Revenue Meets Estimates, Attrition Inches Up

Tata Consultancy Services Ltd.’s revenue rose for the seventh straight quarter on order wins as clients continued to spend on digital services.

Revenue of India’s largest software services provider rose 3.5% over the preceding quarter to Rs 50,591 crore in the three months ended March, according to its exchange filing. That compares with the Rs 50,263.1-crore consensus estimate of analysts tracked by Bloomberg.

Revenue in dollar terms stood at $6,696 million, up 11.8%. In constant currency, it rose 3.2% sequentially.

The company posted 16.8% revenue growth for FY22, in line with its double-digit guidance.

TCS Q4 FY22 Highlights (QoQ)

• Net profit rose 1.6% to Rs 9,926 crore, compared with the Rs 10,067-crore forecast.

• Operating profit rose 3.2% to Rs 12,628 crore.

• TCS won new deals worth $11.3 billion against $7.6 billion in Q3, taking the total deals to $34.6 billion ($23.3 billion in the first nine months) for FY22.

• The company had bagged deals worth $31 billion in FY21.

• Attrition inched up to 17.4% from 15.3% as of December.

• It added 35,209 employees on net basis.