The Tata Consultancy Services Limited (TCS) on Friday reported a rise in its consolidated net profit of 9.14 per cent for the fourth quarter of the current financial year.
With this growth, the company’s consolidated net profit spiked to Rs 12,434 crore, compared to Rs 11,392 crore for the corresponding quarter of the previous year, it said in a BSE filing.
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Sequentially, the net profit was up 12.44 per cent. In Q4FY23, the net profit of the company was Rs 11,058 crore.
The IT major posted a 3.5 per cent jump year-on-year (YoY) in revenue from operations at Rs 61,237 crore.
Further, the Board has also recommended a final dividend of Rs 28 per share.
TCS also announced annual increments with Chief HR Officer Milind Lakkad stating that top performers will receive double-digit annual increments for financial year 2023-24.
“The reduced attrition at 12.5 per cent, enthusiastic response to our campus hiring, increased customer visits, and employees returning to the office have resulted in great vibrancy in our delivery centres and elevated morale of our associates,” said Milind Lakkad, Chief Human Resources Officer.
On the other hand, the company’s headcount declined for the first time in 19 years, since the company was listed in 2004.
The TCS revealed that its headcount declined by 1,759 quarter-on-quarter in the fourth quarter. Its headcount has declined by 13,249 employees during the financial year 2023-24.
This is a reversal from the previous financial year when the metric increased by 22,600. The reversal is even steeper if one were to look at FY22 numbers, when the Mumbai-headquartered firm had added a whopping net 1.03 lakh employees.
In the further breakout of the quarterly performance, in terms of constant currency, TCS saw a 2.2 per cent increase in revenue during the March quarter. The surge was primarily driven by the Indian sector, boasting a 38 per cent rise, with the UK trailing at 6.2 per cent.
