TCS Q3 net profit grows 11 per cent to Rs 10,846 crore; revenue jumps over 19 per cent-GROWMUDRA

TCS Q3 net profit grows 11 per cent to Rs 10,846 crore; revenue jumps over 19 per cent

09 Jan , 2023 By : Monika Singh

The country’s largest IT services exporter TCS on Monday reported an 11 per cent jump in the December quarter net profit to Rs 10,846 crore, led by overall growth and forex gains.

The Tata group company had reported a post-tax net profit of Rs 9,769 crore in the year-ago period.

Overall revenue grew 19.1 per cent to Rs 58,229 crore for the reporting quarter from Rs 48,885 crore in the year-ago period, the company said, adding in constant currency, the topline growth is 13.5 per cent, and in the dollar terms, it clipped at 8 per cent.

The operating profit margin narrowed by 0.50 per cent to 24.5 per cent for the reporting quarter.

TCS chief executive and managing director Rajesh Gopinathan attributed the strong set of numbers in a seasonally weak quarter to the stellar performance of their cloud services and the continued business momentum in North America and England.

The company’s overall workforce declined by 2,197 to 6,13,974, the largest employer in the sector said, adding its attrition has dropped to 21.3 per cent from 21.5 per cent — after six quarters of uptick — and the quarterly annualised attrition has fallen nearly 6 per cent.

The TCS scrip rallied 3.35 per cent to Rs 3,319.70 on the BSE against the 1.41 per cent rally on the benchmark.