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TCS Q3 Result: Net Profit Grows 11% to Rs 10,846 cr; Revenue Jumps Over 19%

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Batori24 Bureau
Batori24 Bureau
Batori24 is a Vernacular based Assamese news portal based in Guwahati Assam. We are a dedicated news channel covering news and stories across the globe with special reference to Assam, north-east along with National and International news.

Tata Consultancy Services Ltd (TCS) kicked off the earnings season for the third quarter of the current fiscal year (Q3 FY23) on Monday, reporting a lower-than-expected profit of Rs 10,846 crore. According to Refinitiv data, analysts expected a profit of 11,046 crore on average. TCS shares closed more than 3% higher on the BSE, at 3,310 apiece, ahead of its Q3 results.

TCS Q3 Result:

Revenue up 5.2% at Rs 58,230 crore, as against an estimate of Rs 57,205 crore.

EBIT up 7.56% at Rs 14,284 crore, as compared to an estimate of Rs 14,075 crore.

EBIT margin at 24.53 vs 24%.

Analysts had estimated it at 24.6%.

Net profit up 4% at Rs 10,883 crore, as compared to estimates of Rs 11,083 crore.

In the previous fiscal year, the Tata group company reported a post-tax net profit of Rs 9,769 crore.

Overall revenue increased 19.1% to Rs 58,229 crore in the reporting quarter from Rs 48,885 crore the previous year, according to the company, which added that in constant currency, topline growth is 13.5%, and in dollar terms, it is 8%.

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The company’s overall workforce fell by 2,197 to 6,13,974 as of December 2022, according to the sector’s largest employer, with attrition dropping to 21.3% from 21.5% after six quarters of growth, and quarterly annualised attrition falling nearly 6%.

 

TCS CEO and Managing Director Rajesh Gopinathan attributed the strong results in a seasonally weak quarter to the company’s cloud services and continued business momentum in North America and England.

The company’s overall workforce fell by 2,197 to 6,13,974, according to the largest employer in the sector, adding that attrition has dropped to 21.3 percent from 21.5 percent – after six quarters of increase – and quarterly annualized attrition has dropped nearly 6%.

TCS rose 3.35 percent to Rs 3,319.70 on the BSE, outperforming the benchmark’s 1.41 percent rise.

TCS’s net profit for the December quarter increased by nearly 11% to 10,846 crore, up from 9,806 crore the previous year.

 

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