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TCS reports Rs 11,342 cr net profit for Q2FY24; declares Rs 9 dividend per share

TCS reports Rs 11,342 cr net profit for Q2FY24; declares Rs 9 dividend per share

| @indiablooms | 11 Oct 2023, 09:04 pm

Mumbai: Tata Consultancy Services (TCS) on Wednesday announced a net profit of Rs 11,342 crore for the Q2FY24, propelled by a robust order book, particularly in the BFSI sector, despite a challenging business environment.

India's largest IT services company reported a consolidated revenue of Rs 59,692 crore for the same period. TCS secured orders worth $11.2 billion in Q2, showing an increase from the previous quarter.

The EBIT margin for the quarter rose to 24.3 percent, up from 23.2 percent in the previous quarter. TCS recorded a dollar revenue of $7,210 million.

In dollar terms, the revenue saw a marginal 0.2 percent decline from the previous quarter to $7.2 billion.

TCS also declared an interim dividend of Rs 9 per share.

The company's order book for Q2FY24 was at $11.2 billion and the book-to-bill ratio was at 1.6.

This order book shows an increase from the $10.2 billion TCV it held in the preceding quarter.

The EBIT margin, or operating margin, saw growth to 24.3 percent, up from 23.2 percent in the previous quarter, as the company rebounded from the wage hike phase in the April-June period.

In a statement, Chief Executive Officer K Krithivasan said that the company’s significantly large order book led to its second-highest TCV in a quarter.

"The resilience of demand for our services, our clients’ willingness to commit to long tenure programs and their continued appetite for experimentation with Gen AI and other new technologies give us confidence in our longer-term growth prospects," he said.

According to Samir Seksaria, Chief Financial Officer, the company's emphasis on enhancing employee utilization, productivity, and cost efficiency played a pivotal role in the expansion of its operating margin.

"We will continue to push the growth, efficiency and innovation levers to further improve our profitability," he said.

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