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TCS Q1 net profit rises 28.5% to ₹9,008 crore; revenue at ₹45,411 crore – Mint

India’s largest IT services company Tata Consultancy Services (TCS) kickstarted the earnings season on Thursday by reporting a 28.5% rise in Q1FY22 net profit of 9,008 crore as compared to 7,008 crore in the year-ago quarter. The company’s revenue from operations in the June quarter grew 18.5% to 45,411 crore from 38,322 crore in the corresponding quarter of the previous fiscal.

The Q1FY22 $ revenue rose 21.6 % on a yearly basis to $6,154 million. TCS’ operating margin in the first quarter came at 25.5%. The company’s constant currency revenue growth was 16.4% YoY, it said.

Separately, the orderbook stood at $8.1 billion, witnessing a growth of 17.3% year-on-year (YoY). Also, the IT company’s workforce crossed the 500K milestone as it saw the highest ever quarterly net headcount addition of 20,409, taking the total workforce strength to 509,058 as of June 30. Whereas, the IT services attrition rate was lowest in the industry at 8.6%, it said.

For the quarter ending March 2021, TCS’ net profit came at 9,246 crore while the revenue stood at 43,705 crore.

The company’s board has declared an interim dividend of 7 per Equity Share of Re. 1 each of the company.

Rajesh Gopinathan, Chief Executive Officer and Managing Director, said: “..Our business in North America, BFSI and Retail all showed an appreciable growth which underlines the resilience of our operating model, relevance of our offerings and above all, the passion and dedication of our associates. Given the variants of the virus and fears of a potential third wave, we are watchful of the emerging situation.. and are well positioned and operating diligently to participate in them aggressively.”

Ahead of its Q1 earnings, shares of TCS closed 0.5% lower at 3,257 per share on the BSE on Thursday.

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