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

"We experienced robust volume growth in Q2, driven by good demand across multiple industry verticals".

The company, known as TCS, said net income in the quarter ended in September was 64.46 billion rupees ($985 million), compared with 65.86 billion rupees a year earlier, according to a statement. The company said its digital services or new-age technologies contributed 19.7 per cent to its total revenue in Q2, a sequential growth of 5.9 per cent and 31 per cent annually. Brokerages have predicted a good season for the Indian IT sector and say that it is expected to post the strongest growth in the last five quarters supported by cross-currency gains, with TCS and Infosys leading revenue growth at over 3.2% QoQ.

The overall volume growth of TCS was 3.2% QoQ as predicted by many brokerages.

TCS's profit fell 2.1% to Rs6,446 crore in Q2 from Rs6,586 crore in the year-ago.

Having completed their wage hike process as well as the visa applications for the current year in the last quarter, their EBIDTA margins stood at 25.1%.

He added: "With the sectoral headwinds slowly abating, we expect steadier and stronger growth ahead".

"Numbers are a beat on dollar revenue front. In second half of FY18, there are limited margin levers", Karan Taurani, VP Research, Dolat Capital said.

Digital services now account for close to a fifth of its revenues, TCS, India's largest IT services company, which counts Lloyds Banking Group, BP PLC, Walmart, Boeing and Volkswagen as customers, said in a press release after the close of domestic trading on Thursday.

During the quarter, TCS saw its IT attrition rate (LTM) come down by 0.3% sequentially to 11.3%.

New Delhi, Oct 12 Shares of Tata Consultancy Services (TCS) today rose by almost 2 per cent ahead of its September quarter earnings announcement later in the day. It added 15,868 employees (gross) and 3,404 people (net) in the September 2017 quarter, taking its total headcount to 389,213 people. The company has fixed record date as October 26, 2017 for dividend payment.

TCS is the first among India's software services exporters to report earnings for July-September.

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