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Tuesday, January 31 2023
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TCS posts Rs 9,478 cr profit, interim dividend of Rs 8

TCS posts Rs 9478 cr profit interim dividend of Rs 8
Photo Credit : IANS

Chennai: Software major Tata Consultancy Services Ltd (TCS) on Friday said it closed the first quarter of FY23 with revenue of Rs 52,758 crore and a net profit of Rs 9,478 crore.

The Board of TCS also declared an interim dividend of Rs 8 per equity share of Re 1 each.

According to TCS, for the period ended June 30, 2022, it had posted a revenue of Rs 52,578 up from Rs 45,411 crore earned during the same period the previous fiscal.

The company also said it had logged a net profit of Rs 9,478 crore for the period under review up from Rs 9,080 crore earned during the previous year’s comparable period.

The company’s workforce stood at 606,331 as of June 30, a net addition of 14,136 during the quarter. The workforce continues to be very diverse, comprising 153 nationalities and with women making up 35.5 per cent of the base, TCS said.

“We are starting the new fiscal year on a strong note, with all-around growth and strong deal wins across all our segments. Pipeline velocity and deal closures continue to be strong, but we remain vigilant given the macro-level uncertainties. Our new organisational structure has settled in nicely, getting us closer to our clients and making us nimbler in a dynamic environment. Looking ahead, we remain confident in the resilience of technology spending and the secular tailwinds driving our growth,” Chief Executive Officer and Managing Director Rajesh Gopinathan said.

According to Chief Financial Officer Samir Seksaria, it was a challenging quarter from a cost management perspective.

“Our Q1 operating margin of 23.1 per cent reflects the impact of our annual salary increase, the elevated cost of managing the talent churn and gradually normalising travel expenses. However, our longer-term cost structures and relative competitiveness remain unchanged, and position us well to continue on our profitable growth trajectory,” Seksaria said.

The company’s order book position was $8.2 billion at the end of the first quarter.

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