Mumbai: IT major Tata Consultancy Services (TCS) on Monday registered a seven per cent increase in consolidated net profit for the quarter ended March 31 at Rs 9926 crore aided by higher revenues.
The company had reported a net profit of Rs 9246 crore in the corresponding period last fiscal. The IT major’s revenue crossed Rs 50000 crore for the first time during the quarter, which witnessed a nearly 16 per cent jump, to Rs 50,591 crore against Rs 43,705 crore reported a year-ago.
“We are closing FY22 on a strong note, with mid-teen growth and adding the maximum incremental revenue ever”, said Rajesh Gopinathan, Chief Executive Officer and Managing Director.
He further said that increasing participation in its customers’ growth and transformation journeys, and an all-time high order book provide a strong and sustainable foundation for continued growth ahead.
In Q4, TCS added 35,209 employees on a net basis, the highest ever net addition in a quarter. Employee headcount stood at 592,195, a net addition of 103,546 during the year, another all-time high.
“The company’s philosophy of investing in people, and its progressive workplace policies have resulted in industry leading retention in an environment of increased churn. IT services attrition continued to climb, reaching 17.4 per cent. However, incremental attrition has moderated,” it said.
For the fiscal year 2022, the company reported a consolidated net profit of Rs 38,327 crore as against Rs 32,430 recorded in FY2021, registering a 18.18 per cent growth.
Similarly, the year, TCS’s revenues increased 16.79 per cent to Rs 1,91,754 crore from Rs 1,64,177 crore in FY2021. “It is immensely satisfying to close the year with robust, broad-based growth, industry-leading margins and the highest ever order book.
During the year, we took on technologically challenging, industry-first transformational programs and brought to bear the full power of TCS’ capabilities and that of our partner ecosystem, to successfully deliver market-changing outcomes,” N Ganapathy Subramaniam, Chief Operating Officer and Executive Director, said.
Commenting on the performance, TCS Chief Financial Officer Samir Seksaria said, “While continuing to make all the investments needed to support our growth aspirations, we managed the headwinds this year to deliver an industry-leading operating margin yet again. The successful completion of our fourth buyback in five years is another milestone in our shareholder-friendly approach to capital allocation.”
During the year, the company returned Rs 31,424 crore of cash to shareholders through buybacks and dividends, it said. As on March 31, 2022, the company has applied for 6,583 patents, including 187 applied during the quarter, and has been granted 2,287 patents. For the full year, TCS filed for 704 patents and was granted 437.