On Thursday, Tata Consultancy Services, India’s biggest IT company, reported 0.94% year-on-year (YoY) fall in profits. For the fourth quarter of FY19, that ended on March 31st, the profits are now at ₹8,049 Crore. However, the consolidated revenue of the company increased 5% YoY to ₹39,946 crore.
Commenting on their Q4 performance, Rajesh Gopinathan, CEO and MD at TCS said that the pandemic completely reversed the positive momentum that they had started seeing in some of their biggest verticals in the first half of the quarter.
“On the positive side, we had very strong deal closures during the quarter. In fact, our order book this quarter is the largest ever, from the time we started reporting the metric. Organizations across the world are realizing the need for operational and systems resilience”, CEO Gopinathan added.
For FY19 that ended in March 31st, the IT firm announced a 2.75% growth in net income at ₹32,340 Crore. Earlier in the day, shares of the company settled 1.09% down at ₹1,715 on BSE ahead of its earnings announcement. BSE benchmark Sensex ended 222.80 points, or 0.73%, higher at ₹30,602.
In constant currency terms, revenue grew 3% YoY, while the operating margin expanded to 25.1%. The company attributed their profit fall on the volatility of the stock market. Moreover, the board of directors at TCS recommended a final dividend of ₹6.
TCS hired 24,179 employees on a net basis in 2020, taking up the total workforce to 4.5 lakhs, as of March 31st. The manpower comprised of 144 nationalities, with women making up 36.2% of the headcount.