India’s top IT company Tata Consultancy Services (TCS) on Monday reported a 7% increase in its net profit to ₹9,926 crore with the revenue crossing the ₹50,000-crore mark for the first time. Revenue for the March quarter grew nearly 16% from a year ago to ₹50,591 crore.
The dollar revenue for the March quarter grew 14.3% in constant currency from a year earlier to $6.7 billion on the back of highest-ever order book worth a total contract value (TCV) of $11.3 billion. TCS reported its highest-ever incremental revenue addition of $3.5 billion and TCV of $34.6 billion for FY22.
TCS’ chief executive officer (CEO) and managing director (MD) Rajesh Gopinathan said that the IT company gave a salary hike of 6-8% in FY22 and will be looking at similar increments with an upward bias in FY23, reported news agency PTI.
TCS witnessed highest ever employee additions in a quarter. Of the net addition of 1,03,546, as many as 35,209 were hired in the January-March 2022 quarter. However, despite such massive employee addition, TCS’ IT services attrition continued to climb to 17.4%. However, incremental attrition has ‘moderated’, the company said.
Meanwhile, Gopinathan hinted that the company will be aspiring for double-digit growth in FY23 as well, given the handsome growth witnessed in FY22, pointing out that the demand environment is very strong and there is a strong market acceptance for the services offered by it.
He said the overall business momentum is positive and the company is optimistic, especially on how it has set itself up for the future, which includes embarking on an ambitious reorganisation from April 1.
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