Tata Consultancy Services (TCS), India’s largest IT firm, posted a 5.2 per cent progress in web revenue within the June quarter of FY23 at Rs 9,478 crore as in comparison with Rs 9,008 crore in the identical interval of final yr.
However, on a quarter-on-quarter foundation, web revenue fell by 4.5 per cent from Rs 9,926 crore within the March quarter as TCS was hit by elevated prices throughout. The firm additionally declared a dividend of Rs 8 per share.
“We are starting the new fiscal year on a strong note, with all-round growth and strong deal wins across all our segments. Pipeline velocity and deal closures continue to be strong, but we remain vigilant given the macro-level uncertainties,” mentioned CEO & MD Rajesh Gopinathan.
He mentioned the brand new organisation construction has settled in properly, getting the corporate nearer to its shoppers and making it nimbler in a dynamic surroundings, including, “Looking ahead, we remain confident in the resilience of technology spending and the secular tailwinds driving our growth.”
Among main markets, North America led with a 19.1 per cent progress, continental Europe grew 12.1 per cent and the UK by 12.6 per cent. In rising markets, India grew 20.8 per cent, Asia Pacific by 6.2 per cent, Latin America 21.6 by per cent and Middle East & Africa expanded by 3.2 per cent.
“The investments we made on people, upskilling efforts and select lateral hiring et al helped manage the talent turnover with minimum impact on our operations. During the quarter, we have resumed in-person meetings, and hosted several clients at our facilities,” mentioned chief working officer and govt director N Ganapathy Subramaniam.
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TCS’ workforce stood at 6,06,331 as on June 30, a web addition of 14,136 in the course of the quarter. “The workforce continues to be very diverse, comprising 153 nationalities and with women making up 35.5 per cent of the base,” the corporate mentioned.
According to Samir Seksaria, chief monetary officer, it has been a difficult quarter from a value administration perspective. “Our Q1 operating margin of 23.1 per cent reflects the impact of our annual salary increase, the elevated cost of managing the talent churn and gradually normalising travel expenses. However, our longer-term cost structures and relative competitiveness remain unchanged, and position us well to continue on our profitable growth trajectory,” he mentioned.
