TCS Net Profit Surges 17% in Q1 FY24
Mumbai, 12th July 2023:
Tata Consultancy Services (TCS) reported a significant increase in its net profit during the first quarter of the fiscal year 2024 (FY24).
According to the company's financial results released today, TCS's net profit grew by nearly 17% year-over-year, reaching a total of ₹10,431 crores. The robust financial performance was driven by strong demand for the company's digital services and solutions across various industries.
"We are pleased with our performance in the first quarter of FY24," said Rajesh Gopinathan, CEO and Managing Director of TCS. "Our focus on innovation and customer satisfaction has enabled us to maintain our growth trajectory. We are optimistic about the opportunities ahead and will continue to invest in our capabilities to meet the evolving needs of our clients."
TCS's revenue for the quarter also saw a healthy increase, rising by 15% to ₹55,309 crores. This growth was primarily driven by the company's strong presence in the banking, financial services, and insurance (BFSI) sector, as well as increased demand for its digital transformation services.
The company's operating profit margin for the quarter remained stable at 25.3%, indicating efficient cost management and operational excellence. TCS also maintained a healthy cash balance of ₹92,599 crores as of June 30, 2023.
Looking ahead, TCS remains cautiously optimistic about the future. The company expects to continue its growth momentum in the coming quarters, driven by its strong order book and innovative solutions. TCS is well-positioned to capitalize on the increasing demand for digital transformation services and emerge as a leader in the rapidly evolving technology landscape.
Komentar