India’s largest IT services company Tata Consultancy Services (TCS) on July 11 posted an 8.7% year-on-year rise in its consolidated net profit at ₹12,040 crore in the first quarter ended June 2024.
The net profit for the year-ago period stood at ₹11,074 crore.
The company, which competes in the IT services market with the likes of Infosys, Wipro and HCLTech, reported a 5.4% increase in its revenue at ₹62,613 crore for the quarter just ended.
Sequentially, however, the net profit fell 3.1% compared to March quarter.
“I am pleased to report a strong start to the new fiscal year with all-round growth across industries and markets,” K Krithivasan, Chief Executive Officer and Managing Director of TCS, said in a release.
The company is continuing to expand its client relationships, create new capabilities in emerging technologies and invest in innovation, including a new AI-focused TCS PacePort in France, IoT lab in the US, and expanding delivery centres in Latin America, Canada and Europe, Mr. Krithivasan added.
Samir Seksaria, Chief Financial Officer, noted that despite the usual impact of the annual wage increments in this quarter, the company delivered strong operating margin performance validating its efforts towards operational excellence.
“I am delighted to announce the successful completion of our annual increment process. Our continued focus on employee engagement and development led to industry-leading retention and strong business performance, with the net headcount addition being a matter of immense satisfaction,” Milind Lakkad, Chief HR Officer, said.
TCS has declared an interim dividend of ₹10 per equity share of ₹1 each.