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TCS Q2 net zooms to Rs 4,702 crore
The country's largest software exporter TCS on Tuesday reported 34 per cent rise in consolidated net profit at Rs 4,702 crore (Rs 47.02 billion) for the July-September quarter on the back of large deal wins and currency depreciation.
The company had posted a profit of Rs 3,512 crore (Rs 35.12 billion), in the same period last year.
Total revenue grew 34.3 per cent to Rs 20,977.24 crore (IFRS) in the second quarter of the current fiscal from Rs 15,620.75 crore (Rs 156.20 billion) in the corresponding quarter last fiscal, Tata
Consultancy Services (TCS) said in a filing to the BSE after close of market hours. All these numbers are according to IFRS standards.
"We continue to see a robust demand pipeline across markets and a unique opportunity to strategically partner and participate with clients as they re-imagine their future in multiple dimensions," TCS CEO and MD N Chandrasekaran said.
Financial Highlights for Quarter Ended September 30, 2013
- Operating Profit at Rs 6,305 crore; Growth of 51.1 % Y-o-Y and 30.1% Q-o-Q
- Operating Margin at 30.1%
- Dividend per share of Rs 4
- Earnings Per Share at Rs 23.63
Business Highlights for Quarter Ended September 30, 2013
- Gross employee addition: 17,362
- Total headcount: 285,250
- Utilization: 83.4% (excluding trainees) & 75.0% (including trainees)
- Number of $100+ million clients increased to 22 from 19
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TCS Q2 net zooms to Rs 4,702 crore
The IT major signed eight large deals, including two each in BFSI and telecom segments, during the quarter, its CFO Rajesh Gopinathan said.
Margins were improved by over 300 basis points due to currency depreciation, he added.
In dollar terms, consolidated profit grew by 16.4 per cent year-on-year to $748 million. Revenues jumped by 17 per cent to $3.34 billion.
Banking, financial services and insurance (BFSI) and manufacturing verticals led the growth. All core geographies witnessed good demand, especially Europe, North America and the UK.
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TCS Q2 net zooms to Rs 4,702 crore
"As the industry benefited from a record flow of new contracts, TCS quarterly profit rose 34 per cent... this is the quarter when currency depreciation of 13 per cent have significantly boosted their profits," said Rikesh Parikh VP - Institution Corporate Broking, Motilal Oswal Securities.
The company added three new $100-million clients. It also saw 7,664 employees joining the company, taking the total headcount to 2,85,250.
"Strong volumes, currency tail winds and firm execution helped us post industry-leading operating margins in this quarter," Gopinathan said.