TCS Q1 Results FY2023: PAT up 5.2% YoY at Rs 9,478; declares interim dividend of Rs 8 per share

TCS Q1 Results FY2023: IT bellwether Tata Consultancy Services (TCS) on Friday reported a consolidated net profit of Rs 9,478 cr for the quarter ended 30 June, which was up 5.2 per cent Year-on-Year (YoY). The largets Indian IT company reported a Profit After Tax (PAT) of Rs 9,008 cr in the corresponding quarter in the year ago period.

The company has also announced an interim dividend of Rs 8 per equity share, the company today said in its filing to the exchanges.

The revenues for the reporting quarter stood at Rs 52,758 cr, which was up 16.2 per cent YoY. In constant currency terms, the growth was 15.5 per cent the company filing said.

The results were declared after market hours. TCS shares today ended at Rs 3266 on the NSE and were down by 0.7 per cent from the Thursday closing price.

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“We are starting the new fiscal year on a strong note, with all-round growth and strong deal wins across all our segments. Pipeline velocity and deal closures continue to be strong, but we remain vigilant given the macro-level uncertainties. Our new organization structure has settled in nicely, getting us closer to our clients and making us nimbler in a dynamic environment. Looking ahead, we remain confident in the resilience of technology spending and the secular tailwinds driving our growth.,” Chief Executive Officer and Managing Director Rajesh Gopinathan said commenting on the company’s performance.

N Ganapathy Subramaniam, Chief Operating Officer and Executive Director, said: “We are pleased with our execution during the quarter wherein we successfully delivered several transformation programs. The
The investments we made on people, upskilling efforts and select lateral hiring et al helped manage the talent turnover with minimum impact on our operations. During the quarter, we have resumed in-person meetings, and hosted several clients at our facilities. We are bringing in more of our associates back to our development centers, and it is steadily increasing at all levels. On the sustainability front, we have signed our commitment to SBTi version 5 standards during the quarter and are making steady progress towards our net zero journey with tremendous alignment to this initiative across our associates.”

Here are the key highlights of the results:

Performance Reflects Continued Growth Momentum
– North America (+19.1 per cent CC), Retail (+25.1 per cent CC) lead among segments
– Order Book at $8.2 billion | Book to Bill at 1.2
– Stellar client metrics: 9 new clients added to the 100Mn+ band YoY; 19 clients added to
the $50Mn+ band
– Workforce crosses the 600K milestone: Headcount at 606,331

Highlights of the Quarter Ended June 30, 2022
• Revenue at Rs 52,758 cr, +16.2 per cent YoY
• Constant Currency revenue growth: +15.5 per cent YoY
• Operating Margin at 23.1 per cent; contraction of 2.4 per cent YoY
• Net Income at `9,478 cr, +5.2 per cent YoY | Net Margin at 18 per cent
• Net Cash from Operations at `10,810 cr ie 114.1 per cent of Net Income
• Net headcount addition of 14,136 |Workforce strength: 606,331
• Diverse and inclusive workplace: Women in the workforce: 35.5 per cent | 153 Nationalities
• Building a G&T workforce: 12 million learning hours clocked | 1.7 million competencies acquired
• LTM IT Services attrition rate at 19.7 per cent

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