TCS Q2 earnings up 8.4% sequentially to Rs 64.46 bn

TCS Q2 earnings up 8.4% sequentially to Rs 64.46 bn

TCS Q2 earnings up 8.4% sequentially to Rs 64.46 bn

In the first quarter, the company had reported net profit of Rs 5,945 crore. During the quarter, TCS saw its IT attrition rate come down by 0.3% sequentially to 11.3 per cent.

The company, known as TCS, said net income in the quarter ended in September was 64.46 billion rupees ($985 million), compared with 65.86 billion rupees a year earlier, according to a statement.

India's largest software services exporter, Tata Consultancy Services (TCS) on Thursday reported a net profit of Rs 6,446 crore for the three months to September, an increase of 8.4% quarter-on quarter, beating analysts' estimates.

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Revenues up 4.3% on year-on-year basis (3.2% higher on sequential basis) to Rs 305.41 billion. Strong, broad-based client metrics this quarter demonstrates our increasing success with newer customers.

Shares of the company gained Rs 48.05, or 1.92%, to settle at Rs 2,548.55.

Banking, financial services and insurance (BFSI), the bread and butter for all Indian IT service providers, grew 1.9% against 2.3% in the previous quarter on a constant currency basis, while retail fell almost 1%, from a growth of 2%, as traditional retailers hobble under the onslaught of online counterparts.

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"We continue to gain share in the fast growing Digital spend of our customers, evident in our industry-leading Digital growth in Q2". With the exception of retail and CMI, all industry verticals grew above the company average, led by travel & hospitality (up 8 per cent quarter on quarter), energy & utilities (up 7.2 per cent Q-o-Q) and life sciences & healthcare (up 3.6 per cent Q-o-Q).

TCS said most businesses, barring financial services and retail, grew above 9.5% in the last quarter. North America, which contributes the lion's share of the revenue, was up by just 1.4%, hurt by sluggish growth in the banking and retail sectors. The operating margin improved by 170 basis points to 25.1 per cent after hitting the lowest level of 23.3 per cent in the previous quarter since the March 2008 quarter. Our investment program remains geared for growth. "Continued investments in digital design and transformational capabilities are paying off, and it shows in the strong growth in our Digital business", TCS CFO V. Ramakrishnan said.

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