Tata Consultancy Services, India’s largest IT services company, on Thursday posted a growth of 8.2 per cent year-on-year in its net profit to Rs 11,735 crore for the third quarter ended December 2023 (Q3 FY24). Its revenue during October-December 2023 rose 4 per cent year-on-year to Rs 60,583 crore driven by strong double-digit growth in emerging markets, led by India..
“We would like to inform you that at the board meeting held today, the directors have declared a third interim dividend of Rs 9 and a special dividend of Rs 18 per equity share of Rs 1 each of the company,” TCS said in a regulatory filing.
TCS recorded a 1.7 per cent growth YoY in constant currency terms. Its operating margin stood at 25 per cent.
TCS’s IT services attrition rate on a last-twelve-month (LTM) basis stood at 13.3 per cent, lower than the 14.9 per cent recorded during the September 2023 quarter.
K Krithivasan, chief executive officer and managing director of TCS, said, “Our strong performance in a seasonally weak quarter buffeted by macro-economic headwinds, demonstrates the strength of our business model with a well-diversified portfolio and a customer-centric strategy. We are seeing strong deal momentum across markets resulting in a solid order book providing visibility into our long-term growth.”
He added that the company is seeing tremendous interest in generative AI and is leading the innovation and exploratory efforts for our customers in this area.
The topline growth was also led by energy, resources and utilities, manufacturing, and life sciences & healthcare, the company said in a statement. Operating margin improved by 50 bps to 25 per cent, the company said, while net margin stood at 19.4 per cent.
The company’s order book stood at USD 8.1 billion, it said, adding net cash from operations stood at Rs 11,276 crore.
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