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HomeTechTCS Q4 consolidated net profit up 7.4% YoY, matches estimates

TCS Q4 consolidated net profit up 7.4% YoY, matches estimates

Mumbai/ Bengaluru: India’s largest information technology company Tata Consultancy Services (TCS) on Monday reported a 7.4% on-year growth in consolidated net profit at Rs 9,926 crore for the quarter ended March. The company reported a 15.8% on-year rise in consolidated revenues at Rs 50,591 crore.

This met analyst expectations which estimated TCS to report on year revenue growth in the range of 11-16%. Profit growth was projected in the range of 8-9% year-on-year.

On a sequential basis, net profit grew 1.6% while revenue grew 3.5%. For the financial year ended March, the company’s consolidated revenue rose 16.8% to Rs 191,754 crore and net profit clocked Rs 38,327 crore, up 14.8%.

“We are closing FY 22 on a strong note, with mid-teen growth and adding the maximum incremental revenue ever. Increasing participation in our customers’ growth and transformation journeys, and an all-time high order book provide a strong and sustainable foundation for continued growth ahead,” said Rajesh Gopinathan, chief executive officer of TCS, in a statement.

The Tata group company hit the highest-ever order book at $11.3 billion in terms of total contract value in Jan-Mar quarter. The metric stood at $34.6 billion for the full year.

Attrition rate for the quarter was up at 17.4% compared to 15.3% reported last quarter. Employee headcount grew by 35,209 on a net basis, the highest in a quarter ever, to reach 592,195.

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In Q4, growth among markets was led by North America which grew 18.7%, followed by the UK which grew over 13%, Continental Europe grew 10.1%. Among emerging markets, Latin America grew 20.6%, Middle East & Africa grew 7.3%), India grew 7%, and Asia Pacific grew +5.5%.

The company stated that in Q4, growth was led by Retail and CPG 22.1%, Manufacturing vertical 19% and Communications & Media 18.7%. Technology & Services grew 18% and Life Sciences and Healthcare grew 16.4% while BFSI grew 12.9%.

“It is immensely satisfying to close the year with robust, broad-based growth, industry-leading margins and the highest ever order book,” said N Ganapathy Subramaniam, chief operating officer and executive director of TCS.

“During the year, we took on technologically challenging, industry-first transformational programs and brought to bear the full power of TCS’ capabilities and that of our partner ecosystem, to successfully deliver market-changing outcomes,” he added.

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