Tata Group’s leading company TCS has announced that they have given a 15 percent salary hike to its employees after a big profit this quarter.
After the end of the first quarter of the financial year 2023-2024, the consultancy firm of Tata Group – Tata Consultancy Services – has reported a major profit, even announcing salary hikes for TCS employees after the revenue of the company went up by 13 percent.
After a successful first quarter of the financial year, IT consultancy firm TCS has reported a nearly 17% year-on-year (YoY) rise in consolidated net profit for the June quarter to Rs 11,074 crore. Not only a massive growth, they have also promised a raise for their employees, owing to the company’s success.
Apart from the net profit for TCS, the consolidated revenue of the company is also currently at Rs 59,381 crore for Q1. While the net profit was above the projections, the net revenue reported this quarter was slightly less than the projections, which were set at Rs 59,500.
Milind Lakkad, Chief HR Officer, Tata Consultancy Services, said that the company has also given a salary hike to its employees in regard to the company’s profits this quarter. TCS said in a statement, “We have given a 12-15% raise for exceptional performers in our latest annual compensation review, and also commenced the promotions cycle.”
As quoted by Business Today, Lakkad said, “TCSers logged 12.7 million learning hours in upskilling themselves during the quarter in market-relevant skills like generative AI, cloud, data, and analytics. Our attrition continues to trend down and we expect it to be back in our industry-leading, long-term range in the second half of the year.”
Following a hybrid model of work after the Covid pandemic died down, 55 percent of all TCS employees have been working from the office thrice a week, a model which has been beneficial in cutting down maintenance costs for big companies.
TCS is one of the most profitable companies in the Tata Group conglomerate and currently has a market cap of nearly Rs 12 lakh crore.
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 "Big profit for Tata Group’s company: 15 percent salary hike for TCS employees; revenue rises to Rs 59,381 crore")
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