TCS net profit up 8.4% in Q2; Paytm sees lending pick u
Tata Consultancy Services (TCS) on Monday evening kick-started the earnings season for India's information technology sector, reporting 18% growth in revenue and 8.4% growth in net profit for the September quarter. Wipro and HCL Tech will declare their results on Wednesday, followed by Infosys on Thursday.
TCS Q2 result: Net profit up 8.4% year-on-year to Rs 10,431 crore
TCS on Monday reported 18% year-on-year growth in revenue (YoY) at Rs 55,309 crore for the quarter ended September 2022. Its net profit grew 8.4% YoY to Rs 10,431 crore. The profit figure was pegged at Rs 10,285 crore by ET Now analysts' survey.
The company also declared a second interim dividend of Rs.8 per equity share.
By the numbers: In constant currency terms, the IT major's revenue grew 15.4% year-on-year. The development was spread across the field. TCS had an order book of $8.1 billion. By segment, growth was led by retail and CPG (22.9%), communications and media (18.7%), and technology and services (15.9%).
TCS said its operating margin shrank to 24% from 1.6% YoY.
Among the major markets, North America led with a growth of 17.6%. Continental Europe grew by 14.1% and the UK by 14.8%. Among emerging markets, India grew by 16.7%, Latin America by 19.0%, Middle East and Africa by 8.2% and Asia Pacific by 7%.
TCS said it added 9,840 employees during the quarter. The dropout rate in the last 12 months was 21.5%.
Quote: “The demand for our services remains very strong. We have posted strong, profitable growth across all of our industry segments and across all of our key markets. Rajesh Gopinathan, CEO and MD, TCS said, “Our order book continues to hold up well with a healthy mix of growth and transformation initiatives, cloud migration and outsourcing engagement.
Who's next? Wipro and HCL Tech will announce the September quarter results on October 12, followed by Infosys on October 13.
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