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TCS Q3FY22 Results: Net profit Rs 9,769, up 12 pc YoY TCS Q3FY22

TCS Q3FY22 Results: Net profit Rs 9,769, up 12 pc YoY

India Blooms News Service | @indiablooms | 12 Jan 2022, 11:13 pm

Bengaluru/IBNS: India’s largest Information Technology services company, Tata Consultancy Services Ltd (TCS), Wednesday reported a consolidated net profit of Rs 9,769 crore for the quarter ended December 2021, up 12.3 percent year-on-year.

The company had recorded a consolidated profit after tax (PAT) of Rs 8,701 crore in the same quarter previous year. In the last quarter, its PAT stood at Rs 9,624 crore.

Consolidated revenue in Q3FY22 was recorded at Rs 48,885 crore, increasing 16.4 percent from the corresponding quarter last year.

The growth is on account of robust double digit growth across business verticals, marked by lucrative deals won and an rise in digital spends by corporates.

The firm's USD revenue for the September-December quarter came in at $ 6,524 million, growing 14.4 percent YoY and 3 percent QoQ.

Its consolidated revenue in the same quarter last year was Rs 42,015 crore and Rs 46,867 crore in the third quarter.

The company added 58 clients in USD 100 million+ bucket (+10 YoY); and 118 in USD 50 million+ bucket (+21 YoY).

Total Contract Value (TCV) for Q3FY22 rose by 12 percent at USD 7.6 billion against USD 6.8 billion in Q3FY21. Year to Date TCV was recorded at USD 23.3 billion.

“Our continued growth momentum is a validation of our collaborative, inside-out approach to our customers’ business transformation needs,” said Rajesh Gopinathan, Chief Executive Officer and Managing Director of the company.

Commenting on the performance for the quarter, N Ganapathy Subramaniam, Chief Operating Officer & Executive Director, said, “We continued our focus on growing organically and on developing the talent, methodologies, and toolkits for an ever-evolving technology landscape.”

We are also delighted to cross another important milestone in our journey, hitting the $25 billion revenue mark in CY 2021, he added.

The firm's operating margins for the company witnessed a marginal decline of 1.6 percent on-year to 25 percent due to higher other expenses.

In absolute terms, the employee cost jumped 16 percent on y-o-y and by 3 percent q-o-q.

The net margin or net profit margin for the quarter ended December stood at 20 percent, dropping slightly from 20.7 percent in the same period year-ago. In the previous quarter, the net margin was recorded at 20.5 percent.

The company added 28,238 employees on a net basis, taking the total number of employees to 556,986 as on December 31, 2021. It surpassed a new milestone in its diversity journey in Q3, with its female workforce crossing 200,000.

The attrition rate (LTM) for the quarter stood at 15.3 percent growing from 11.9 percent during the second quarter of this financial year.

In addition to the 43,000 freshers hired in H1, the company onboarded 34,000 fresh graduates in Q3.

The Board of the company announced a buyback of shares valued at Rs 18,000 crore at Rs 4,500 per Share.

The company also declared an interim dividend of Rs 7.0 per share with a record date of January 7, 2022, and the payment date of February 7, 2022.