Tata Consultancy Services Ltd (TCS) reported a 7.4 per cent rise in quarterly profit from a year earlier, slightly below analysts’ estimate, as rising employee costs squeezed earnings even as demand remained robust. Tata Consultancy Services Ltd (TCS) reported a 7.4 per cent rise in quarterly profit from a year earlier, slightly below analysts’ estimate, as rising employee costs squeezed earnings even as demand remained robust.

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Net profit rose to Rs 9,926 crore in the quarter ended 31 March from Rs 9,246 crore in the year earlier. That trailed the Rs 10,077 crore consensus profit estimate in a Bloomberg survey. Revenue for the March quarter grew 15.8 per cent from a year ago to Rs 50,591 crore, beating the Rs 50,249 crore consensus Bloomberg estimate. For FY22, revenue stood at Rs 191,754 crore.

“The demand environment continues to be very strong, and the services we have invested in are resonating
very well in the market. Technology budgets will be among the last to be squeezed,” said Rajesh Gopinathan, chief executive and managing director of TCS.