The country’s largest IT company, Tata Consultancy Services (TCS), on Monday reported a rise of 14.9% in March-quarter profit as the firm benefited from an uptick in cloud services demand during the COVID-19 crisis. The company’s consolidated profit for the quarter was ₹9,246 crore. Whereas, the consolidated revenue rose 9.4% to ₹43,705 crore and is recommended a final dividend of ₹15 per share.
According to Rajesh Gopinathan, CEO and Managing Director, TCS, “Our investments over the last decade in building newer capabilities, and in research and innovation, position us well for the multi-year technology services opportunity ahead. While we continue to dominate in our traditional areas of strength, we are making good progress in gaining share in the growth and transformation opportunity. Our focus going into FY22 will be to engage with clients in their growth agenda, propelled by innovation and leverage of collective knowledge.”
According to TCS, it recruited 19,388 employees in quarter 4, which is the highest ever in a quarter. The company also stated that, the total headcount stood at 488,649, a net addition of 40,185 during the year. “The workforce continues to be young and very diverse, comprising 154 nationalities and with women making up 36.5% of the workforce,” said the IT major which recently announced pay hikes for its employees despite coronavirus pandemic continuing to be prevalent.
In a statement, Milind Lakkad, Chief HR Officer at TCS, said that, “With the second wave of the pandemic upon us, our top priority is once again to secure the health and personal wellbeing of our workforce across the world. We are looking at ways to expedite vaccinations for eligible TCSers wherever local regulations allow it, and in the meantime, urge everyone to stay safe, step out only if necessary, wear masks and practice physical distancing.”
IT services companies such as TCS, Wipro and Infosys, which offer services ranging from back-office work for banks to social media content moderation and more traditional technical support, have continued winning contracts and expanding over the past few months.
According to TCS, revenue from its banking, financial services and insurance business rose 15.5%, the most among its units. The business was also the biggest contributor to the company’s consolidated revenue, which jumped 9.4%.
The company also appointed Samir Seksaria as its chief financial officer, replacing Ramakrishnan V who is set to retire later this month.