Tata Consultancy Services (TCS) revealed its financial results for the third quarter, showcasing a net profit of ₹11,432 crore in the September quarter. This reflects a growth of 8.7%, compared to ₹10,431 crore during the same period last year. Simultaneously, the attrition rate experienced a decline, reaching 13.3% in the given period.
Milind Lakkad, Chief HR Officer, expressed optimism about the increasing vibrancy and energy levels in TCS offices as more employees return. He anticipates a return to normal operating mode by the end of the fiscal year, emphasizing the commitment to hiring from college campuses. Campus hiring for the next year has already commenced, with strong interest from freshers.
As of December 31, 2023, TCS’ workforce comprised 603,305 employees, showcasing diversity with 35.7% women and representatives from 153 nationalities.
In Q2, the attrition rate was slightly higher at 14.9%. K Krithivasan, Chief Executive Officer and Managing Director, highlighted the robust performance in a seasonally weak quarter, emphasizing the strength of TCS’ business model. Strong deal momentum across markets and a solid order book provide visibility into long-term growth. The company is actively involved in Generative AI, leading innovation and exploratory efforts for customers.
N Ganapathy Subramaniam, Chief Operating Officer and Executive Director, outlined progress in national projects and the success of products and platforms. The MCX platform is scaling well, processing record transaction volumes, and the BSNL 4G/5G network rollout is on track. Significant strides in upskilling employees in Generative AI through the AI playground platform were also noted.
Samir Seksaria, Chief Financial Officer, emphasized disciplined execution and operational rigor contributing to improved margins despite seasonal challenges. TCS continues to make strategic investments in people, innovation, and infrastructure to create long-term value for stakeholders.
