TCS Q1 net profit rises 17% to Rs 11,074 crore
Mumbai, July 12
Country’s largest software exporter TCS on Wednesday reported a 16.83% jump in its June quarter consolidated net profit to Rs 11,074 crore.
The Tata Group company had reported a net profit of Rs 9,478 crore in the year-ago period and Rs 11,392 crore in the preceding quarter.
Its revenue from operations increased 12.55% on a year-on-year basis to Rs 59,381 crore and was marginally up from the preceding March quarter’s Rs 59,162 crore.
TCS is the first major company to report its June quarter results.
It can be noted that with headwinds in its key markets, the $250-billion Indian IT sector is widely expected to report volatility in the near term.
In a statement, the company said its order book now stands at $10.2 billion and termed it a “robust” one.
Its newly appointed chief executive and managing director K Krithivasan said, “We remain confident in the longer-term demand for our services, driven by the emergence of newer technologies”.
The company’s operating profit margin increased marginally to 23.2% from 23.1% a year ago.
Its chief financial officer Samir Seksaria said operating profit margin at 23.2% number includes a 2 percentage points impact of the annual wage hike for employees.
TCS added 523 employees on a net basis to take its overall headcount to over 6.15 lakh as of June 30, 2023. The attrition rate was 17.8%.
Among the geographies, the UK led with a 16.1% revenue growth, while North America grew at 4.6%. — PTI
Revenue up 12.55% at Rs 59,381 crore
- The Tata Group company had reported a net profit of Rs 9,478 crore in the year-ago period and Rs 11,392 crore in the preceding quarter
- Its revenue from operations increased 12.55% on a year-on-year basis to Rs 59,381 crore and was marginally up from the preceding March quarter’s Rs 59,162 crore
