The country’s largest IT services exporter TCS on Monday reported a 10.98 per cent jump in the December quarter (Q3FY23) net profit to ₹ 10,846 crore, led by overall growth and forex gains. The company reported a post-tax net profit of ₹ 9,769 crore in the corresponding period a year ago.
The Tata group company’s overall revenue grew 19.1 per cent to ₹ 58,229 crore for the reporting quarter from ₹ 48,885 crore in the year-ago period, the company said, adding in constant currency, the top line growth is 13.5 percent, 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 percent from 21.5 percent — after six quarters of uptick — and the quarterly annualised attrition has fallen nearly 6 percent.
The scrip rallied 3.03 percent to ₹ 3309.00 apiece on the Bombay Stock Exchange (BSE) against the 1.35 per cent gain in the benchmark index NSE Nifty 50.
Dividend
TCS announced a dividend of ₹ 75 per share including ₹ 67 as a special dividend. The record date for determining the eligibility of shareholders for the said dividend is January 17 and the payment date will be February 03, 2023.
“We would like to inform you that at the Board Meeting held today, the Directors have declared a third interim dividend of Rs 8 and a special dividend of Rs 67 per Equity Share of Rs 1 each of the Company,” the IT major said.
Written by Simran Bafna
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