TCS Q3 2023: Net Profit Rises 11%, Dividend Declared
Strong Performance Across Key Verticals
Tata Consultancy Services (TCS), a leading global IT services and consulting firm, announced its financial results for the third quarter of the fiscal year 2023 (Q3 FY23). The company reported a strong performance, with a double-digit increase in net profit.
Key Highlights
- Net profit rose by 11% year-over-year to Rs. 11,058 crore.
- Revenue grew by 10.7% YoY to Rs. 58,229 crore.
- Constant currency revenue growth stood at 14.3% YoY.
- The board of directors approved a dividend of Rs. 27 per share.
The company attributed its strong performance to robust growth in key verticals such as banking and financial services, healthcare, and manufacturing. TCS also highlighted its continued focus on digital transformation and customer-centric solutions.
Dividend Announcement
The TCS board also declared an interim dividend of Rs. 27 per share, which is in addition to the Rs. 75 per share dividend announced earlier in the year. This brings the total dividend for the financial year 2023 to Rs. 102 per share.
The dividend will be paid to shareholders of record as on January 16, 2023, and is expected to be credited on January 26, 2023. The company's strong dividend track record reflects its commitment to shareholder value creation.
Overall, TCS's Q3 FY23 results indicate a positive outlook for the IT industry. The company's focus on innovation and customer experience continues to drive its growth.
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