India’s top IT company, Tata Consultancy Services profit soared 14.7 per cent to Rs 11,392 crore net profit in the quarter that ended March 2023 as compared to Rs 9,926 in the prior year. Revenue climbed by 16.9% to Rs 59,162 crore from Rs 50,591 crore in the same period last year. On a sequential basis, the profit went up by only 4.7 per cent, from 10,883 crores reported in the third quarter of FY23. The board declared a dividend per share of Rs 24.
The company reported a net profit of Rs 42,147 crore for the fiscal year 2023 as opposed to Rs 38,327 crore for the fiscal year 2022. The leadership of the company admitted the growth of the quarter was less than what was anticipated with uncertainties in the horizon.
Rajesh Gopinathan, an outgoing CEO of TCS, said, “This quarter has definitely come in weaker than we originally anticipated, and primarily coming out of North America.”
Gopinathan stated that although North America’s growth decreased in the previous quarter, it was anticipated that this was due to the region’s companies’ cautious approach. He also added that this was a result of the persistent macroeconomic worries and the volatility you saw in the banking system there.
In Q2 FY23, operating revenue increased by 16.9% year over year to 59,162 crores from the 50,591 crores recorded in the same quarter last year.
Ganapathy Subramaniam also mentioned, “During Q4 and through the year, we successfully delivered transformation programmes of varying size and scale. Cloud and Data continue to generate huge demand both internally from a talent perspective and externally from a solutions point of view. We are embracing Artificial Intelligence and machine learning ML holistically in our execution methods to leverage the huge data and metrics that we have on our delivery performance over decades, to generate insights and raise the bar on quality and experience to our clients.”
On June 1, 2023, K Krithivasan will succeed Rajesh Gopinathan as CEO and MD, according to TCS.
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