TCS net profit up 22.6% to Rs 7,901 crore in Q2

| | Mumbai
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TCS net profit up 22.6% to Rs 7,901 crore in Q2

Friday, 12 October 2018 | PTI | Mumbai

The country’s largest software exporter TCS on Thursday reported a 22.6 per cent jump in consolidated net profit at Rs 7,901 crore in the July-September 2018 quarter, buoyed by strong demand for digital services.

Tata Consultancy Services (TCS) had posted a net profit of Rs 6,446 crore in the same period last fiscal, the company said in a statement.

The Tata group company saw a revenue growth of 20.7 per cent at Rs 36,854 crore in the September quarter, up from Rs 30,541 crore a year ago. Its earning per share for the quarter was at Rs 20.66.

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 Subramani-am, 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 like analytics, cloud and automation.

The company has declared a dividend of Rs 4 per share.

The net employee addition in September 2018 quarter was at 10,227 professionals, highest in 12 quarters, the company said. Total employees strength at the end of Q2 stood at 4,11,102 on a consolidated basis.

IT services attrition rate was steady at 10.9 per cent on last 12 months basis.

Shares of TCS fell by over 3 per cent on Thursday ahead of its second quarter earnings to be announced later in the day.

The stock declined 3.10 per cent to close at Rs 1,979.75 on BSE. During the day, it slumped 4.89 per cent to Rs 1,943.05.

At NSE, shares of the company went down 2.37 per cent to end at Rs 1,995.

In terms of equity volume, 3.58 lakh shares of the company were traded on BSE and over 47 lakh shares changed hands at NSE during the day.

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