TCS profit was lower than expected, the effect of reducing customer expenses

The profit of the country’s largest software company, Tata Consultancy Services (TCS), in the third quarter of the current fiscal year has been lower than expected. The company’s profits have been hit by reduced spending by many customers due to the economic slowdown. TCS is the first major company in the IT sector to announce quarterly results. This is indicating the conditions for this sector.

The company said that in addition to an interim dividend of Rs 8, it will also pay a special dividend of Rs 67 to shareholders. TCS’s consolidated net profit in the third quarter increased to Rs 10,846 crore. The company had made a profit of around Rs 9,800 crore in the same quarter of the previous fiscal year. The company’s order book stood at $7.8 billion during the October-December period. It was $8.1 billion in the September quarter. Analysts had estimated the company’s profit at Rs 11,046 crore for the third quarter. The IT sector has been affected by the slowdown in the US and Europe, where it derives a large part of its revenue.

The TCS headcount was reduced by 2,197 to 6,13,974 at the end of December. TCS has achieved a major milestone in terms of female employment. It has become the largest employer of women in the country. TCS has around 2.1 lakh or around 35 per cent employed women in its total workforce.

Burgundy Private and Hurun recently released this year’s list of the country’s top 10 women employers. TCS has first place on this. It is followed by Infosys, Wipro, HCL Technologies and Reliance Industries. Tech Mahindra and HDFC Bank are also included in this list. The 500 most valuable companies in the country have been included in this list. TCS has around 6 lakh employees and the company has recruited around 1.35 lakh new employees last year. The company had indicated not to take a strict attitude towards its employees who are working for any other client while living in the company. Despite being employed by a company, doing other work is called ‘moonlighting’.

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