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Tata Consultancy Services (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).
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