Apr 12, 2024 11:36 PM IST
In its 4th quarterly results announcement, it was revealed TCS profits surged on AI and Cloud Contracts.
TCS 4th quarterly results have been announced and it has beaten analysts’ expectations. So, where were the TCS wins coming from? The world has been talking up artificial intelligence (AI) and cloud computing during the last two years and it has been revealed that the company topped analysts’ forecasts and doing the heavy lifting were its customer projects spanning cloud, machine learning and other AI-driven projects. Clients were looking at TCS to help them to help them keep costs in check, Bloomberg reported.
The TCS statement today revealed the entire laundry list, saying “Win themes across key deals involved Cloud Migration and Modernization, GenAI, Enterprise application services, Identity & Access Management, Connected Devices, Digital Workplace Services, Network Services and Vendor Consolidation.”
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The statement also added, “AI.Cloud, Enterprise Solutions, IOT&DE and Cyber Security led the growth this quarter.”
At a news conference, TCS Chief Executive Officer K Krithivasan indicated what he felt about the numbers revealed today. He said, “It’ll be very difficult to say when the growth would return but this is probably the best guidance we’ve given”.
TCS execs also indicated what they are banking on – its robust deal pipeline to drive growth in 2025.
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TCS’ quarter: The numbers
TCS reported a 9 per cent growth in net profit at ₹12,434 crore. This was for the January-March quarter of FY24.
TCS net profit was up 9 per cent to ₹45,908 crore in FY2024
TCS revenue was ₹2,40,893 crore ( ₹2,25,458 crore in FY23)
TCS operating margin up 1.50 per cent to 26 per cent in Q4.
TCS revenue up 3.5 per cent to ₹61,237 crore in Q4 (from ₹60,583 crore in quarter a year ago).
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TCS registered new orders worth $13.2 billion in 4th quarter.
TCS India business revenue grew 38 per cent.
TCS North America revenue, declined 2.3 per cent in Q4.
TCS employee strength fell by close to 2,000 in qtr.
TCS IT services attrition fell to 12.5 per cent (from 13.3 per cent) .
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