TCS Q2 net profit rises 22.6% to Rs 7,901 cr in line with street estimates; revenue rises 20.7% to Rs 36,854 cr

The country’s largest software exporter TCS on Thursday reported a 22.6 percent jump in consolidated net profit at Rs 7,901 crore in the July-September 2018 quarter, buoyed by strong demand for digital services. The profit growth is largely in line with analyst estimates. Tata Consultancy Services (TCS) had posted a net profit of Rs 6,446 crore in the same period last fiscal, the company said in a statement. [caption id=“attachment_4387049” align=“alignleft” width=“380”] Representational image. Reuters.[/caption] The Tata group company saw a revenue growth of 20.7 percent at Rs 36,854 crore in the September quarter, up from Rs 30,541 crore a year ago. Its earning per share for the quarter was at Rs 20.66. TCS CEO and MD Rajesh Gopinathan said, “We are very pleased with our all-round strong performance in Q2. Revenue growth was driven by expanding demand for digital transformation across verticals, and continued acceleration in banking, financial services and insurance (BFSI) and retail.” N Ganapathy Subramaniam, chief operating officer and executive director, at TCS termed the September quarter as a “good” one and said there was a strong demand in areas like analytics, cloud and automation. The company has declared a dividend of Rs 4 per share. The net employee addition in September 2018 quarter was at 10,227 professionals, highest in 12 quarters, the company said. Total employees strength at the end of Q2 stood at 4,11,102 on a consolidated basis. IT services attrition rate was steady at 10.9 percent on last 12 months basis. (With inputs from agencies)