TCS Q3 net profit rises 2 per cent to Rs 11,058 crore, revenue surges 4 per cent YoY

India’s largest IT companies firm, Tata Consultancy Services (TCS), reported a net profit of Rs 11,058 crore within the quarter ended December 31, 2023, marking a 2 p.c YoY enhance from Rs 10,846 crore within the corresponding quarter of the earlier fiscal 12 months.

Consolidated revenue rose 4 p.c YoY, reaching Rs 60,583 crore within the three months to December 31, in accordance to an trade submitting by the corporate. 

“Our sturdy efficiency in a seasonally weak quarter buffeted by macro-economic headwinds demonstrates the power of our enterprise mannequin with a well-diversified portfolio and a customer-centric technique. We are seeing sturdy momentum throughout markets, leading to a stable order ebook and offering visibility into our long-term development. We are seeing large curiosity in Generative AI and are main the innovation and exploratory efforts for our clients on this space,” mentioned Ok Krithivasan, Chief Executive Officer and Managing Director of TCS.

The firm mentioned that the expansion within the third quarter was pushed by the vitality, sources, and utilities vertical, which rose 11.8 p.c. Manufacturing additionally contributed considerably, with a development of seven per cent, and life sciences and healthcare confirmed a development of three.1 p.c.

Certain sectors of the corporate confronted declines in the course of the quarter. The shopper enterprise group (CBG) declined by 0.3 per cent, whereas the banking, monetary companies, and insurance coverage (BFSI) sector fell by 3 per cent. The communications and media sector and the know-how and companies sector had been 4.9 per cent and 5 per cent decrease, respectively, in the course of the quarter.

In addition to the monetary outcomes, the TCS board accepted a dividend of Rs 27 per share, together with a particular dividend of Rs 18 for the monetary 12 months 2023-2024.

(*2*) the corporate mentioned in an trade submitting.