The consulting arm of the Tata Group, Tata Consultancy Services, has announced a significant profit at the conclusion of the first quarter of the fiscal year 2023–2024, even announcing compensation increases for TCS employees after the company’s sales increased by 13%.TCS, an IT consulting company, has announced a roughly 17% year-over-year (YoY) increase in consolidated net profit for the June quarter to Rs 11,074 crore following a strong first quarter of the fiscal year. Due to the company’s success, they have promised its staff a raise in addition to a significant expansion.CS’s consolidated revenue for Q1 is now at Rs 59,381 crore in addition to the company’s net profit. Although the net profit exceeded expectations, the net revenue recorded for the quarter fell just short of the Rs 59,500 predictions.According to Milind Lakkad, Chief HR Officer of Tata Consultancy Services, the business has also increased staff salaries in light of the company’s profits this quarter. In a statement, TCS stated, “We have started the promotions cycle and given a 12-15% raise for exceptional performers in our latest annual compensation review.”According to Lakkad, who was quoted by Business Today, “TCSers spent 12.7 million learning hours in the quarter to upgrade their knowledge of market-relevant capabilities such generative AI, cloud, data, and analytics. We anticipate that by the second part of the year, our attrition will have returned to its long-term, industry-leading range.Following a hybrid work approach after the Covid epidemic subsided, 55% of all TCS workers now work from the office three times per week, which has been helpful in lowering maintenance costs for large businesses.The market capitalization of TCS, one of the most successful businesses within the Tata Group conglomerate, is presently close to Rs 12 lakh crore.

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