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TCS Q1 Results Highlights: Net profit rises 8.7% YoY to ₹12,040 crore
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Last Updated: 13th July 2024 - 04:02 pm
Synopsis
Tata Consultancy Services Ltd. (TCS) recorded a net profit of ₹12,040 crore, marking a 3.2% decline from the March quarter. The company's revenue grew by 2.2% reaching ₹62,613 crore. The company also declared an interim dividend of ₹10 per share, with the record date set for July 20, 2024.
TCS Q1 Results Highlights
Tata Consultancy Services Ltd. (TCS) recorded a net profit of ₹12,040 crore, marking a 3.2% decline from the March quarter. This was slightly above the ₹11,989 crore predicted by analysts in a CNBC-TV18 survey. The company's revenue grew by 2.2% in rupee terms from the previous quarter, reaching ₹62,613 crore, just above the ₹62,170 crore estimated in the CNBC-TV18 poll.
In terms of US Dollars, revenue saw a 2.7% increase from the March quarter, totaling $7.5 billion, exceeding the CNBC-TV18 forecast of $7.4 billion. On a constant currency basis, TCS reported a sequential revenue growth of 2.2%, surpassing the 1.5% growth anticipated by CNBC-TV18.
Earnings before Interest and Tax (EBIT) for TCS were ₹15,442 crore, beating the estimate of ₹15,262 crore, despite a 3% decrease from the previous quarter. The EBIT margin contracted by 130 basis points to 24.7%, down from 26% in the prior quarter but slightly above the CNBC-TV18 estimate of 24.5%. This reduction in margin was attributed to the annual wage increase during the quarter.
Additionally, TCS sdeclared an interim dividend of ₹10 per share, with the record date set for July 20, 2024.
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TCS Management Commentary
"We are continuing to expand our 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 our delivery centres in Latin America, Canada and Europe,” TCS CEO & MD K Krithivasan was quoted as saying.
CFO Samir Seksaria said the operational performance was strong despite the annual wage hike impact. "We remain focused on making the right investments in R&I and talent, strengthening our superior return ratios and creating long-term value for our stakeholders,” the CFO said.
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