TCS Q3FY24 results: Net profit up 2% to Rs 11,058 cr, revenue up 4%

TCS Q3FY24 results: The IT major also reported a net attrition of 13.3 per cent and said will continue hiring from colleges

IT major Tata Consultancy Services (TCS) on Thursday reported a net profit of Rs 11,058 crore the October-December quarter of the current financial year, 2 per cent higher than Rs 10,846 crore in the same quarter in the previous year. Its consolidated revenue rose 4 per cent to Rs 60,583 crore from Rs 58,229 crore in the same quarter last year. 

The company's EBIT margin, or the operating margin, was up to 25 per cent from 24.3 per cent in the previous quarter. Its net margin was 19.4 per cent. 

The company's net income grew 8.2 per cent to Rs 11,735 crore. The IT major also reported a net attrition of 13.3 per cent. 

"We expect to be back to our normal operating mode by the end of the current fiscal year. Parallelly, attrition is trending down and at 13.3 per cent, is now in our range of comfort. We are committed to hiring from college campuses and growing talent organically," said Milind Lakkad, chief human resource officer at TCS. 

The company also announced an interim dividend of Rs 9 per share and a special dividend of Rs 18 per share, totalling Rs 27 per equity share. 

"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," said K Krithivasan, chief executive officer and managing director at TCS.