Tata Consultancy Services (TCS), India’s largest IT services player announced net profit at Rs 11,392 crore for the fourth quarter ended March 31, 2023, up 14.8 per cent year on year. Sequentially the firms profit was up 5 per cent.
Revenue for Q4FY23 grew 16.9 per cent year on year to Rs 59,162 crore. The company’s Q4 performance missed Bloomberg estimates on revenue growth but met the profit forecast.
For the full year, TCS reported revenue of Rs 2,25,458 crore, up 17.6 per cent YoY. In dollar terms, the company’s revenue touched $27.9 billion, up 13.7 per cent in constant currency.
In a traditionally weak quarter, TCS managed to deliver a strong order book. Fourth quarter TCVs (total contract values) came in at $10 billion, higher than the company average of $7-9 billion.
Rajesh Gopinathan, CEO and MD said: “It is very satisfying to look back at our strong growth in FY23, on top of the mid-teen growth in the prior year. The strength of our order book demonstrates the resilience of demand for our services and gives us visibility for growth in the medium term.”
The margins for the FY23 came in at 24.1 per cent. Whereas for the Q4 margins were similar to the last quarter, at 24.5 per cent.
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