New Delhi : Tata Consultancy Services (TCS), which is recognized as the country's largest IT company, has released the report for the quarter of the current financial year 2024-25. In this report it has been revealed that the company's profit has increased on an annual basis. It is being told in this report that the profit of the company has increased by 11.95 percent to Rs 12,380 crore. However, about 5,000 employees have also been retrenched in the company during this period.
In the third quarter of the last financial year i.e. 2023-24, TCS had earned a net profit of Rs 11,058 crore. Whereas in July-September, 2024, the company's net profit was Rs 11,909 crore.
company's profit
The revenue of the Tata Group company increased by 5.6 percent to Rs 63,973 crore during the quarter, which was Rs 60,583 crore in the same quarter of 2023-24. Whereas in the July-September quarter it was Rs 64,259 crore. The company's new order booking in this quarter, which is said to be challenging due to the holiday season, stood at US $ 10.2 billion.
Early signs of improvement
The Chief Executive Officer of the company i.e. CEO K. Kritivasan said the new orders have come from diverse industries, geographies and service lines, creating “good long-term growth potential”. He said banking, financial services and insurance as well as consumer businesses are regaining momentum and early signs of recovery in discretionary spending are also visible in some sectors.
less than company expectations
Kritivasan said that these two trends, along with continued strong growth in regional markets, make the company confident about the future. The company's operational profit margin during the quarter stood at 24.5 percent, compared to 24.1 percent in the previous quarter. However, this is still less than the company's expectations.
large number of appointments
TCS' employee strength declined by more than 5,000 in the quarter under review and the number of employees by December 2024 was 6.07 lakh. There has been a decline of 13 percent in IT services. The company's Chief Human Resource Manager Milind Lakkad said that the campus recruitment is going as per plan and the company is preparing to make more recruitment in future.
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The board of directors of the company has declared a dividend of Rs 76 per share, which also includes a special dividend of Rs 66 per share. TCS also announced the acquisition of land bank in Bengaluru from a Tata group company for Rs 1,625 crore. The company's shares closed at Rs 4,036.65 on BSE with a loss of 1.72 percent.
(with agency input)
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