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TCS Q2 net profit jumps 23% to Rs 7,901 cr

Tata Consultancy Services has reported a 22.6 per cent rise in the second quarter net profit to Rs 7,901 crore over the year ago period, buoyed by strong demand for digital services.

TCS had posted a net profit of Rs 6,446 crore in the same period last fiscal.

Revenues rose 20.7 per cent to Rs 36,854 crore from Rs 30,541 crore a year ago.

Its earnings per share for the quarter was at Rs 20.66

 The company has  declared a second interim dividend of Rs 4/share.

The company’s IT services attrition rate stood steady at 10.9 per cent.   TCS said the company had added 10,227 employees on a net basis in Q2, the highest net addition in 12 quarters. The total employee strength at the end of the second quarter was 411,102 on a consolidated basis.

In September quarter, four clients were added in $100 million + revenue band, 7 in $20 million + revenue band, 10 in $10 million revenue band.

Ahead of the results, TCS shares ended down Rs 63.30 or 3.10 per cent at Rs  1,979.75.

TCS CEO and MD Rajesh Gopinathan said, “We are very pleased with our all-round strong performance in Q2. Revenue growth was driven by expanding demand for digital transformation across verticals, and continued acceleration in banking, financial services and insurance (BFSI) and retail.”

N Ganapathy Subramaniam, chief operating officer and executive director at TCS, termed the September quarter as a “good” one and said there was a strong demand in areas such as analytics, cloud and automation.

Source: The Hindu