The Business Bytes
Mumbai, July 11, 2024 (TBB Bureau): Tata Consultancy Services (TCS), India’s leading IT software services exporter, reported a 9 per cent rise in net profit to Rs 12,040 crore for the first quarter of the fiscal year 2024-25, compared to the same period last year. The company’s board approved an interim dividend of Rs 10 per share for the quarter, with dividends scheduled for payment on August 5, 2024, based on shareholder records as of July 20, 2024.
During the quarter, TCS secured significant contracts that boosted its order book to $10.2 billion, up from $8.2 billion a year earlier.
CEO K Krithivasan highlighted the firm’s ongoing efforts to expand client relationships, enhance capabilities in emerging technologies, and invest in innovation. This includes establishing a new AI-focused TCS PacePort in France, an IoT lab in the US, and expanding delivery centers across Latin America, Canada, and Europe.
Chief Financial Officer Samir Seksaria noted strong operating margins despite the impact of annual wage increments during the quarter. TCS added 5,452 employees, bringing its total workforce to 607,000, with an attrition rate of 12.1 per cent over the last twelve months. The company remains committed to strategic investments in research and development, talent, and delivering sustainable long-term value to its stakeholders.
