Economy

TCS Q2 net profit down 2.1% to Rs 6446 crore

TCS Q2 net profit down 2.1% to Rs 6446 crore”

Revenue of the Mumbai-based outsourcer rose 3.2 per cent quarter-on-quarter to Rs 30,541 crore.

Sequentially, the company saw a 2 per cent dip in the net profit during the reporting quarter.

"We experienced robust volume growth in Q2, driven by good demand across multiple industry verticals". Constant currency revenue growth was 1.7 percent.

TCS has added 1 client in USD 100 million category; 6 clients each in USD 50 million, USD 20 million and USD 10 million bands; and 28 clients in USD 1 million category.

TCS witnessed a volume growth of 3.2 per cent in Q2. Analysts polled by Reuters had expected the outsourcer to post a net profit of Rs 6,306 crore in September quarter.

"Rigor and discipline in operations helped accomplish an impressive margin performance and progress along the profitability path we had outlined earlier", V Ramakrishnan, CFO said.

TCS' profit was boosted by a 170 basis points increase in its EBIT margin or operating margin to 25.1 per cent in Q2.

"Numbers are a beat on dollar revenue front". Last quarter, they had a massive decline.

The company's market valuation also surged Rs 9,198.76 crore to Rs 4,87,865.76 crore. Rajesh Gopinathan said that the digital services of the company grew more than 30% YoY. The company has fixed October 26 as the record date for payment of dividend.

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

TCS, the first Indian IT services firm to announce results this quarter, said that business grew across sectors, including higher growth from digital services. It added 15,868 employees (gross) and 3,404 people (net) in the September 2017 quarter, taking its total headcount to 3,89,213 people.



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