TCS Q1 results: Net profit rises 28.5% to Rs 9,008 cr, misses estimates

Software program providers heavyweight Tata Consultancy Companies on Thursday reported 28.5% rise in consolidated web revenue for June quarter at Rs 9,008 crore, powered by increased demand from companies ramping up digital providers through the Covid disaster. It was Rs 7,008 crore within the year-ago interval. Nevertheless, the corporate fell in need of the estimates.

Analysts had estimated as much as 36% YoY rise in web revenue.

Consolidated income rose 18% to Rs 45,411 crore from Rs 38,322 crore in June 2020.

The corporate additionally introduced interim dividend of Rs 7 per share. The corporate’s workforce crossed the 500,000-mark at 509,058 with the highest-ever quarterly web addition of 20,409 individuals.

TCS Chief Government Officer and Managing Director Rajesh Gopinathan mentioned the agency’s staff have demonstrated phenomenal character in serving to one another, being significant to the communities and delivering on commitments to purchasers.

“On that backdrop, our enterprise in North America, BFSI and Retail all confirmed an considerable development which underlines the resilience of our working mannequin, relevance of our choices and above all, the fervour and dedication of our associates,” he mentioned in a press release.

He added that given the variants of the virus and fears of a possible third wave, the corporate is watchful of the rising scenario and stays optimistic of the alternatives in core markets and verticals.

“We crossed the USD 6 billion milestone in quarterly income this quarter. Along with our annual wage improve and promotions, we undertook one of many largest vaccination drives within the non-public sector.

“Regardless of this and headwinds in regional markets, we expanded our Q1 working margin 12 months on 12 months, reflecting the inherent resilience of our enterprise mannequin,” TCS Chief Monetary Officer Samir Seksaria mentioned.

N Ganapathy Subramaniam, COO, TCS, mentioned: “We overcame the challenges posed by the second wave of Covid-19 in India taking some sensible approaches and am glad that the supply of all our consumer engagements was saved on observe. We as soon as once more had a superior quarter with a TCV of $8.1 billion which is broad primarily based throughout markets and verticals. Our G+T themes are seeing traction available in the market place and we’re delighted to signal our largest SaaS deal ever for the TCS BaNCS World Banking Platform on the cloud through the quarter.”

Forward of earnings announcement, shares of TCS closed commerce at Rs 3,253, down Rs 21.95, or 0.67 per cent on the NSE on Thursday.

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