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

TCS Q2 net profit down 2.1% to Rs 6,446 crore

The former chairman of Tata Consultancy Services N Chandrasekaran during a Q3 result conference of the company

Gopinathan added: "We continue to gain share In the fast growing Digital spend of our customers, evident in our Industry-leading Digital growth in Q2".

India's top IT services firm Tata Consultancy Services Ltd (TCS) said it expected an uptick in the retail business segment in the coming quarters but remained cautious about the banking and financial services segments that form the bulk of its revenues.

TCS' operating margins expanded 1.7 percentage points sequentially to 25.1% in the quarter, aided by a decline the value of Indian rupee against the US dollar and cross-currency gains.

Under the International Financial Reporting Standards (IFRS) or in dollar terms, the net income at $1,000 million in Q2 was up 8.4 per cent from $923 million quarter ago and 1.6 per cent up from $984 million in the same period year ago.

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"Customers are now looking for enhanced experience and that is where the brick-and-mortar players are scoring over online as they can offer a more connected experience to the customer", he said. TCS reported its earnings after market closing today. Profitability beat was driven by strong cost management both on operational factors (sub-contracting) and selling, general and administrative expenses (savings on visa/travel and other G&A).

The Mumbai-based company had posted net profit of Rs 6,586 crore in the July-September quarter of the last fiscal, the company said in a BSE filing. Improvement on BFSI and growth in the continental European market are two positives.

"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. On the NSE, shares of the company jumped 1.91 per cent to close at Rs 2,548.20. On an year on year basis, the company said all industry verticals with the exception of BFSI and retail grew above 9.5 per cent. At least 30,000 employees have been re-skilled over the past quarter.European business grew 5.3 per cent over the quarter, while Latin America grew 5.7 per cent. Strong, broadbased client metrics this quarter demonstrates our increasing success with newer customers. The company added that North America grew by just 1.4 per cent with continued softness in banking and retail.

TCS Chief Operating Officer N. Ganapathy Subramaniam said headwinds across sectors are slowly abating. There was an assumption that fintech will disrupt the ecosystem.

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