Economy
TCS Reports 14% Drop in Q3 Net Profit to ₹10,720 Crore Due to Labour Code Impact
The Hindu19h
THE BRIEF
1
Tata Consultancy Services reported a 14% drop in Q3 net profit to ₹10,720 crore from ₹12,444 crore a year ago, impacted by new labour codes and legal provisions.
2
The company's quarterly revenue from operations increased by 4.86% year-on-year to ₹67,087 crore, while annualized AI services revenue reached $1.8 billion.
3
TCS laid off 1,800 employees during the quarter and stated that employee releases would continue into the next quarter as global headcount stood at 5,82,163.