Tata Sons FY23 revenue soars 45% on dividend income, profit up 29%

economictimes.indiatimes.com:

Tata Group, jumped 45% in the financial year ended March to Rs 35,058 crore, boosted by dividends from group companies. Profit rose 29% to Rs 22,132 crore, Tata Sons said in its annual report. Tata Sons got a dividend of Rs 33,252 crore in FY23 compared with Rs 11,499 crore in FY22.

Of this, Rs 29,881 crore was from Tata Consultancy Services. TCS, in FY23, paid a dividend of 11,500% or Rs 42,090 crore to its shareholders. Tata Sons holds 72.27% of India's largest IT exporter.

Tata Sons' debt fell 25% to Rs 20,642 crore at the end of March from Rs 27,516 crore at the end of FY22. Tata Sons announced a dividend of 1,750% for FY23 compared with 1,000% in the year ago. The dividend payout involves cash flows of Rs 707.1 crore against Rs 404.1 crore last year.

Chairman N Chandrasekaran's annual compensation increased from Rs 109 crore in FY22 to Rs 113 crore in FY23. Tata Sons didn't comment. According to the annual report, the market value of Tata Sons' listed investments was Rs 11.21 lakh crore at the end of March, down from Rs 12.92 lakh crore a year ago.

Most of the Tata Group stocks fell in FY23. TCS declined 14%, while Tata Steel and Tata Power fell 20% each. Tata Elxsi and Voltas declined more than 30% during this period.

However, since April 1, Tata Group stocks have recovered, and its group market capitalisation has risen 15% to Rs 23.99 lakh crore. The carrying cost of investment as of March was Rs 1.30 lakh crore against Rs 1.17 lakh crore in the previous year. The annual report said the company had made a provision of Rs 1,240 crore in FY23, making for total gross liabilities of Rs 20,878 crore towards Tata Teleservices AGR (adjusted gross revenue) matters.