TCS Q1 net income up 16.8%
MUMBAI, INDIA — IT services giant Tata Consultancy Services (TCS) ended the June 2023 quarter with a net income growth of 16.8% year-on-year (YoY), totaling ₹11,074 crore (US$1.35 billion).
The quarterly revenue scaled up by 12.6% YoY, reaching ₹59,381 crore (US$7.23 billion).
This growth was majorly driven by the UK sector, with a YoY surge of 16.1%, along with Life Sciences and Healthcare, and Manufacturing sectors, climbing by 10.1% and 9.4% YoY respectively.
The net cash from operations stood at an impressive US$1.383 billion, translating to 102.5% of the net income. With a net addition of 523 employees, the company’s workforce strength swelled to 615,318.
TCS CEO and Managing Director K Krithivasan appreciated the robust start to the fiscal year, emphasized by substantial deal wins.
COO and Executive Director, N Ganapathy Subramaniam, acknowledged the transformational engagements that defined the quarter’s major milestones.
Meanwhile, CFO Samir Seksaria highlighted the role of operational improvement and continued investment, and Chief HR Officer, Milind Lakkad, focused on talent development and retention strategies.
TCS anticipates a dividend per share of ₹9.00 (US$0.11), with the record date scheduled for July 20, 2023, and payment due on August 7, 2023. The quarter concluded with a sturdy book-to-bill ratio of 1.4.
