Tata Consultancy Services (TCS), India’s largest IT Company, announced a 7.4% year-on-year increase in consolidated net profit of Rs 9,926 crore, compared to Rs 9,246 crore in the same quarter previous year.
According to an ET NOW survey of analysts, the profit number would be Rs 9,890 crore.TCS revenue increased 15.75 percent year over year to Rs 50,591 crore from Rs 43,705 in the previous quarter. According to an ET NOW poll, revenue is anticipated to be Rs 50,070 crore.
Dollar revenues were $6,696 million, compared to a poll expectation of $6,660 million by ET NOW. In constant currency terms, revenue growth was 14.3% on a year-over-year basis and 3.2 percent on a sequential basis.
Attrition remains high
TCS added 35,209 net employees during the quarter, the biggest in a single quarter. According to the corporation, employee headcount reached 592,195, an all-time high, with a net addition of 103,546 over the year.
TCS breaks record for every Quarter
The quarter’s total contract value (TCV) was $11.3 billion, the highest ever. Orders totaled $34.6 billion for the fiscal year FY22. Attrition in IT services continued to rise, reaching 17.4 percent. However, the company stated in a BSE filing that incremental attrition has slowed.
