TCS Q4 net profit soars 72 per cent, beats expectations
The company had posted net profit of Rs 3,713 crore in Q4 FY15 as per IGAAP accounting norms.
Mumbai: TCS, India’s largest IT company, on Monday posted 64 per cent jump in net profit at Rs 6,341 crore during the fourth quarter of fiscal 2016 compared to year ago period. Revenues were at Rs 28,449 crore, up 17.5 per cent during the period under review.
The company had posted net profit of Rs 3,713 crore in Q4 FY15 as per IGAAP accounting norms. For entire 2015-16 fiscal, TCS profit rose by 22.4 per cent to Rs 24,292 crore and revenue increased 14.8 per cent to Rs 1,08,646 crore.
Growth was led by Europe (3.6 per cent) and North America (2.4 per cent). Mr N. Chandrasekaran, CEO and MD, said: “Our core portfolio performed strongly in a seasonally weak fourth quarter driven by strong volumes led by growth in BFSI, retail and manufacturing sectors. This gives us good momentum going into the new financial year.”
Looking ahead, he said the company will continue to build on its trusted customer relationships continue to invest in developing ‘digital’ talent and launch new products and “also look forward to intensifying our social initiatives to bring the benefits of technology to the community.”
Reacting to the $950 million fine imposed by a US court on TCS, the company officials denied any wrongdoing as alleged by a Wisconsin jury in the US that found it guilty of illegally accessing data from Epic Systems while working for a common client.
The company said it would defend its position vigorously in appeals to higher courts. The company has hiked the salary of its employees by 8-12 per cent even as expects to hire lesser number of people (gross) on account of higher efficiency and increased automation of processes.
It had said it has given out about 45,000 offers to freshers this year. "About 30,000-32,000 freshers will join us in the coming months,” executive V-P Ajoy Mukherjee said.