Revenue for Q4FY23 grew 16.9% YoY to Rs 59,162 cr, but missed Bloomberg estimate
Mumbai, NFAPost: Tata Consultancy Services (TCS), India’s largest IT services player announced net profit at Rs 11,392 crore for the fourth quarter ended March 31, 2023, up 14.8% year on year. Sequentially the firms profit was up 5%.
Revenue for Q4FY23 grew 16.9% year on year to Rs 59,162 crore. The company’s Q4 performance missed Bloomberg estimates on revenue growth but met the profit forecast.
For the full year, TCS reported revenue of Rs 2,25,458 crore, up 17.6% YoY. In dollar terms, the company’s revenue touched $27.9 billion, up 13.7% in constant currency.
In a traditionally weak quarter, TCS managed to deliver a strong order book. Fourth quarter TCVs (total contract values) came in at $10 billion, higher than the company average of $7-9 billion.
TCS CEO and MD Rajesh Gopinathan said it is very satisfying to look back at strong growth in FY23, on top of the mid-teen growth in the prior year.
“The strength of our order book demonstrates the resilience of demand for our services and gives us visibility for growth in the medium term,” said TCS CEO and MD Rajesh Gopinathan.
The margins for the FY23 came in at 24.1%. Whereas for the Q4 margins were similar to the last quarter, at 24.5%.
