TCS net profit rises 8.7% to Rs 12,040 cr in Q1

Mumbai: India’s largest IT services company Tata Consultancy Services (TCS) on Thursday posted an 8.7 per cent year-on-year rise in its consolidated net profit at Rs 12,040 crore in the first quarter ended June 2024.

The net profit for the year-ago period stood at Rs 11,074 crore. The company - which competes in the IT services market with the likes of Infosys, Wipro and HCLTech - reported a 5.4 per cent increase in its revenue at Rs 62,613 crore for the quarter just ended.

Sequentially, however, the net profit fell 3.1 per cent compared to March quarter.

“I am pleased to report a strong start to the new fiscal year with all-round growth across industries and markets,” K Krithivasan, Chief Executive Officer and Managing Director of TCS, said in a release. The company is continuing to expand its client relationships, create new capabilities in emerging technologies and invest in innovation, including a new AI-focused TCS PacePort in France, IoT lab in the US, and expanding delivery centres in Latin America, Canada and Europe, Krithivasan added.

TCS has declared an interim dividend of Rs 10 per equity share of Re 1 each.