TCS Reports Robust Q1 Profits Amid New Tech Innovations and Expansion

Tata Consultancy Services (TCS) posted an 8.7% year-on-year rise in its consolidated net profit for Q1 FY2024. Revenue grew by 5.4%, while the net profit fell 3.1% sequentially. TCS continues to expand client relationships, invest in AI and IoT, and increase operational efficiency.

Devdiscourse News Desk | New Delhi | Updated: 11-07-2024 16:15 IST | Created: 11-07-2024 16:15 IST
TCS Reports Robust Q1 Profits Amid New Tech Innovations and Expansion
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India's largest IT services company Tata Consultancy Services (TCS) on Thursday declared an 8.7 percent year-on-year increase in its consolidated net profit, amounting to Rs 12,040 crore for the first quarter ending June 2024.

While the net profit for the previous year stood at Rs 11,074 crore, the company posted a 5.4 percent increase in revenue, reaching Rs 62,613 crore for the quarter.

CEO and MD K Krithivasan expressed satisfaction with the company's strong start to the fiscal year, highlighting growth across various sectors and markets. TCS is focusing on expanding client relationships and investing in emerging technologies, including establishing an AI-focused PacePort in France and an IoT lab in the US, alongside the expansion of delivery centers in Latin America, Canada, and Europe.

Chief Financial Officer Samir Seksaria also emphasized the company's robust operational margin performance, despite the annual wage increments.

Chief HR Officer Milind Lakkad highlighted the successful completion of the annual increment process, citing strong employee retention and business performance as key achievements.

TCS has announced an interim dividend of Rs 10 per equity share of Re 1 each, marking a promising outlook for its stakeholders.

(With inputs from agencies.)

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