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TCS Q4 earnings rise 14.9% to Rs 9,246 billion in the fourth quarter
The country’s largest software services company, Tata Consultancy Services (TCS), reported a 14.9 percent increase in consolidated net income to Rs 9,246 billion for the March 2021 quarter, compared to net income of Rs 8,049 for the same period last year, TCS said in an application for approval. Sales of the IT major rose in the reporting quarter by 9.4 percent to 43,705 billion rupees (previous year: 39,946 billion rupees).
“Our investments over the past decade in skills development and research and innovation positions us well for the upcoming multi-year technology service opportunity. While we continue to dominate our traditional strengths, we are making good progress in achieving share of the growth. and transformation opportunities, “said Rajesh Gopinathan, Chief Executive Officer and Managing Director of TCS.
The company’s focus in FY22 will be on getting customers involved in their growth agenda, driven by innovation and harnessing collective knowledge, he added.
Net income for the fiscal year ended March 2021 increased from Rs 32,340 billion in the previous year to Rs 33,388 billion (excluding statutory eligibility requirements). Reported net income for FY 21 was Rs.32,430 billion.
TCS had committed Rs.1,218 billion (US $ 165 million) in a lawsuit (relating to Epic Systems Corporation) on its consolidated income statement for the fiscal year ended March 31, 2021.
Revenues rose 4.6 percent to 1.64.177 billion rupees in fiscal year 21 from 1.56.949 billion rupees in the previous fiscal year. The Board of Directors has proposed a final dividend of Rs.15 per share.
V Ramakrishnan, TCS chief financial officer, said the company’s fourth quarter performance “capped three-quarters of consistently robust performance in a pandemic year and allows us a strong exit from fiscal 21”.
“Our fourth quarter margins confirm our firm belief that it is possible to win mega-deals, achieve industry-leading growth, continue to invest in our people and newer roles, and still achieve industry-leading profitability,” he added added.
Ramakrishnan went on to say that all of the investments the company has made over the years have positioned it strongly to build its presence in the great opportunities for growth and transformation.
The fourth quarter backlog of $ 9.2 billion is the highest TCV (total order value) in any quarter. Backlog for fiscal year 21 was $ 31.6 billion, 17.1 percent higher than a year earlier.
TCS announced its results outside of market hours. The price closed at 3,241.45 rupees each, a decrease of 2.43 percent from the previous closing price on the BSE. Rivals Infosys and Wipro will announce their March quarter and Fiscal year 21 figures on April 14 and April 15, respectively.
In the fourth quarter, TCS expanded its roles by 19,388 net employees. This is the highest net gain in a quarter, bringing the total workforce to 4,88,649. The wear rate for IT services (LTM) was 7.2 percent.
“With the second wave of the pandemic back, our top priority is safeguarding the health and personal well-being of our workforce around the world. We are looking for ways to speed up vaccinations for eligible TCSers wherever local regulations allow.” said TCS Chief HR Officer Milind Lakkad.
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