Investors were eagerly waiting for Wednesday, April 12th as Tata Consultancy Services (TCS), one of the largest companies in the information technology sector, was going to publish its Q4 results on this day. TCS has released its results for the last quarter (Q4) of the financial year (FY) 2022-23. TCS’s Q4 results show that the company’s net profit grew by 14.8% to Rs 113.92bn while total revenue grew by 16.9% on a year-on-year (Y-oY) basis.
TCS has announced a dividend of Rs 24 per share to shareholders due to its good Q4 results. This has cheered retail and institutional investors. TCS said that the company’s revenue increased to Rs 591.62bn in the Q4 of FY 2022-23 from Rs 505.91bn in the Q4 of FY 2021-22.
TCS CEO Rajesh Gopinathan told the press that the company has posted better results in FY 2022-23 compared to FY 2021-22 and it has higher business orders now. However, he said that TCS’s Q4 results were not as high as expected due to the banking crisis that unfolded in North America, particularly the US.
New CEO K Krithivasan will take over the reins as Gopinathan’s successor this year. Krithivasan will take charge of TCS from June 1st, though Gopinathan will remain active till September 15th to carry out a hassle-free transition.
After TCS’s Q4 results, investors are anxiously awaiting the Q4 results of information technology giant Infosys and the largest private sector bank– HDFC Bank, which will be released this week.
