TCS Q1 Results: At ₹11,074 crore, IT major records 17% year-on-year rise in net profit

For the Mumbai-headquartered company, these are the first financial results under new CEO K Krithivasan.

Published on: Jul 12, 2023, 16:21:27 IST

By HT News Desk, New Delhi

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Tata Consultancy Services (TCS) on Wednesday announced its earnings results for the first quarter (ended June 30) for financial year 2023-24 (Q1FY2024), with the IT major achieving a consolidated profit of ₹11,074 crore during this period, nearly 17% (16.84%) higher than its net profit ( ₹9478 crore) from the year-ago period.

Tata Consultancy Services (File Photo/Bloomberg)

Additionally, the country's biggest IT services company revealed a revenue of ₹59,381 crore for Q1FY2024, a 12.6% rise from that for Q1FY2023 ( ₹52,758 crore). In constant currency terms, the revenue for the first quarter of the ongoing financial year increased 7% from the year-ago period, TCS said.

The Mumbai-headquartered multinational also declared an interim dividend of ₹9 per share.

“The interim dividend shall be paid on Monday, August 9, 2023, to the equity shareholders, whose names appear on the Register of Members of the Company, or in the Records of the Depositories as beneficial owners of the shares as on Thursday, July 20, 2023, which is the Record Date, fixed for the purpose,” it noted in a regulatory filing.

CEO speaks

The financial results are the first under new CEO K Krithivasan, a TCS veteran who succeeded Rajesh Gopinathan in the role.

“It is very satisfying to start the new fiscal year with a string of new marquee deal wins. We remain confident in the longer-term demand for our services , driven by the emergence of new technologies. We are investing early in building capabilities at scale on these new technologies, and in research and innovation, so that we can maximise our participation in these opportunities,” Krithivasan was quoted as saying.

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