TCS delivered a stable quarter, but not a blockbuster one. Key Numbers • Revenue: ₹72,267 Cr (up around 2.2% QoQ) • Net Profit: ₹13,349 Cr (+2.7% YoY) • EBIT Margin: 24%, lower than last quarter as salary hikes increased costs. • Interim Dividend: ₹12 per share. The biggest positive was the $9.5 billion order book, showing that clients are still signing large contracts despite global uncertainty. AI business also continues to grow, with annualised AI revenue reaching $2.6 billion. Another good sign is hiring. TCS added 9,279 employees during the quarter, which shows the company is still preparing for future demand instead of slowing down hiring. Attrition also remained under control. Management sounded confident on the future. They said banking and technology businesses remain healthy, manufacturing and life sciences are expected to improve in the next quarter, and customer discussions continue to be encouraging. One important takeaway was their view on AI. TCS believes AI is creating new business opportunities rather than replacing jobs. The company is continuing to invest in AI partnerships, talent and large AI transformation projects. My view: The quarter was steady, not exceptional. Margins were under pressure because of wage hikes, but strong deal wins, growing AI business and positive management commentary suggest that the long-term story remains intact. The next few quarters will be important to see whether these large deals start contributing more to revenue.

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