Tata Consultancy Services Annual Result 2024

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Financial Highlights

Order Book & Revenue:

  • FY24 Total Contract Value (TCV) at an all-time high of $42.7 billion.
  • Record Q4 TCV: $13.2 billion.
  • Full Year Revenue: $29.08 billion, showing a 4.1% year-over-year (YoY) increase.
  • Constant Currency (CC) revenue growth: +3.4%.

Growth by Region:

  • UK growth: +10.1%.
  • Regional Markets growth: +19.8%.

Growth by Vertical:

  • Energy, Resources, and Utilities: +12.6%.
  • Manufacturing: +7.3%.
  • Life Sciences & Healthcare: +4.8%.

Profitability:

  • Operating Margin: 24.6%.
  • Net Margin: 19.3%.

Net Income:

  • $5.62 billion, marking a 7.8% increase YoY.

FY 2023-24: Annual Highlights

Category

Metrics

Client Metrics

- 62 clients in the $100 Mn+ band (+2 YoY)

 

- 139 clients in the $50 Mn+ band (+6 YoY)

Employee Metrics

- Employee Headcount: 601,546

 

- Diversity: 152 nationalities; 35.6% women

 

- IT Services Attrition (LTM): 12.5%

Talent Development

- 5 million competencies acquired

 

- Number of Contextual Masters: 73,000

Financials

- Free Cash Flow: $5.3 Bn

 

- Shareholder payout: $5.6 Bn (dividends and buyback)

Q4 FY 2024: Quarterly Highlights

Category

Metrics

Revenue

- $7.36 Bn, +2.3% YoY (Constant Currency: 2.2%)

Growth by Region

- India: +37.9%

 

- UK: +6.2%

 

- Manufacturing: +9.7%

Margins

- Operating Margin: 26.0% (YoY expansion of 150 bps)

 

- Net Margin: 20.3% (YoY expansion of 100 bps)

Net Income

- $1.5 Bn, +8.0% YoY

Cash Conversion

- Operating Cash Flow: 100.4% of Net Income

Dividend

- Final Dividend per share (proposed): ₹28

Consolidated Statements of Comprehensive Income (Annual)

For the year ended March 31, 2023, and March 31, 2024 (In millions of $, except per share data)

Description

March 31, 2023

March 31, 2024 (Reported)

March 31, 2024 (Ex Adj*)

Revenue

27,927

29,080

29,080

Cost of Revenue

16,884

17,335

17,335

Gross Margin

11,043

11,745

11,745

SG & A Expenses

4,329

4,702

4,587

Operating Income

6,714

7,043

7,158

Other Income (Expense), Net

332

441

451

Income Before Income Taxes

7,046

7,484

7,609

Income Taxes

1,808

1,919

1,963

Income After Income Taxes

5,238

5,565

5,646

Non-controlling Interests

19

23

23

Net Income

5,219

5,542

5,623

Earnings per Share in $

1.43

1.52

1.54

*Excludes settlement of a legal claim

Consolidated Statements of Comprehensive Income (Quarterly)

For the three-month periods ended March 31, 2023, and March 31, 2024 (In millions of $, except per share data)

Description

March 31, 2023

March 31, 2024

Revenue

7,195

7,363

Cost of Revenue

4,307

4,334

Gross Margin

2,888

3,029

SG & A Expenses

1,127

1,115

Operating Income

1,761

1,914

Other Income (Expense), Net

110

113

Income Before Income Taxes

1,871

2,027

Income Taxes

481

523

Income After Income Taxes

1,390

1,504

Non-controlling Interests

5

8

Net Income

1,385

1,496

Earnings per Share in $

0.38

0.41

Consolidated Statements of Financial Position

As of March 31, 2023, and March 31, 2024 (In millions of $)

Assets/Liabilities

March 31, 2023

March 31, 2024

Assets

 

 

Property and Equipment

1,410

1,346

Right-of-use Assets

919

946

Intangible Assets and Goodwill

593

539

Accounts Receivable

5,010

5,343

Unbilled Revenues

1,816

1,834

Invested Funds

6,058

5,633

Other Current Assets

805

1,092

Other Non-current Assets

1,117

1,083

Total Assets

17,728

17,816

Liabilities and Shareholders' Equity

 

 

Shareholders' Funds

11,252

11,104

Current Liabilities

5,297

5,529

Non-current Liabilities

1,082

1,082

Non-controlling Interests

97

101

Total Liabilities

17,728

17,816

About Company

Tata Consultancy Services (TCS) is a global leader in IT services, consulting, and business solutions, headquartered in Mumbai, India. As part of the prestigious Tata Group, TCS offers a wide array of services, including IT and business consulting, digital and technology solutions, and outsourcing services. Established in 1968, TCS has grown to become one of the most valuable IT services brands worldwide. The company operates in multiple industries such as banking, healthcare, manufacturing, and telecommunications, delivering technology-driven services to facilitate digital transformations for its clients. TCS is known for its deep industry expertise, commitment to innovation, and a rich heritage of corporate responsibility. With a workforce that spans across multiple countries, TCS is also noted for its diverse and inclusive work environment.

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