TCS Q2 results: Consolidated PAT rises 14% to Rs 9,624 cr, revenue up 17%

TCS Q2 results: Consolidated PAT rises 14% to Rs 9,624 cr, revenue up 17%


(TCS), India’s largest IT services players, for saw consolidated net profit grow by 14.1 per cent year-on-year at Rs 9,624 crore, and up 6.8 per cent sequentially. Revenue for the quarter grew 16.8 per cent year-on-year at Rs 46,867 and was up 3.2 per cent sequentially.

Total contract value (TCV) in Q2 came in at $7.6 bilion, H1FY22 TCV now stands at $15.7 billion, led by increased momentum in North America, BFSI, retail, manufacturing. However, the deal wins are slower compared to Q1, which had total TCV of $8.1 billion.

The company reported margin expansion of 10 basis points for the quarter, as margins came at 25.6 per cent. This, despite higher expenses, increased currency headwinds and higher sub-contract usage.

The company added 19,690 employees during the quarter under review taking its total headcount of 528,748. But the attrition for the quarter has gone up to 11.9 per cent, much higher than past quarters, but slower than the industry peers.

The company said that it has already crossed projected hiring target earlier with 43,000 freshers joining in H1.

All industry verticals had strong double-digit growth. BFSI saw a year-on-year growth of 17 per cent, manufacturing was up 21.7%, Life sciences 19%, Retail 19%. Moreover, BFSI (excluding products & platforms, emerging markets) crossed $2 billion in absolute revenues during the quarter.

All major markets saw strong double-digit growth. North America led growth with 17.4% YoY; UK up 15.6%; Europe up 13.5%. Importantly, the company saw a strong bounce back in India with growth of 15.1% (QoQ) & 20.1% (YoY).

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor


Source link

Leave a Reply

Your email address will not be published. Required fields are marked *