TCS Q4 results-
Tata Consultancy Services (TCS) has reported a 15% increase in profits for the fourth quarter, with net profit rising to Rs 11,392 crore. In addition, the company has announced a dividend of Rs 24.
Tata Consultancy Services Ltd has announced its financial results for the fourth quarter, revealing a larger-than-expected increase in profits. Despite challenging macroeconomic conditions, the company experienced strong demand for digital services, which has driven its growth.
The company’s net profit for the March quarter rose by 14.8% to Rs 11,436 crore ($1.39 billion) compared to Rs 9,959 crore for the same period last year. The company also reported a 16.9% increase in revenue, rising to Rs 59,162 crore in Q4 from Rs 50,591 crore a year ago.
These results have set the pace for the IT industry, which is facing a potential recession in its primary markets, namely the US and Europe, as well as unrest in the US banking sector. TCS has demonstrated resilience in this difficult environment, thanks to its focus on digital services.
On Friday, Infosys is expected to release its Q4 results, which will provide further insight into the state of the IT industry.
In addition to its financial results, TCS has also announced a CEO transition. K Krithivasan has been appointed as the CEO-designate to succeed Rajesh Gopinathan, who resigned in March. Krithivasan will take over as CEO and MD from June 1, 2023, according to the company’s statement.
