TCS Salary Hike 2024: The rise in TCS stock on Friday has come amid a fall of about 800 points in the market. After TCS’s profit increases and orders reach record level, experts are hopeful that the stock may rise.
TCS Q4 Result: Tata Group’s veteran software service provider company TCS has made two announcements simultaneously. Along with declaring the results for the fourth quarter of the financial year 2023-24, TCS has also announced increment for the employees. While announcing the salary increment of the employees, TCS HR Head Milind Lakkad said that like every year, this time too the employees performing well are getting double digit increment.
Increase of 12 to 15 percent
Earlier in the financial year, TCS had given 12 to 15 percent increase in salary and promotions to its high performing employees. The attrition rate has come down to 12.5 percent in the March quarter. Earlier in the quarter this rate was 13.3 percent. This is the first time in the last 19 years that a decline has been recorded in the number of TCS employees. This has happened after the listing in the stock market in 2004.
Results for the fourth quarter of 2023-24 declared
Earlier, the results for the fourth quarter of 2023-24 were announced by TCS. TCS said that in the January-March quarter of the financial year 2023-24, net profit increased by 9 percent to Rs 12,434 crore. The company said that its growth was due to better margins and strong performance of its Indian business. The country’s largest software service provider company had registered a profit of Rs 11,392 crore in the same period of the last financial year (2022-23). In this way, the net profit of the company increased by 9 percent to Rs 45,908 crore in the entire financial year 2023-24.
The company received new orders worth $13.2 billion
In the quarter under review, the company was successful in increasing its sales margin by 1.5 percent to 26 percent. During this period, revenue also increased by 3.5 percent to Rs 61,237 crore, which was Rs 60,583 crore in the same quarter a year ago. In the fourth quarter of the financial year 2023-24, the company received new orders worth $ 13.2 billion, which is the highest in any quarter so far. TCS CEO and MD K Keerthivasan said that amidst the challenging global environment, the company is working closely with its customers and helping them. The company’s revenue from India business, including contracts with BSNL worth more than Rs 15,000 crore, grew 38 percent.
Will the stock rise further?
In the trading session that closed on Friday, TCS shares rose by about Rs 18 and closed at Rs 4000. Earlier in the session, the share had closed at Rs 3982. The rise in TCS stock on Friday has come amid a fall of about 800 points in the market. After TCS’s profit increases and orders reach record level, experts are hopeful that the stock may rise. The 52 week high level of the share is Rs 4,254.45 and low level is Rs 3,070.30.
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