TCS reports robust Q2 2023 results with $7.2bn revenue growth
Tata Consultancy Services (TCS), the global IT services powerhouse, has unveiled its impressive consolidated financial results for the third quarter ending on September 30, 2023. Here are the key highlights:
Revenue Surges to $7.2 Billion
TCS reported a remarkable revenue of $7.210 billion, reflecting a robust YoY growth of 4.8%. The constant currency revenue growth also stands strong at +2.8% YoY.
The company demonstrated operational excellence, with an operating margin of 24.3%, marking an expansion of 0.3% YoY.
Steady Net Income Growth
Net income surged to $1.37 billion, showcasing an impressive YoY growth of 5.6%. The net margin remained steady at 19%.
Strong Cash Flow
TCS displayed its financial prowess with net cash from operations reaching $1.427 billion, a staggering 104.2% of its net income.
Diversity and Inclusion
TCS prides itself on being a diverse and inclusive workplace, with women constituting 35.8% of its workforce and representatives from 152 different nationalities.
Investing in the Workforce
The company invested in its workforce with 26.4 million learning hours and 2.6 million competencies acquired year-to-date.
TCS reported a competitive 14.9% attrition rate in the last twelve months.
K Krithivasan – TCS CEO and Managing Director said: “Our clients continue to entrust us with critical new technology initiatives, and large programs to digitally transform their IT and business operating models. Strong deal momentum delivered us a very large order book in Q2 – our second highest TCV ever in a quarter, and good pipeline. The resilience of demand for our services, our clients’ willingness to commit to long tenure programs and their continued appetite for experimentation with Gen AI and other new technologies give us confidence in our longer-term growth prospects.”
TCS secured a landmark project with BSNL to deploy a cutting-edge 4G and 5G mobile network across India, a significant milestone for the company.
Strategic JLR Partnership
TCS expanded its strategic partnership with JLR to accelerate digital transformation, providing services spanning application development, cloud migration, cybersecurity, and more.
Athora Netherlands Transformation
TCS is set to transform Athora Netherlands’ closed book life business, providing enhanced operational efficiencies and improving customer experience.
Government e-Marketplace Transformation
TCS was selected by the Government of India to transform the Government e-Marketplace (GeM) platform, aiming to enhance inclusivity for MSME enterprises and improve supply-chain operations.
Innovation Center for IoT
TCS partnered with a global semiconductor manufacturer to open an innovation center focused on semiconductor designs and IoT solutions.
British Council Transformation
The British Council chose TCS to transform its professional services function, aiming to improve service quality and efficiency.
Culina, a leading UK supply chain management service provider, tapped TCS to establish a centralized and next-gen IT platform to drive strategic business initiatives.
TCS continues to thrive as a global IT leader, achieving remarkable growth and innovation in the ever-evolving tech landscape. Stay tuned for more updates on their exciting journey.