New Delhi: IT major, Tata Consultancy Services (TCS) on Wednesday reported a 16.83 per cent year-on-year (YoY) rise in net profit to Rs 11,074 crore in the June quarter, as against Rs 9,478 crore in the same period a year ago.
Analysts have predicted 15-20 per cent profit growth.
Revenue in Q1FY23 stood at Rs 59,381 crore, up 12.55% from Rs 52,758 crore in the same period a year ago. With the increase in profits, the company’s board declared an interim dividend of Rs 9 per share with a face value of Rs 1 per share.
The announced interim amount will be distributed on August 7 to its equity shareholders whose names appear in the register of members of the company or the records of the depositories as beneficial owners of the shares as on July 20, which is the record date, TC said in its BSE filing. said in.
EBIT margin for the quarter increased 10 bps year-on-year to 23.1 per cent.
On Tuesday, the company’s shares closed at Rs 3,259.90, down 0.38 per cent on the Indian stock exchanges.
Along with the increase in profits, the company also added annual increments to its workforce, which stood at 6,15,841 at the end of the quarter. The rollout is to be implemented from April 1, 2023.
K Krithivasan, Chief Executive Officer and Managing Director, said: “It is very satisfying to start the new financial year with a number of key deal wins. We are confident of long term demand for our services due to the emergence of new technologies. We are investing extensively in building capabilities and in research and innovation on these new technologies, so that we can maximize our participation in these opportunities.
(Written by Mahek Nigam,
(Edited by Prateek Gautam)