TCS Q3 Results: Consolidated PAT Dips 2.5% QoQ To Rs 11,058 Crore, Revenue Growth In Single-Digits

India's largest tech firm, Tata Consultancy Services (TCS) garnered a consolidated net profit of Rs 11,058 crore in the quarter ending December 31, 2023. Q3FY24 PAT climbed in single-digits of 1.95% year-on-year but declined by 2.5% quarter-on-quarter. Meanwhile, the company's top-line growth was also in single-digits.

Consolidated revenue came in at Rs 60,583 crore, registering a growth of 4.04% as against revenue of Rs 58,229 crore recorded in the same quarter a year ago. Also, latest revenue was up by 1.49% from Rs 59,692 crore in September 2023.

Earlier, TCS had announced that it intends to make the balance provision of approximately $125 million in its financial statements as an exceptional item, for the third quarter and nine months ending December 31, 2023, due to the EPIC Systems Corporation matter. Hence, TCS has added the brunt of $125 million in its bottom line in the third quarter.

TCS also declared third interim dividend of Rs per share for FY24.

TCS shares will react to its Q3 report card on Friday. Ahead of the earnings, on January 11th, the stock price continued to trade in a positive note and surged by over 1.5% to hit an intraday high of Rs 3,772 apiece on BSE.

In Q2FY24, TCS posted a net profit of Rs 11,342 crore, and revenue of Rs from operations stood at Rs 59,692 crore respectively.

A part of the Tata group, India's largest multinational business group, TCS has over 608,000 of the world's best-trained consultants in 55 countries. The company generated consolidated revenues of US $27.9 billion in the fiscal year ended March 31, 2023, and is listed on the BSE and the NSE in India. TCS' proactive stance on climate change and awardwinning work with communities across the world have earned it a place in leading sustainability indices such as the MSCI Global Sustainability Index and the FTSE4Good Emerging Index.