Conference Call with Tata Consultancy Services Ltd. Management and Analysts on Q2FY24 Performance and Outlook. Listen to the full earnings transcript.
IT Consulting and Software company Tata Consultancy Services announced Q2FY24 results: Financial Performance: - Revenue for the quarter ending September 30, 2023, was Rs 59,692 crore, showing a growth of 7.9% YoY. - The operating margin expanded by 0.3% YoY to 24.3%. - Net income increased by 8.7% YoY to Rs 11,342 crore. - The net cash from operations amounted to Rs 11,823 crore, which is 104.2% of the net income. Business Highlights: - Growth was led by the UK, Energy, Resources and Utilities, and Manufacturing sectors. - TCS now has a workforce of over 100,000 Gen-Al Ready consultants and prompt engineers. - BSNL awarded TCS the project to integrate and deploy a modern 4G and 5G mobile network across India. - TCS expanded its strategic partnership with JLR to accelerate digital transformation. - TCS was selected by Athora Netherlands to transform their closed book life business. - The company partnered with GE Healthcare's Global IT function for digital transformation. Awards and Recognition: - TCS was named India's Most Valuable Brand by Kantar BrandZ Top 75 Most Valuable Indian Brand rankings. - TCS won the Celent Model Bank 2023 Award for Open Banking. - TCS was awarded Retail Partnership of the Year 2023 at the Retail Systems Awards. - The company received Google Cloud Partner of the Year Awards in multiple categories. - TCS ranked #1 in the DQ Top 20 Awards 2023. Management Quote: K Krithivasan, CEO and MD of TCS, said: "Our clients continue to entrust us with critical new technology initiatives, and large programs to digitally transform their IT and business operating models. Strong deal momentum delivered us a very large order book in Q2 - our second-highest TCV ever in a quarter, and a good pipeline. The resilience of demand for our services, our clients' willingness to commit to long tenure programs and their continued appetite for experimentation with Gen Al and other new technologies give us confidence in our longer-term growth prospects." Result PDF