TCS Rolls Out Salary Hikes Despite Margin Pressures

In the fiscal year 2022-23, India's biggest IT services company Tata Consultancy Services Ltd. (TCS) rolled out a salary hike despite the operating margin blow of 200 basis points.

In its most recent annual salary review, the company increased the pay of excellent performers by 12 to 15% and started the promotion cycle.

Meanwhile, TCS recorded a 16.83% jump in net profit for the June quarter, coming in at Rs 11,074 Crore. The Tata Group company posted net profits of Rs. 9,478 Crore and Rs. 11,392 Crore in the previous three months, respectively.

In addition, the company also recommended an interim dividend of Rs 9 equity shares of Rs 1 each.

The stock of TCS last traded at Rs 3260.20 apiece on BSE, 0.36% down from its previous close.