TCS Q3 Results: Net Profit Jumps 11 Per Cent, Company Announces Dividend Of Rs 75 A Share

TCS will give an interim dividend of Rs 8 per share and a special dividend of Rs 67 per equity share. It will be paid on February 3

TCS' consolidated revenue from operations came in at Rs 58,229 crore, up 19.11 per cent against Rs 48,885 crore in the corresponding quarter of the previous financial year.

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Indian IT major Tata Consultancy Services (TCS) on Monday posted a 10.98 per cent rise in its consolidated net profit at Rs 10,883 crore for the quarter ended December 2022 (Q3FY23). The tech giant had clocked a profit of Rs 9,806 crore in the year-ago period.

The consolidated revenue from operations came in at Rs 58,229 crore, up 19.11 per cent against Rs 48,885 crore in the corresponding quarter of the previous financial year.

In constant currency terms, the revenue rose 13.5 per cent year on year (YoY), the company said, adding that growth was led by North America & UK, which rose 15.4 per cent YoY. On a sequential basis, TCS’ profit jumped by 3.99 per cent, from Rs 10,465 crore in quarter-ended September.

The total income stood at Rs 50,833 crore in this quarter, compared to Rs 43,070 crore YoY, rising by 18.02 per cent. On QoQ basis, the income grew by 10.98 per cent.

The company announced a dividend of Rs 75 per share. It will have an interim dividend of Rs 8 per share and a special dividend of Rs 67 per equity share. It will be paid on February 3, 2023.

"We would like to inform you that at the Board Meeting held today, the Directors have declared a third interim dividend of Rs 8 and a special dividend of Rs 67 per equity share of Rs 1 each of the company," the company said.

In an exchange filing, TCS said that the net headcount decreased by 2,197 people and the total workforce stood at 613,974. The attrition was still above 20 per cent at 21.3 per cent in Q3FY23. In Q3FY22, the attrition was 15.3 per cent and in Q2FY23, it was 21.5 per cent.

Rajesh Gopinathan, CEO and MD of TCS, said, "We are pleased with our strong growth in a seasonally weak quarter, driven by cloud services, market share gains through vendor consolidation, and continued momentum in North America and the UK. The sustained strength of demand for our services is a validation of the value we provide to our clients in helping them differentiate themselves, while enhancing their competitiveness. Looking ahead, and beyond current uncertainties, our longer-term growth outlook remains robust."

Shares of TCS closed at Rs 3,319 apiece, up by 3.35 per cent on the BSE on Monday.