TCS Ltd Q3 Results FY2024, Net profit at Rs.11,097 Crores

Shreya Anaokar 11th January 2024 - 06:48 pm

On 11th January 2024, TCS Ltd announced its quarterly results.

Key Highlights:

- The company reported revenue from operations at Rs. 60,583 crore, up by 4% YoY. Revenues in CC terms grew by 1.7% YoY.
- Profit before tax for the quarter ended December 31, 2023 was Rs.14,829 crores.
- Profit after tax for the quarter ended December 31, 2023 was Rs.11,097 crores.
- LTM IT Services attrition rate at 13.3%

Segment Highlights:

- Industry segment growth was led by the Energy, Resources and Utilities vertical which grew 11.8%, Manufacturing which grew 7.0% and Life Sciences and Healthcare which grew 3.1%. The Consumer Business Group (CBG) grew -0.3%, BFSI grew -3.0%, Communications & Media grew -4.9% and Technology & Services grew -5.0%. Regional Markets grew 19.2%.
- Among major markets, the United Kingdom led with 8.1% growth; Continental Europe grew 0.5% and North America grew -3.0%. In emerging markets, India led with 23.4% growth, Middle East & Africa grew 16.0%, Latin America grew 13.2%, and Asia Pacific grew 3.9%.

Key Deals Won:

- TCS was chosen as a key partner by a prominent UK bank to help with the end-to-end transformation of its leasing and motor financing operations.
- TCS was chosen by ASX, Australia's main stock exchange, to supply the Australian market with a cutting-edge clearing and settlement platform.
- A US-based healthcare organization chose TCS to modernize enterprise IT and leverage the cloud to reinvent its present operational paradigm.
- A major European postal company chose TCS to change its mission-critical cross-border and e-commerce solutions.
K Krithivasan, Chief Executive Officer and Managing Director, said: “Our strong performance in a seasonally weak quarter buffeted by macro-economic headwinds, demonstrates the strength of our business model with a well-diversified portfolio and a customer-centric strategy. We are seeing strong deal momentum across markets resulting in a solid order book providing visibility into our long-term growth. We are seeing tremendous interest in Generative AI and are leading the innovation and exploratory efforts for our customers in this area.”