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Tata Consultancy Services Ltd. reported 2.2% QoQ, 13.5% YoY constant currency revenue growth in the furlough impacted quarter. The company indicated that the impact of furlough was comparable to the previous year and did not experience higher than expected furlough impact.
In dollar terms, the company reported revenues of $7,075 million, up 2.9% QoQ and 8.4% YoY. In rupee terms, TCS reported revenue of Rs 58,229 crore, up 5.3% QoQ and 19.1% YoY.
Ebit margin for the quarter improved ~50 basis points QoQ to 24.5% while Ebit increased 7.6% QoQ to Rs 14,284 crore.
The company indicated tailwinds for the margin improvement were currency benefit (up 70 bps), (up 30 bps) came in due to improved utilisation and lower sub-contractor cost while headwinds included ~50 bps increase in third party cost for hardware and software and increase in travel and facility expenses on account of normalisation of expenses.
TCS also mentioned that deal total contract value and deal pipeline, continue to be skewed towards cost take out deals and it continues to win such deals.
The company declared an interim dividend of Rs 75/share including special dividend of Rs 67/share. It also mentioned that it is committed to give 80- 100% of free cash flow to shareholders.
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More Research Reports On TCS Q3 FY23 Results Review
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