TCS has declared its fourth quarter financial results.
TCS Q4 FY23 Results: IT company’s board recommends final dividend of Rs 24 on equity share of Re 1 each
Tata Consultancy Services (TCS) on Wednesday reported a 14.8 per cent jump in its net profit to Rs 11,436 crore for the quarter ended March 2023 (Q4 FY23). Revenue from operations of India’s largest IT services company also grew by 16.94 per cent to Rs 59,162 crore as against Rs 50,591 crore in the year-ago period.
TCS’s net profit stood at Rs 9,959 crore in the corresponding period of the previous year (Q4 FY22).
On a sequential basis, TCS’ net profit rose 5.08 per cent to Rs 10,883 crore in the previous quarter ended December 2022. Its revenue also grew by 1.6 per cent, while it stood at Rs 58,229 crore in the quarter ended December 2022.
The company’s board has also recommended a final dividend of Rs 24 per equity share of Re 1.
“We wish to inform you that at the Board meeting held today, the Directors have recommended a Final Dividend of Rs 24 on each Equity Share of Re 1 of the Company, to be paid/remitted on the fourth day. 28th ANNUAL GENERAL MEETING , subject to the approval of the shareholders of the company,” TCS said in a regulatory filing.
The quarter has been marked by negative events globally in the banking sector, including the collapse of Silicon Valley Bank. The IT sector has significant exposure to the BFSI sector.
Shares of TCS closed in the green on Wednesday ahead of the result announcement, rising 0.87 per cent or Rs 27.85 to close at Rs 3,242.10 on the BSE.
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