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Net Profit Rises 8.4% YoY To Rs 10,431 crore, Revenue Up 18%; Dividend Declared

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TCS Q2FY23 Results: India’s largest IT services company Tata Consultancy Services (TCS) on Monday reported a consolidated net profit of Rs 10,431 crore for the September 2022 quarter, a jump of 8.4 per cent on a year-on-year basis. The company’s revenue during April-June 2022 rose 18 per cent to Rs 55,309 crore, compared with Rs 46,867 crore in the year-ago period.

The company’s net profit had stood at Rs 9,624 crore in the corresponding period of the previous financial year.

On a sequential basis, TCS‘ net profit witnessed a 10.05 per cent jump from Rs 9,478 crore in the previous quarter. Its revenue witnessed a 4.83 per cent rise quarter-on-quarter from Rs 52,758 crore, according to a BSE filing.

On constant currency basis, TCS’ Q2FY23 Revenue jumped 15.4 per cent Y-o-Y, while the revenue in the dollar terms was up 8.6 per cent to $6,877 million.

TCS’ total expenses during Q2FY23 jumped 20.47 per cent to Rs 42,178 crore, compared with Rs 35,009 crore, according to the BSE filing.

The company’s earnings per share during July-September 2022 stood at Rs 28.51 , higher as compared with Rs 26.02 in the September 2021 quarter.

Tata Consultancy Services’ attrition rate in IT services stood at 21.5 per cent during the September 2022 quarter, which is higher than the 19.7 per cent registered in the previous quarter. The attrition rate in the March quarter was 17.4 per cent.

TCS on Monday also declared its second interim dividend. “We would like to inform you that at the board meeting held today (Monday), the directors have declared a second interim dividend of Rs 8 per Equity Share of Rs 1 each of the company,” TCS said in a statement.

It added that the second interim dividend shall be paid on Monday, November 7, 2022, to the equity shareholders of the Company, whose names appear on the Register of Members of the Company or in the records of the Depositories as beneficial owners of the shares as on Tuesday, October 18, 2022, which is the Record Date fixed for the purpose.

Rajesh Gopinathan, chief executive officer and managing director of TCS, said, “Demand for our services continues to be very strong. We registered strong, profitable growth across all our industry verticals and in all our major markets. Our order book is holding up well, with a healthy mix of growth and transformation initiatives, cloud migration and outsourcing engagements. As clients prepare for a more challenging environment ahead, technologies like cloud that have been embraced now have to be fully leveraged to realize the promised value. TCS has the combination of contextual knowledge, technology expertise and execution rigor to deliver on this imperative.”

Segment-wise, TCS’ growth during the September 2022 quarter was led by retail and CPG, which grew 22.9 per cent; followed by communications & media (18.7 per cent), and technology & services (15.9 per cent). Manufacturing as well as life sciences & healthcare verticals grew 14.5 per cent, while BFSI jumped 13.1 per cent.

During the quarter, overseas growth at TCS was led by North America which grew 17.6 per cent, followed by Continental Europe which saw a jump of 14.1 per cent, and the UK with 14.8 per cent growth. In emerging markets, India market grew 16.7 per cent, Latin America grew 19 per cent, Middle East &
Africa grew 8.2 per cent and Asia Pacific grew 7 per cent.

Shares of Tata Consultancy Services on Monday rose 1.84 per cent, or Rs 56.25, to close at Rs 3,121.20 apiece on the BSE.

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