TCS Generated Rs 19 Crore Revenue Per Hour; Gives Rs 6 Dividend To All Investors
Seems like 2020 wasn’t bad for everyone after all. The IT giant, Tata Consultancy Services, revealed the massive profits it made in the last quarter of 2020. Reportedly, the net profits of TCS surged by 7% taking the yields of the company from Rs 8,118 crore to Rs 8,701 crores as of 31st December 2020.
What Are The Records Set By TCS?
Along with the gain in profits, there has been a subsequent increase in the company’s revenue as well. In the last fiscal year, the company experienced a 5% shoot in revenue taking its valuation from Rs 39,854 crore to Rs 42,015 crore.
The company has declared 16 January as the record date for an interim dividend of 6 Rs per share. The payment is scheduled for 3 February.
What Is The Reason Behind These Profits?
The CEO and Managing Director of TCS, Rajesh Gopinathan himself shared the insights of the impetus saying, “Growing demand for core transformation services and strong revenue conversion from earlier deals have driven a powerful momentum that helped us overcome seasonal headwinds and post one of our best performances in a December quarter. We are entering the new year on an optimistic note, our market position stronger than ever before, and our confidence reinforced by the continued strength in our order book and deal pipeline”
The cloud services provided by the company has proved to be the major contributor to this outcome. Speaking of this the CEO added, “Cloud is enabling a new class of boundaryless organizations, that can seamlessly partner and collaborate within larger ecosystems to create innovative purpose-driven offerings to customers. This boundaryless value creation, supported by the seamless fabric of technology enabled by cloud together with the seamless fabric of talent enabled by our SBWS™, will redefine industry after industry over the longer term.”
What Has TCS Planned Next?
TCS is looking forward to expanding its cloud services by continuing investments in research. Besides the company recently announced that it has acquired the IT units of Deutsche Bank AG, Pramerica Systems and Prudential Financial Inc. The intention behind this acquisition is to explore newer sectors.
Ganapathy Subramaniam, COO and Executive Director expressed his delight saying, “Our Q3 growth is a very satisfactory outcome of our ability to leverage the proactive investments made to capture the strong demand and be meaningful to our clients. It is a strong endorsement of our resilience, way of working and the relative competitiveness of our products and services.
“We celebrated the accomplishment of our Enterprise Agile by 2020 vision during the quarter, and with SBWS, we have a well-oiled location-independent execution model that brings in the resources just in time, efficient execution, and machine-led delivery governance that are delighting our customers. All these augur well to progress our 25×25 future of work vision” he added.