The country’s largest IT company Tata Consultancy Services has released its earnings result for the quarter ending on December 31, 2022.
The IT giant posted a rise in consolidated net profit by 10.98% in the December quarter on a YoY basis at Rs 10,883 crore, compared to a profit of Rs 9,806 crore in the same quarter last year.
The company’s consolidated revenue from operations came in 19.11% higher on a YoY basis at Rs 58,229 crore in Q2 FY23 from Rs 48,885 crore in the year ago period, beating estimates set by market analysts.
According to analysts’ expectations, TCS was likely to post a 2.9% rise in revenue on a QoQ basis and a 7.8% QoQ rise was pegged for its net profit in the third quarter of the current fiscal year.
The IT major’s revenue climbed 13.5% YoY in constant currency terms, as the growth was led by businesses in North America and the UK that rose 15..4% YoY, the company stated.
TCS’ operating margin contracted by 0.5% to 24.5% in the December 2022 quarter and net margin of the company came in at 18.6%. The company’s order book in the quarter stands at $7.8 billion.
Further, the Tata Group giant also announced its third interim dividend of FY23 of Rs 75/share, along with a special dividend of Rs 67 to its shareholders for the current fiscal.
The record date for the two dividends have been set as January 17, 2023, while the payment will be made on February 3, 2023.
According to the CEO & MD of TCS, Rajesh Gopinathan, “The sustained strength of demand for our services is a validation of the value we provide to our clients in helping them differentiate themselves while enhancing their competitiveness. Looking ahead, and beyond current uncertainties, our longer-term growth outlook remains robust.”
