TCS Q1 FY2024 net profit increases by 17% to Rs 11,120cr

TCS Q1 FY2024 results : Tata Consultancy Services (TCS) has reported a net profit of INR 11,120 crores for the first quarter of the fiscal year 2023-2024 (Q4 FY2024) that ended 30 June 2023, which is an increase of 16.8% year-over-year (YoY), compared to INR 9,519 crores in the same quarter of the previous fiscal year.

In the fourth quarter of FY2023, the Indian IT services company made a net profit of INR 11,436 crores.

The earnings per share in Q1 FY2024 for Tata Consultancy Services were INR 30.26, compared to INR 25.9 in the same quarter of the previous fiscal year.

The Indian IT services company had revenue of INR 60,778 crores for the reported quarter, an increase of 13.5% compared to INR 53,547 crores in Q1 FY2023.

TCS Q1 FY2024 results. Photo courtesy of Rameshng/Wikipedia.org.

In the previous quarter, that is Q4 FY2023, Tata Consultancy Services earned revenue of INR 60,337 crores.

K Krithivasan — Tata Consultancy Services CEO and Managing Director, commenting on TCS Q1 FY2024 results, 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.”