TCS Reports 8.4% Increase in Q2 Earnings
Tata Consultancy Services Ltd (TCS) started the earnings season positively, reporting an 8.4 percent increase in net profit to Rs 10,431 crore in the September quarter from a year ago on the back of strong deal gains.
The company’s net profit rose to Rs 10,431 crore in the three months ended September 30 from Rs 9,624 crore a year earlier.
Reuters reported that analysts had expected a profit of Rs 10,244 crore on average, citing data from Refinitiv.
TCS reported that second-quarter revenue rose 18 percent to Rs 54,309 crore compared to a year ago.
The IT major had posted a consolidated turnover of Rs. 46,867 crore in the July quarter, with a net income of Rs. 9,624 crores.
However, the operating margin contracted 1.6 percentage points to 24 percent in the September quarter.
The company grew its workforce by 9,840 on a net basis in the quarter, bringing its total strength to 6.16 lakh, making it the top employer in its industry.
Ahead of the earnings release, TCS stock ended Monday with a gain of 1.84 percent at Rs 3,121.20 per share, compared to a 0.34 percent drop in the broader BSE Sensex index.
