15-Apr-2024
2 mins read
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India’s top IT service company, Tata Consultancy Services (TCS), is excited about the opportunities available in the domestic market. Recently, TCS won a mega deal of Rs 15000 crore from BSNL, which boosted the previous quarter's performance for India’s largest service exporter.
TCS CEO, K Krithivasan believes India’s expected growth to be 7% to 8%, so it has many opportunities in the domestic market. If you don’t participate in India, then you will miss out a big way over a period of time.
However, some of its peers have chosen not to focus on India, arguing that India is a tough market to crack. K Krithivasan said the sharp downturn in the global technology spending since the pandemic, specifically in the US, could ease easily after this year’s presidential elections. It offers a glimmer of hope for India’s $250 billion IT service industry.
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TCS Q4 FY24 Earnings Update
On April 12, 2024 TCS released Q4 earnings of FY24, it reported a revenue 9% rise in its consolidated net profit at Rs 12,434 crore compared to Rs 11,392 crore in the same period last year.
The company’s revenue in Q4 rose by 3.5% to Rs 61,237 crore , EBIT margin was up by 26%. The revenue for the full financial year 2024, grew by 6.8% YoY to Rs 240,893 crore. Net profit for the whole year was Rs 46,585 crore and operating margin up by 24.6%.
Revenue in North America, which accounts for half of total revenue of TCS slipped by 2.3% YoY. Revenue from the banking and financial services and insurance clients fell by 3.2%. TCS Board also approved a final dividend of Rs 28 per share.
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