TCS Surges Forward with 6% Profit Rise Amid Global Challenges
TCS, India's largest IT services provider, reported a 6% rise in net profit for the June quarter, reaching Rs 12,760 crore. Despite geopolitical challenges affecting demand, TCS's revenues climbed slightly, and the operating profit margin increased. New deals worth USD 9.4 billion were signed during this period.
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India's leading IT giant, Tata Consultancy Services (TCS), showcased a robust financial performance for the June quarter, posting a 6% increase in net profit to Rs 12,760 crore. This rise in profit comes despite ongoing global complexities and a tepid demand environment.
The company's revenue saw a marginal increase of 1.3%, reaching Rs 63,437 crore, though it faced a 3% decline when viewed from a constant currency perspective. Notably, TCS's operating profit margin improved by 0.30% over the previous quarter, now at 24.5% according to their latest statement.
Managing Director and CEO K Krithivasan cited the continuous global macroeconomic and geopolitical challenges as factors for the contraction in demand. Still, TCS managed to secure new deals valued at USD 9.4 billion this quarter, and grew its workforce to 6,13,069 employees, an increase of over 6,000 from last year.
(With inputs from agencies.)
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