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Published: July 13, 2023
Updated: July 13, 2023

TCS Q1FY24 Results: Net Profit Up 16.8% YoY, Revenue Reaches Rs 59,381 Crore

Tata Consultancy Services (TCS) has announced its financial results for the first quarter of the fiscal year 2023-24. The IT giant reported a strong performance, with a significant increase in net consolidated profit and revenue. This article provides an overview of TCS's Q1FY24 results, highlighting key financial figures and insights from company executives.

Solid Financial Performance:

TCS recorded a notable 16.8% year-on-year growth in net consolidated profit for the quarter ending June 30. The profit surged to Rs 11,074 crore, compared to Rs 9,478 crore in the same quarter of the previous year. The company's revenue from operations also witnessed a robust growth of 12.5%, reaching Rs 59,381 crore, compared to Rs 52,758 crore in the corresponding period last year.

Interim Dividend Declaration:

As part of its financial announcements, TCS declared an interim dividend of Rs 9 per share with a face value of Rs 1 each. This move demonstrates the company's commitment to rewarding its shareholders and sharing its financial success.

Confidence in Future Prospects:

K Krithivasan, CEO and Managing Director of TCS, expressed satisfaction with the strong start to the new fiscal year. He emphasized the company's confidence in the long-term demand for its services, driven by the emergence of new technologies. TCS is actively investing in building capabilities at scale in these new areas and prioritizing research and innovation to maximize its participation in future opportunities.

Attrition and Workforce:

TCS reported an attrition rate of 17.8% for the quarter, which the company aims to bring back within its industry-leading, long-term range in the second half of the year. Despite the challenges, TCS added 523 employees during this period, and its total workforce now stands at an impressive 615,318.

Focus on Capacity and Talent Management:

Milind Lakkad, Chief HR Officer of TCS, highlighted the company's commitment to honoring all offers made while focusing on leveraging the capacity built in the previous year. TCS aims to optimize its talent management strategies to maintain a skilled workforce and ensure long-term growth.

TCS's Q1FY24 results showcase its strong financial performance, with significant growth in net profit and revenue. The company's leadership remains confident in the demand for its services, driven by emerging technologies. With a focus on talent management and capacity utilization, TCS aims to maintain its industry-leading position and capitalize on future opportunities.