TCS posts higher profit in Q3, declares interim & special dividend of Rs 27

Software major Tata Consultancy Services Ltd (TCS) on Thursday said that it closed the third quarter of FY24 with higher net profit of Rs 11,097 crore.

Chennai, Jan 11 (IANS) Software major Tata Consultancy Services Ltd (TCS) on Thursday said that it closed the third quarter of FY24 with higher net profit of Rs 11,097 crore.

The company also said the Board of Directors have declared a third interim dividend of Rs 9 and a special dividend of Rs 18 per equity share of Re 1 each.

In a regulatory filing TCS said it closed the FY24 Q3 ended December 31, 2023 with a revenue of Rs 60,583 crore (Q3FY23 Rs 58,229 crore) and a net profit of Rs11,097 crore (Rs 10,883 crore).

“Our strong performance in a seasonally weak quarter buffeted by macroeconomic headwinds, demonstrates the strength of our business model with a well-diversified portfolio and a customer-centric strategy. 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.

N. Ganapathy Subramaniam, Chief Operating Officer and Executive Director, said: “The quarter saw us make significant progress in many projects of national importance, demonstrating our execution strength. Our products and platforms had a strong quarter with new wins and go-lives. The MCX platform is scaling well and processing record transaction volumes. We are on course with the BSNL 4G/5G network roll out. We are making good progress in upskilling our employees in Generative AI through our AI playground platform.”

The company’s workforce stood at 603,305 as on December 31, 2023.

–IANS

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