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Bengaluru: TCS closes Q1 with 16.8% higher net, declares interim dividend of Rs 9 per share

Bengaluru: TCS closes Q1 with 16.8% higher net, declares interim dividend of Rs 9 per share
Photo Credit : IANS

Bengaluru: Software major Tata Consultancy Services Ltd (TCS) on Wednesday said it closed the first quarter of 2023-24 with 16.8 per cent growth in net profit.

The Board of Directors have declared an interim dividend of Rs 9 per equity share of Re1 each.

In a regulatory filing, the company said it had posted a total revenue of Rs 59,381 crore (previous year Rs 52,758 crore) and a net profit of Rs 11,074 crore (Rs 9,478 crore).

Expressing satisfaction on the results of the first quarter, Chief Executive Officer and Managing Director K. Krithivasan said the company had won a string of marquee deals.

“We remain confident in the longer-term demand for our services, driven by the emergence of newer technologies. We are investing early in building capabilities at scale on these new technologies, and in research and innovation, so we can maximise our participation in these opportunities,” he said.

Chief Operating Officer and Executive Director N.Ganapathy Subramaniam said: “In the UK Life and Pensions administration space, we signed three new deals on our digital insurance platform, making TCS the undisputed leader in this market on any metric. We are proactively building differentiating capabilities in generative AI and actively working on such projects with our clients, delivering impact on technology, operations and client experience dimensions.”

At a time when another IT major is reported to have differed in salary hike, TCS’ Chief Financial Officer Samir Seksaria said TCS has gone ahead with annual salary increase with effect from April 1, 2023.

According to Chief HR Officer Milind Lakkad, the rate of employees return to office (after work from home) is picking up pace with 55 per cent of the workforce already in office thrice a week.

“Our attrition continues to trend down and we expect it to be back in our industry-leading, long term range in the second half of the year. While we are committed to honor all the offers we have made, our focus will be on leveraging the capacity we built last year,” Lakkad added.

The IT services attrition dipped further in Q1 and was at 17.8 per cent for the last twelve months.

The company said its workforce stood at 615,318 as on June 30, 2023, a net addition of 523 during the quarter.

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