Tata Consultancy Services (TCS) unveiled its annual salary increments, ranging from 4.5% to 7%, with double-digit hikes for top performers effective April 1, according to Chief HR Officer Milind Lakkad. Alongside, the company reported a 9% rise in consolidated net profit and a 3.5% increase in revenue for the fourth quarter of FY24.
Focus on Employee Rewards and Retention
TCS’s decision to implement annual salary increments reflects its commitment to rewarding and retaining top talent within the organization. The announcement of double-digit hikes for exceptional performers underscores the company’s emphasis on recognizing and incentivizing high achievers, thereby fostering a culture of performance excellence.
Revenue Growth and Financial Performance
Despite facing challenges such as delayed onboarding of freshers and lateral hires due to budget constraints, TCS reported a 3.5% increase in revenue for the fourth quarter of FY24. The company’s consolidated net profit witnessed a commendable 9% rise, surpassing analyst expectations, reflecting its operational efficiency and effective cost management strategies.
In the fourth quarter of FY24, Tata Consultancy Services (TCS) reported a consolidated net profit of Rs 12,434 crore, marking a notable 9% increase compared to Rs 11,392 crore in the year-ago period. Additionally, the company announced a 3.5% rise in revenue, reaching Rs 61,237 crore for the same quarter.
Outlook and Future Prospects
With the successful implementation of annual salary hikes and a notable increase in net profits, TCS remains well-positioned to navigate through the evolving business landscape. The company’s focus on employee welfare, coupled with its robust financial performance, bodes well for its growth trajectory in the coming quarters. As TCS continues to innovate and adapt to changing market dynamics, it is poised to sustain its leadership position in the global IT services sector.
