared an interim dividend of Rs 10 per equity share of Re 1 each.
The IT services firm added 5,452 employees on a net basis in the fiscal first quarter, reversing three straight quarters of decline. The Tata group company's headcount had dropped 1,759 sequentially in the March period. With the latest increase, TCS employs 6,06,998 people, the company said on July 11 as it shared the numbers for the first quarter of the FY25.
Shares of TCS closed at Rs 3922.70 apiece, up 0.33 per cent on the BSE on Thursday.
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