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TCS Results: Latest Quarterly Results & Analysis

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Tata Consultancy Services Ltd. 09 Oct 2025 18:07 PM
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Q1FY25 Quarterly Result Announced For TCS.

IT Consulting & Software company Tata Consultancy Services announced Q2FY26 results
  • Revenue at Rs 65,799 crore, up 3.7% QoQ, Sequential growth: 0.8% in Constant Currency.
  • International Revenue grows 0.6% QoQ in Constant Currency.
  • Broad-based growth across verticals, led by continued momentum in BFSI ( 1.1% QoQ CC), TSS ( 1.8% QoQ CC).
  • Life Sciences and Healthcare ( 3.4% QoQ CC), Manufacturing ( 1.6% QoQ CC) and CMI ( 0.8% QoQ CC) deliver growth amidst industry specific challenges.
  • Operating Margin at 25.2%; an expansion of 70 bps QoQ.
  • Net Income at Rs 12,904 crore, 8.4% YoY | Net Margin at 19.6%.
  • Cash flow from Operations at 110.1% of Net Income.
  • Q2 Total Contract Value (TCV): USD 10 billion.
  • Dividend per share: Rs 11, Record date October 15,2025| Payment date November 4,2025.

K Krithivasan, Chief Executive Officer & Managing Director, said: “I am pleased with our strong Q2 performance. I would like to thank all our employees for their dedication and excellence. We are on a journey to become the world’s largest AI-led technology services company. Our journey is anchored in bold transformation across talent, infrastructure, ecosystem partnerships and customer value. The investments including the building of a world-class AI infrastructure business demonstrate our commitment to this transformation.”

Aarthi Subramanian, Executive Director - President & Chief Operating Officer, said: “We delivered strong growth momentum led by Data, Cloud and AI powered enterprise transformation. Our customer engagements are focused on rapid value realization to deliver speed, efficiency and growth. TCS' AI Hackathon set a new benchmark – is the largest, most diverse and innovative AI-first culture building initiative. Our new AI and Services Transformation unit will further scale and integrate our efforts.”

Samir Seksaria, Chief Financial Officer, said: “We achieved good growth momentum across all verticals this quarter. Our disciplined execution helped us expand our margins while making strategic investments. We have prioritized wage hikes, building future-ready capabilities and establishing new ecosystem partnerships. Looking ahead, our financial resilience and robust balance sheet will support both internal transformation initiatives and external investments aligned with our aspiration.”

Sudeep Kunnumal, Chief HR Officer, said: “I am honoured to take over this responsibility as we chart our path to becoming the world’s largest AI-led technology services company. I look forward to working with our employees and all stakeholders as we pursue this exciting vision”.

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IT Consulting & Software company Tata Consultancy Services announced Q1FY26 results
  • Revenue at Rs 63,437 crore, 1.3% YoY, Decline of 3.1% YoY in Constant Currency.
  • Operating Margin at 24.5%; an expansion of 30 bps QoQ.
  • Net Income at Rs 12,760 crore, 6.0% YoY | Net Margin at 20.1%.
  • Net Cash from Operations at Rs 12,804 crore i.e. 100.3% of Net Income.
  • Workforce strength: 613,069 | Net Headcount addition of 6,071 YoY.
  • LTM IT Services attrition rate at 13.8%.
  • Dividend per share: Rs 11 | Record date 16-Jul-2025 | Payment date 04-Aug-2025.

K Krithivasan, Chief Executive Officer & Managing Director, said: “The continued global macro-economic and geo-political uncertainties caused a demand contraction. On the positive side, all the new services grew well. We saw robust deal closures during this quarter. We remain closely connected to our customers to help them navigate the challenges impacting their business, through cost optimization, vendor consolidation and AI-led business transformation”.

Aarthi Subramanian, Executive Director, President & Chief Operating Officer, said: “Across industries, clients are increasingly shifting their focus from use case based approach to ROI led scaling of AI. We are investing across the AI ecosystem including infrastructure, data platform solutions, AI agents and business applications. Launching TCS SovereignSecureTM Cloud, TCS DigiBOLTTM, and TCS Cyber Defense Suite, to accelerate India’s AI led transformation was a particular highlight of this quarter”.

Samir Seksaria, Chief Financial Officer, said: "We continued our investments in long term sustainable growth this quarter. We stayed agile and adapted to the dynamic environment, delivering steady margins. Our industry leading profitability alongside robust cash conversion, positions us well to make strategic investments for the future”.

Milind Lakkad, Chief HR Officer, said: “Talent Development is core to TCS. In this quarter, our associates invested 15 million hours in building expertise in emerging technologies, enabling them to lead the transformation journey for our customers. It is gratifying to note that TCS now has 1,14,000 people with higher order AI skills”.

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IT Consulting & Software company Tata Consultancy Services announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Revenue at Rs 64,479 crore, 5.3% YoY (CC: 2.5%).
  • Growth led by Regional Markets( 22.5%), ERU (4.6%), and BFSI ( 2.5%) YoY.
  • Operating Margin: 24.2%.
  • Net Margin: 19.0%.
  • Strong Cash conversion: Operating Cash Flow 125.1% of Net Income.
  • Record Q4 TCV at USD 12.2 billion, Book-to-bill ratio of 1.6.
  • Final Dividend (proposed): Rs 30 per share, to be approved at the Annual General Meeting.

FY25 Financial Highlights:

  • FY25 Revenue Rs 2,55,324 crore, growth 6.0% YoY, 4.2% in CC.
  • Net income: Rs 48,553 crore compared to Rs 45,908 crore during FY24.
  • Gross margin: Rs 99,330 crore compared to Rs 97,298 crore during FY24.
  • EPS: Rs 134.19 for FY25.

Operational Highlights:

  • Growth led by strong double-digit growth in Regional Markets: 37.2% YoY.
  • Growth led by Energy, Resources and Utilities ( 5.1%), Manufacturing ( 2.9%) among Industry Verticals.
  • IOT/DE, Enterprise Solutions and AI.Cloud led the growth among Service Lines; Seeing strong and increasing traction in AI-adoption.
  • Operating Margin at 24.3%; Net Margin at 19.0%.
  • Strong TCV performance at USD 39.4 billion for FY25 and at USD 12.2 billion for Q4FY25.
  • All Major Markets Grew Sequentially.

K Krithivasan, Chief Executive Officer & Managing Director, said: “We are pleased to cross the USD 30 billion in annual revenues and achieve a strong order book for the second consecutive quarter. Our expertise in AI and Digital Innovation, coupled with the unmatched knowledge of customer context and global scale makes us the pillar of support for our customers in this environment of macroeconomic uncertainty. We remain committed to staying close to our customers and helping them achieve their core priorities.”

Samir Seksaria, Chief Financial Officer, said: “In FY25, our disciplined execution and operational rigor stood out again, as we defended our industry-leading margins while continuing with our investments in talent and capability building. We delivered robust profitability and cash flows this quarter in a very challenging environment without compromising on the right investments in our people, innovation and infrastructure for long-term value creation.”

Milind Lakkad, Chief HR Officer, said: “Our trainee onboarding in FY25 was 42,000 as planned. We won the Enterprise-Wide Top Employer Certification from the Top Employers Institute. This milestone builds on TCS’s achievements as a Global Top Employer for 2025, marking an unbroken record of receiving this distinction over a decade. We continue to enjoy the pride of place as the employer of choice, and the industry-best retention rate by prioritizing a culture of professional and personal growth, wellbeing, and purpose-driven engagement for our associates.”

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IT Consulting & Software company Tata Consultancy Services announced Q3FY25 results
  • Revenue at Rs 63,973 crore, 5.6% YoY, 4.5% YoY in Constant Currency.
  • Operating Margin at 24.5%; a decline of 50 bps YoY, sequential improvement of 40 bps.
  • Net Income at Rs 12,380 crore, 5.5% YoY | Net Margin at 19.4%.
  • Net Cash from Operations at Rs 13,032 crore i.e. 105.3% of Net Income.
  • Workforce strength: 6,07,354 | LTM IT Services attrition rate at 13.0%.
  • Diverse and inclusive workplace: Women in the workforce: 35.3% |152 Nationalities.
  • Dividend per share: Rs 76.00 including Rs 66.00 as special dividend.
  • Growth led by Consumer Business Group ( 1.1%), Energy, Resources and Utilities ( 3.4%) and Regional Markets ( 40.9%).
  • Growth Markets continue to lead: India ( 70.2%), Middle East & Africa ( 15.0%), Latin America ( 7.0%), Asia Pacific ( 5.8%)
  • Strong TCV at USD 10.2 billion, Book to Bill ratio of 1.4.

K Krithivasan, Chief Executive Officer and Managing Director, said: “We are pleased with the excellent TCV performance in Q3 which was well-rounded across industries, geographies and service lines lending good visibility to long-term growth. BFSI and CBG returning to growth, continued stellar run of Regional Markets and early signs of revival in discretionary spend in some verticals give us confidence for the future. Our continuing investments in upskilling, AI/Gen AI Innovations and partnerships sets us up to capture the promising opportunities ahead.”

Samir Seksaria, Chief Financial Officer, said: “In a quarter that saw significant cross-currency volatility, TCS’s strong execution, cost management and deft currency risk management helped deliver healthy margin improvement and free cash flows. Disciplined investments in talent and infrastructure should lend good support to long-term business growth.”

Milind Lakkad, Chief HR Officer, said: “We promoted over 25,000 associates this quarter which brought the total promotions this financial year to more than 110,000. We continue to invest in employee upskilling and overall well-being. Our campus hiring for the year is going according to plan and preparations are afoot to onboard a higher number of campus hires next year”.

Result PDF

IT Consulting & Software company Tata Consultancy Services announced Q2FY25 results

Financial Highlights:

  • Revenue at Rs 64,259 crore, 7.6% YoY, 5.5% YoY in constant currency.
  • Operating Margin at 24.1%; a decline of 0.2% YoY.
  • Net Income at Rs 11,909 crore, 5.0% YoY | Net Margin at 18.5%.
  • Net Cash from Operations at Rs 11,932 crore ie 100.2% of Net Income.
  • Workforce strength: 612,724 | Net Headcount addition of 5,726.
  • Diverse and inclusive workplace: Women in the workforce: 35.5% |150 Nationalities.
  • LTM IT Services attrition rate at 12.3%.
  • Dividend per share: Rs 10 | Record date 18/10/2024 | Payment date 05/11/2024.

Other Highllights:

  • Growth led by Energy, Resources and Utilities ( 7.0%), Manufacturing ( 5.3%).
  • All the Growth Markets march above company average: India ( 95.2%), Middle East & Africa ( 7.9%), Asia Pacific ( 7.5%), Latin America ( 6.8%).
  • Operating Margin at 24.1%; Net Margin at 18.5%.
  • H1FY25 Net Headcount Addition of more than 11,000 employees.

K Krithivasan, Chief Executive Officer and Managing Director, said: “We saw the cautious trends of the last few quarters continue to play out in this quarter as well. Amidst an uncertain geopolitical situation, our biggest vertical, BFSI showed signs of recovery. We also saw a strong performance in our Growth Markets. We stay focused on sharpening our value proposition to our clients, employees and other stakeholders”.

Samir Seksaria, Chief Financial Officer, said: “We made strategic investments this quarter in talent and infrastructure to ensure sustainable growth. Our disciplined execution resulted in superior cash conversion. Our longer-term cost structures remain unchanged, and we remain confident in our ability to continue delivering industry leading profitable growth”.

Milind Lakkad, Chief HR Officer, said: “We welcomed 11,000 associates in the first half of the year, and we remain on track for trainee onboarding as planned. We have also commenced the campus hiring process for FY26. Our strong talent base and increased learning intensity prepares us well for the complex technology transformations that customers entrust us with”.

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IT Consulting & Software company Tata Consultancy Services announced Q1FY25 results:
  • Revenue at Rs 62,613 crore, 5.4% YoY, 4.4% YoY in Constant Currency
  • Operating Margin at 24.7%; an expansion of 1.5% YoY
  • Net Income at Rs 12,040 crore, 8.7% YoY | Net Margin at 19.2%
  • Net Cash from Operations at Rs 11,168 crore i.e. 92.8% of Net Income
  • Workforce strength: 606,998 | Net Headcount addition of 5,452
  • Diverse and inclusive workplace: Women in the workforce: 35.5% | 151 Nationalities
  • LTM IT Services attrition rate at 12.1%
  • Dividend per share: Rs 10.00 | Record date 20/07/2024 | Payment date 05/08/2024

K Krithivasan, Chief Executive Officer and Managing Director, said: “I am pleased to report a strong start to the new fiscal year with all-round growth across industries and markets. We are continuing to expand our client relationships, create new capabilities in emerging technologies and invest in innovation, including a new AI-focused TCS PacePort™ in France, IoT lab in the US and expanding our delivery centers in Latin America, Canada and Europe.”

Samir Seksaria, Chief Financial Officer, said: “In spite of the usual impact of the annual wage increments in this quarter, we have delivered strong operating margin performance, validating our efforts towards operational excellence. We remain focused on making the right investments in R&I and talent, strengthening our superior return ratios and creating long term value for our stakeholders.”

Milind Lakkad, Chief HR Officer, said: “I am delighted to announce the successful completion of our annual increment process. Our continued focus on employee engagement and development led to industry-leading retention and strong business performance, with the net headcount addition being a matter of immense satisfaction.”

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IT Consulting & Software company Tata Consultancy Services announced Q4FY24 & FY24 results:

Financial Performance:


- TCS reported a total revenue of Rs 2,40,893 crore in FY24, growing by 6.8% YoY (CC: 3.4%).
- The operating margin in FY24 stood at 24.6%, while the net margin was reported at 19.3%.
- Net income for FY24 was Rs 46,585 crore, registering a 10.5% increase YoY.
- Q4FY24 saw a revenue of Rs 61,237 crore, marking a 3.5% YoY increase (CC: 2.2%).
- Q4FY24 operating margin expanded to 26.0%, with a 150 bps improvement YoY.
- Net margin for Q4FY24 increased by 100 bps YoY, leading to a net income of Rs 12,434 crore, up by 9.1% YoY.
- Record deal wins in FY24 with Total Contract Value (TCV) at an all-time high of $42.7 billion, including a Q4FY24 TCV record of $13.2 billion.

Client and Market Metrics:


- The cumulative client base includes 62 in the $100 million category ( 2 YoY) and 139 in the $50 million category ( 6 YoY).
- Major growth by markets: UK ( 10.1%) and Regional Markets ( 19.8%).
- By verticals, in FY24, leading growth industries were Energy, Resources and Utilities ( 12.6%), Manufacturing ( 7.3%), and Life Sciences & Healthcare ( 4.8%).

Employee Metrics:


- Total employee headcount stands at 6,01,546.
- IT Services Attrition for FY24 stands at a reduced rate of 12.5%.
- Gender diversity is at 35.6%, with the workforce comprising 152 nationalities.

Cash Flow and Dividend:


- Operating Cash Flow for Q4FY24 was robust at 100.4% of Net Income.
- A proposed final dividend per share of 28.
- Free Cash Flow at the end of FY24 reported was Rs 44,282 crore.
- Shareholder payout for FY24 amounted to Rs 46,223 crore via dividends and buyback.

Business Unit Highlights:


- Al.Cloud, Enterprise Solutions, IoT & Digital Engineering, and Cyber Security observed prominent growth.
- Strategic partnerships, expansions, and project developments with high-profile clients such as Aviva, Euroclear Finland, Central Bank, Nuuday, Enento Group, Toyota Motor North America, OTPP, easyJet, and AkzoNobel.

Awards and Recognition:


- TCS was honored with multiple industry awards and recognitions, including Global Top Employer 2024, FORTUNE's World's Most Admired Companies, and leadership positions in various service areas as assessed by industry analysts.

K Krithivasan, Chief Executive Officer and Managing Director, said: “We are very pleased to close Q4 and FY24 on a strong note with the highest ever order book and a 26% operating margin, validating the robustness of our business model and execution excellence. In an environment of global macro uncertainty, we are staying close to our customers and helping them execute on their core priorities with TCS’ portfolio of offerings, innovation capabilities and thought leadership.”

N Ganapathy Subramaniam, Chief Operating Officer and Executive Director, said: “Our Q4 performance is robust, with broad based deal wins across industries and geographies. Our products and platforms business sparkled with the mega deal win at Aviva and emerging markets had another stellar growth quarter demonstrating the power of TCS’ diversified portfolio.”

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IT Consulting & Software company Tata Consultancy Services announced Q3FY24 results: Financial Highlights:
  • Revenue at Rs 60,583 crore, 4.0% YoY, 1.7% YoY in Constant Currency
  • Operating Margin at 25.0%, an expansion of 0.5% YoY
  • Net Income at Rs 11,735 crore, 8.2% YoY, and Net Margin at 19.4%
  • Net Cash from Operations at Rs 11,276 crore, which is 102% of Net Income
  • Diverse and inclusive workplace: Women in the workforce: 35.7% and 153 Nationalities
  • Investing in the workforce: 39.7 million learning hours YTD and 3.7 million competencies YTD
  • LTM IT Services attrition rate at 13.3%
  • Dividend per share: Rs 27.00, including Rs 18.00 as a special dividend on January 19, 2024 and payment date of February 5, 2024

K Krithivasan, Chief Executive Officer and Managing Director said, “Our strong performance in a seasonally weak quarter buffeted by macro-economic headwinds, demonstrates the strength of our business model with a well-diversified portfolio and a customer-centric strategy. We are seeing strong deal momentum across markets resulting in a solid order book providing visibility into our long-term growth. We are seeing tremendous interest in Generative AI and are leading the innovation and exploratory efforts for our customers in this area.”

N Ganapathy Subramaniam, Chief Operating Officer and Executive Director said, “The quarter saw us make significant progress in many projects of national importance, demonstrating our execution strength. Our products and platforms had a strong quarter with new wins and go-lives. The MCX platform is scaling well and processing record transaction volumes. We are on course with the BSNL 4G/5G network rollout. We are making good progress in upskilling our employees in Generative AI through our AI playground platform.”

 

Result PDF

IT Consulting and Software company Tata Consultancy Services announced Q2FY24 results:

Financial Performance:
- Revenue for the quarter ending September 30, 2023, was Rs 59,692 crore, showing a growth of 7.9% YoY.
- The operating margin expanded by 0.3% YoY to 24.3%.
- Net income increased by 8.7% YoY to Rs 11,342 crore.
- The net cash from operations amounted to Rs 11,823 crore, which is 104.2% of the net income.

Business Highlights:
- Growth was led by the UK, Energy, Resources and Utilities, and Manufacturing sectors.
- TCS now has a workforce of over 100,000 Gen-Al Ready consultants and prompt engineers.
- BSNL awarded TCS the project to integrate and deploy a modern 4G and 5G mobile network across India.
- TCS expanded its strategic partnership with JLR to accelerate digital transformation.
- TCS was selected by Athora Netherlands to transform their closed book life business.
- The company partnered with GE Healthcare's Global IT function for digital transformation.

Awards and Recognition:
- TCS was named India's Most Valuable Brand by Kantar BrandZ Top 75 Most Valuable Indian Brand rankings.
- TCS won the Celent Model Bank 2023 Award for Open Banking.
- TCS was awarded Retail Partnership of the Year 2023 at the Retail Systems Awards.
- The company received Google Cloud Partner of the Year Awards in multiple categories.
- TCS ranked #1 in the DQ Top 20 Awards 2023.

Management Quote:
K Krithivasan, CEO and MD of TCS, said: "Our clients continue to entrust us with critical new technology initiatives, and large programs to digitally transform their IT and business operating models. Strong deal momentum delivered us a very large order book in Q2 - our second-highest TCV ever in a quarter, and a good pipeline. The resilience of demand for our services, our clients' willingness to commit to long tenure programs and their continued appetite for experimentation with Gen Al and other new technologies give us confidence in our longer-term growth prospects."

 

 

Result PDF

IT Consulting and Software company Tata Consultancy Services announced Q1FY24 results:

  • Revenue at Rs 59,381 crore, 12.6% YoY
  • Constant Currency revenue growth: 7% YoY
  • Operating Margin at 23.2%; an expansion of 0.1% YoY
  • Net Income at Rs 11,074 crore, 16.8% YoY and Net Margin at 18.6%
  • Net Cash from Operations at Rs 11,353 crore ie 102.5% of Net Income
  • Net headcount addition of 523 and Workforce strength: 6,15,318
  • Diverse and inclusive workplace: Women in the workforce: 35.8% and 154 nationalities
  • Building a G&T workforce: 12.7 million learning hours clocked and 1.3 million competencies acquired
  • LTM IT Services attrition rate at 17.8%
  • Dividend per share: Rs 9.00 with a record date of 20/07/2023 and Payment date due on 07/08/2023

K Krithivasan, Chief Executive Officer and Managing Director, said, “It is very satisfying to start the new fiscal year with a string of marquee deal wins. We remain confident in the longer-term demand for our services, driven by the emergence of newer technologies. We are investing early in building capabilities at scale on these new technologies, and in research and innovation, so we can maximize our participation in these opportunities.”

N Ganapathy Subramaniam, Chief Operating Officer and Executive Director, said, “Our products and platforms achieved major milestones during the quarter with several transformational engagements going live. In the UK Life and Pensions administration space, we signed three new deals on our digital insurance platform, making TCS the undisputed leader in this market on any metric. We are proactively building differentiating capabilities in generative AI and actively working on such projects with our clients, delivering impact on technology, operations and client experience dimensions.”

Result PDF

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