TCS Q3 Results FY2023, Revenue up by 19.1%
On 9th January 2023, India’s one of the leading IT company, Tata Consultancy Services (TCS)
announced its quarterly results.
- The company reported revenue at Rs. 58,229 crore, up by 19.1% YoY, up by 13.5% YoY in constant currency
- Order Book at $7.8 billion
- Operating Margin at 24.5%; contraction of 0.5% YoY
- The company’s Net Income at Rs. 10,846 crore, up by 11% YoY
- Net Margin at 18.6%
- The company’s net cash from operations at Rs. 11,154 crore i.e. 102.8% of Net Income
- The company reported its net profit at Rs. 3761 crores.
- TCS’ workforce was at 613,974 as on December 31, 2022, a net reduction of 2,197 during the quarter.
- Industry segment growth was led by Retail and CPG with 18.7% growth and Life Sciences & Healthcare verticals up by 14.4%. Communications & Media grew by 13.5% and Technology & Services grew by 13.6%. Manufacturing grew by 12.5% while BFSI grew by 11.1%.
- Among major markets, North America and the UK led with 15.4% growth; Continental Europe grew by 9.7%. In emerging markets, Latin America grew by 14.6%, India grew by 9.1%, Asia Pacific grew by 9.5% and Middle East & Africa grew by 8.6%.
- AGL, Australia’s largest energy provider has selected TCS as the partner for the Retail Next Program, which lays the foundation for their new business strategy.
- Rail Delivery Group, UK’s leading rail industry membership body, selected TCS for the creation of a Rail Data Marketplace.
- TCS partnered with an American energy company to modernize its ERP landscape and support as part of their cloud journey.
- TCS was selected by a US based pharmaceutical distributor, to support their expansion into emerging markets.
Commenting on the results, Rajesh Gopinathan, Chief Executive Officer and Managing Director, said: “We are pleased with our strong growth in a seasonally weak quarter, driven by cloud services, market share gains through vendor consolidation, and continued momentum in North America and UK. The sustained strength of demand for our services is a validation of the value we provide to our clients in helping them differentiate themselves, while enhancing their competitiveness. Looking ahead, and beyond current uncertainties, our longer-term growth outlook remains robust.”
The board announced dividend of Rs.75 per share including Special Dividend of Rs. 67 per share. Post results TCS's share price dropped by 1.22%.
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