TCS Q1FY24 result: Net profit up 16.8% YoY; revenue rises to Rs 59,381 cr

TCS Q1FY24 result: The attrition for the first quarter of the current financial year stood at 17.8%

Tata Consultancy Services (TCS) recorded a 16.8 per cent jump in the net consolidated profit in the quarter that ended on June 30 to Rs 11,074 crore from Rs 9,478 crore in the same quarter last year. 

The IT major's revenue from operations rose 12.5 per cent to Rs 59,381 crore from Rs 52,758 crore previously. 

As compared to the previous quarter that ended on March 31, the net profit was down 2.7 per cent from Rs 11,392 crore.

The company has also declared an interim dividend of Rs 9 per share with a face value of Rs 1 each.

K Krithivasan, Chief Executive Officer and Managing Director, said: “It is very satisfying to start the new fiscal year with a string of marquee deal wins. We remain confident in the longer-term demand for our services, driven by the emergence of newer technologies. We are investing early in building capabilities at scale on these new technologies, and in research and innovation, so we can maximize our participation in these opportunities.”

The company's attrition in the quarter stood at 17.8 per cent. The company added 523 employees in the quarter. Its total workforce stands at 615,318.

"Our attrition continues to trend down and we expect it to be back in our industry-leading, long term range in the second half of the year. While we are committed to honor all the offers we have made, our focus will be on leveraging the capacity we built last year," said Milind Lakkad, chief human resource (HR) officer.