TCS Beats Expectations, Net Profit Jumps To Rs 6,446 Crore In Q2

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Mumbai: Tata Consultancy Services Ltd (TCS) said Thursday its net profit fell 2.1% to Rs6,446 crore in the September quarter from the year-ago period, even as its revenue rose 4.3% year-on-year to Rs30,541 crore.

TCS has declared a whopping 700 per cent second interim dividend of Rs 7 per share of Re 1 face value.

"(TCS) on Thursday reported a net profit of Rs 6,446 crore for the three months to September, an increase of 8.4% quarter-on quarter, beating analysts" estimates on the back of volume expansion, growth in revenues and improved profitability. "The OPM (operating profit margin) beat is a positive surprise despite weak pricing in the quarter", they add. Emkay had estimated the net profit to come at Rs 6,070 crore in September quarter.

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Retail and banking and financial services (BFS), its biggest industry segments, experienced some softness, but TCS chief executive and managing director Rajesh Gopinathan said that there is some optimism building up on both. Strong, broadbased client metrics this quarter demonstrates our increasing success with newer customers.

"We continue to gain share in the fast growing Digital spend of our customers, evident in our industry-leading Digital growth in Q2".

Shares of Tata Consultancy Services today gained 1.92 per cent to end at Rs 2,548.55 on the BSE.

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Digital business grew 31% from a year earlier, accounting for 20% of the overall revenue, Gopinathan said.

With the exception of retail and communication & Media industries (CMI), all industry verticals grew above the company average led by travel & hospitality (up 8 per cent QoQ), energy & utilities (up 7.2 per cent) and life sciences and health care (up 3.6 per cent).

All segments of the business, except the banking, financial services and insurance (BFSI) and retail sectors, grew revenue above 9.5 percent.

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"With 93 per cent of revenue from exports, including 53 per cent from the United States, 27 per cent from Europe and Britain and 13 per cent from rest of the world, our performance in dollar terms was robust in the July-September quarter", a TCS official told IANS here. The US, its largest market saw growth of 1.4 per cent, as it saw continued softness in business from banking and retail customers. "With the sectoral headwinds slowly abating, we expect steadier and stronger growth ahead", said N Ganapathy Subramanian, chief operating officer at TCS. Operating margins stood at 25.1%, a good jump of 171 basis points sequentially. Our investment program remains geared for growth.

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