TCS reports 8.4% growth in Q2 profit
Tata Consultancy Services Ltd (TCS) started the earnings season on a positive note, reporting an 8.4 per cent increase in net profit to Rs 10,431 crore on the back of strong deal wins in the year-ago quarter.
The company’s net profit rose to Rs 10,431 crore for the three months ended September 30, from Rs 9,624 crore a year ago.
Analysts quoting Refinitiv data had expected an average profit of Rs 10,244 crore, Reuters reported.
TCS reported that its revenue grew 18 per cent to Rs 54,309 crore in the second quarter compared to a year ago.
The IT major had reported a consolidated revenue of Rs. With a net income of Rs 46,867 crore in the July quarter. 9,624 crores.
However, its operating margin declined 1.6 per cent to 24 per cent in the September quarter.
The corporation increased its workforce by 9,840 on a net basis during the quarter, taking its total strength to 6.16 lakh, making it the top employer in its industry.
Ahead of the earnings release, TCS stock closed at Rs 3,121.20 per share, up 1.84 per cent on Monday, compared to a 0.34 per cent fall in the broader BSE Sensex index.