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Tata Consultancy Services (TCS) has announced rise in its net profit for the fourth quarter of the fiscal year 2023-24 which is 9 per cent increase in net profit, reaching Rs 12,434 crore compared to Rs 11,392 crore in the same quarter of the previous fiscal year.
The surge in profits comes amidst a backdrop of consistent efforts in innovation and expansion. As of March 31, TCS has filed a staggering 8,040 patent applications, including 188 during the fourth quarter alone. The company has been granted 3,919 patents, with 461 granted within the same quarter, underscoring its commitment to research and development. Despite a relatively stable performance in the stock market, with TCS shares trading almost flat on BSE, the company has seen a year-to-date rise of 4.5 per cent, aligning with the returns of the Nifty 50 index. Notably, TCS has outpaced the Nifty IT index, which has experienced a 0.6 per cent drop during the same period. Reflecting on the company's performance, K Krithivasan, Chief Executive Officer and Managing Director of TCS, emphasized the importance of staying close to customers and aiding them in achieving their objectives amidst global macro uncertainty. Krithivasan highlighted TCS' array of offerings, innovation capabilities, and thought leadership as instrumental in this endeavour. Krithivasan said, "In an environment of global macro uncertainty, we are staying close to our customers and helping them execute on their core priorities with TCS' portfolio of offerings, innovation capabilities and thought leadership." Further, Milind Lakkad, Chief HR Officer at TCS, expressed satisfaction in announcing annual increments for the workforce, with top performers receiving double-digit hikes, a practice consistent with previous years. Lakkad said, "We are pleased to announce the annual increments for our workforce, as we have done consistently every year, with top performers receiving double digit hikes." Krithivasan reiterated TCS' strong performance in closing Q4 and the fiscal year, noting the highest ever order book and a 26 per cent operating margin. He emphasized the validation of TCS' business model and execution excellence despite global uncertainties. "We are very pleased to close Q4 and FY24 on a strong note with the highest ever order book and a 26% operating margin, validating the robustness of our business model and execution excellence. In an environment of global macro uncertainty, we are staying close to our customers and helping them execute on their core priorities with TCS' portfolio of offerings, innovation capabilities and thought leadership", Krithivasan stated. TCS reported a decline in headcount by 1,759 employees in Q4, with a total reduction of 13,249 employees during the financial year 2023-24. The company's workforce stood at 601,546 as of March 31, with a diverse composition including 35.6 per cent women and representation from 152 nationalities. TCS employees also clocked 51 million learning hours year-to-date, acquiring 5 million competencies. Samir Seksaria, Chief Financial Officer of TCS, highlighted the company's disciplined approach to operations, contributing to the expansion of industry-leading margins in FY 2024. Seksaria said, "In FY 2024, our disciplined approach to operations have helped us expand our industry-leading margins. In a challenging environment, we persisted with our long-term investments in workforce reskilling, research and innovation. We will continue to drive efficiencies and competitiveness to capture opportunities for growth with profitability." (ANI)
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