BENGALURU: The country's largest IT services company Tata Consultancy Services (TCS) on Friday reported a 9% increase in its consolidated net profit for the fourth quarter, which ended March 31, 2024, at Rs 12,434 crore. Its revenue from operations for Q4 stood at Rs 61,237 crore compared to Rs 59,162 crore in the same period a year earlier.
For full fiscal FY24, the company's net profit stood at Rs 45,908 crore, a 9% growth, compared to Rs 42,147 crore in FY23.
TCS' FY24 deal wins stood at an all-time high at $42.7 billion and in Q4, its total contract value (TCV) stood at $13.2 billion.
K Krithivasan, Chief Executive Officer and Managing Director, said, “We are very pleased to close Q4 and FY24 on a strong note with the highest ever order book and a 26% operating margin, validating the robustness of our business model and execution excellence."
"In an environment of global macro uncertainty, we are staying close to our customers and helping them execute on their core priorities with TCS’ portfolio of offerings, innovation capabilities and thought leadership," he added.
The company's growth in the fourth quarter was led by India at 37.9% and UK at 6.2%. The company also announced a final dividend of Rs 28 per share.
N Ganapathy Subramaniam, COO and Executive Director, said, “Our Q4 performance is robust, with broad based deal wins across industries and geographies. Our products and platforms business sparkled with the mega deal win at Aviva and emerging markets had another stellar growth quarter demonstrating the power of TCS’ diversified portfolio.”
TCS also announced the annual increments to its employees. Top performers will receive double digit hikes. Milind Lakkad, Chief HR Officer, said, “The reduced attrition at 12.5%, 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."
Samir Seksaria, Chief Financial Officer, said, “In FY 2024, our disciplined approach to operations have helped us expand our industry-leading margins. In a challenging environment, we persisted with our long-term investments in workforce reskilling, research and innovation. We will continue to drive efficiencies and competitiveness to capture opportunities for growth with profitability.”
As of March 31, 2024, TCS' total headcount stood at 6,01,546.
