India’s leading IT services company, Tata Consultancy Services (TCS), revealed a net profit of Rs 11,058 crore for the quarter ending December 31, 2023. The figures indicate a marginal 2 percent YoY increase compared to Rs 10,846 crore reported in the corresponding quarter of the previous year. This growth occurred despite notable challenges such as high furloughs in the BFSI and hi-tech sectors, along with a sustained slowdown in discretionary spending.
However, the net profit saw a 2.5 percent decline on a sequential quarter basis, falling short of Moneycontrol’s estimates.
TCS reported a consolidated revenue of Rs 60,583 crore for the mentioned quarter, marking a 4 percent YoY increase from Rs 58,229 crore reported in the same period a year ago. The company’s EBIT margin, or operating margin, experienced growth, reaching 25 percent—a notable expansion from the previous quarter’s 24.3 percent, surpassing Moneycontrol’s expectations. The results demonstrate TCS’s resilience and adaptability in navigating sector-specific challenges while maintaining a solid financial performance.