Q3 earnings season kicks off: TCS revenue rises 19%, net profit up 11%

Top line beats estimates; headcount down

For a traditionally weak Q3 quarter, India’s largest IT services and technology firm Tata Consultancy Services (TCS) managed to report a strong performance, even as the impact of a challenging global macroeconomic environment was evident on deal flows.

For Q3FY23, TCS reported 11 per cent year-on-year (YoY) growth in net profit, which stood at Rs 10,846 crore. Revenue for the quarter came in at Rs 58,229 crore, up 19.1 per cent YoY in reported terms and 13.5 per cent YoY in constant currency terms. Sequentially, revenue was up 5.2 per cent.

Though TCS beat the Bloomberg estimate on revenue (Rs