Tata Consultancy Services Q1 Results FY2024, Profit at Rs. 11,074 crores

On 12th July 2023, Tata Consultancy Services announced its quarterly results for the last quarter of FY2023.

Tata Consultancy Services Financial Highlights:

- Revenue from operations for Q1 FY2024 was reported at Rs. 59,381 crores from Rs. 52758 crores for the same period last year, up by 12.55% YoY.
- Profit before tax was reported at Rs. 14,989 crores in Q1FY24 from Rs. 12,776 crores for the same period last year.
- TCS reported a net profit of Rs. 11,074 crores for the period.

Tata Consultancy Services Business Highlights:

- Industries Growth was led by Life Sciences and Healthcare which grew 10.1% at Rs. 6,636 crores and the Manufacturing vertical which grew 9.4% at Rs. 5,636 crores. BFSI grew 3% at Rs. 22,662 crores, Retail and CPG grew 5.3% at Rs. 9,876 crores, Technology & Services grew 4.4% while Communications & Media grew 0.5% at Rs. 9,596.
- Among major markets, the United Kingdom led with 16.1% growth; North America grew 4.6% and Continental Europe grew 3.4%. In emerging markets, Middle East & Africa grew 15.2%, India grew 14%, Latin America grew 13.5%, and Asia Pacific grew 4.7%.

Key Deals Won:

- TCS was selected by Nest, UK’s largest workplace pension scheme, to digitally transform its scheme administration services with a future-ready, digitally enabled, omnichannel platform powered by TCS BaNCS™
- TCS was awarded a 10-year contract by the UK’s Department for Education (DfE) to manage the scheme administration services and further enhance customer experiences for the Teachers’ Pension Scheme in England and Wales.
- The company was selected by a US-based healthcare company as the strategic partner to provide end-to-end application management and end-user services across their entire value chain
- TCS was chosen by a US-based large utility services provider to re-architect their Geographic Information Systems.
- As on June 30, 2023, the company has applied for 7,447 patents, including 142 applied during the quarter, and has been granted 3,004 patents including 126 granted in Q1.
- TCS’ workforce stood at 615,318 as of June 30th, a net addition of 523 during the quarter.

The company declared a dividend of Rs. 9 per share.

Commenting on the results, K Krithivasan, Chief Executive Officer and Managing Director said: “It is very satisfying to start the new fiscal year with a string of marquee deal wins. We remain confident in the longer-term demand for our services, driven by the emergence of newer technologies. We are investing early in building capabilities at scale on these new technologies, and in research and innovation, so we can maximize our participation in these opportunities.”