TCS's Net Profit Increases 9% To 11342 Crore

CIOTechOutlook Team | Thursday, 12 October 2023, 02:28 IST

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Tata Consultancy Services announced a 9% year-on-year (YoY) increase in consolidated net profit to Rs 11,342 crore for the quarter ended September 2023. Consolidated income increased by roughly 8% year on year to Rs 59,692 crore. Revenue increased by 0.5% sequentially, while profit increased by 2.4%.
 
An ETNow poll saw the net profit and revenue at Rs 11,095 crore and Rs 60,160 crore, respectively. The board has recommended a second interim dividend of Rs 9 per share. The board has also approved buyback of shares worth Rs 17,000 crore at Rs 4,150 apiece. Ahead of the earnings, shares of TCS ended 0.5% down at Rs 3,609.90 on the National Stock Exchange, as per economic times.
 
Revenue increased 2.8% year on year in constant currency terms. The major banking, financial services, and insurance (BFSI) industry increased revenue by less than a percent sequentially in the quarter to Rs 22,840 crore. The operating margin, calculated as earnings before interest and taxes (EBIT), increased 110 basis points sequentially to 24.3% and up 30 basis points year on year. The order book for the software company was $11.2 billion, with a book-to-bill ratio of 1.6.
 
“Strong deal momentum delivered us a very large order book in Q2 – our second-highest TCV ever in a quarter and a good pipeline,” said K Krithivasan, Chief Executive Officer and Managing Director.
 
“The resilience of demand for our services, our clients’ willingness to commit to long tenure programs, and their continued appetite for experimentation with Gen AI and other new technologies give us confidence in our longer-term growth prospects,” the CEO said.
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