Tata Consultancy Services on Wednesday reported its consolidated financial results according to Ind AS and IFRS, for the quarter ending June 30, 2023, the company announced through an exchange filing.
Highlights of the Quarter Ended June 30, 2023
• Revenue at ₹59,381 crore, +12.6% YoY
• Constant Currency revenue growth: +7% YoY
• Operating Margin at 23.2%; an expansion of 0.1% YoY
• Net Income at ₹11,074 crore, +16.8% YoY | Net Margin at 18.6%
• Net Cash from Operations at ₹11,353 crore ie 102.5% of Net Income
• Net headcount addition of 523 |Workforce strength: 615,318
• Diverse and inclusive workplace: Women in the workforce: 35.8% | 154 Nationalities
• Building a G&T workforce: 12.7 million learning hours clocked | 1.3 million competencies acquired.
• LTM IT Services attrition rate at 17.8%
• Dividend per share: ₹9.00 | Record date 20/07/2023 | Payment date 07/08/2023
Industries:
Growth was led by Life Sciences and Healthcare which grew 10.1% and the Manufacturing vertical which grew 9.4%. BFSI grew 3%, Retail and CPG grew 5.3%, Technology & Services grew 4.4% while Communications & Media grew 0.5%.
Markets:
Among major markets, the United Kingdom led with 16.1% growth; North America grew 4.6% and Continental Europe grew 3.4%. In emerging markets, Middle East & Africa grew 15.2%, India grew 14%, Latin America grew 13.5%, and Asia Pacific grew 4.7%.
“It is very satisfying to start the new fiscal year with a string of marquee deal wins. We remain confident in the longer-term demand for our services, driven by the emergence of newer technologies," said Krithivasan, Chief Executive Officer and Managing Director.
N Ganapathy Subramaniam, Chief Operating Officer and Executive Director, said: “Our products and platforms achieved major milestones during the quarter with several transformational engagements going live. In the UK Life and Pensions administration space, we signed three new deals on our digital insurance platform, making TCS the undisputed leader in this market on any metric."
“We have gone ahead and rolled out our annual salary increase with effect from April 1st . Our operating margin of 23.2% reflects the 200-bps impact of this hike, offset through improved efficiencies. At the same time, we continue to make the investments needed to power our future growth, including expansion of our delivery and research infrastructure,” said Samir Seksaria, Chief Financial Officer.
