Tata Consultancy Services (TCS) on Friday reported a consolidated net profit of ₹9,624 crore for the quarter ending 30 September, 2021 (Q2FY22), an increase of 29% from ₹7,475 crore clocked in the year-ago period.
However, on a sequential basis, the profit after tax (PAT) rose nearly 7%. In the June quarter, the IT heavyweight posted a net profit of ₹9,008 crore.
Its revenue from operations rose 17% to ₹46,867 crore in the reporting period. It was ₹40,135 crore in the same quarter last year.
A Bloomberg consensus estimate has pegged TCS net profit at ₹9,652 crore and revenue was seen at ₹47,356 crore for the September quarter.
The Board has also approved a second interim dividend of ₹7.
“The strong and sustained demand environment is a once-in-a-decade opportunity to position ourselves as the preferred growth and transformation partner for our customers," TCS CEO Rajesh Gopinathan said.
"We are using the growth tailwind to invest in strengthening relevant capabilities and building out a comprehensive portfolio of offerings that caters to a broader set of stakeholders in the enterprise across business cycles, strengthening our brand, and making our business more esilient. We believe this isthe most sustainable pathway to create longer term value for all our stakeholders," he said.
TCS said it has added 19,690 employees on a net basis in Q2, taking the total employee base to 528,748 as of September 30.
The IT major has one of the lowest attrition rate in the industry at 11.9%.
"The company’s ability to attract and retain talent at scale, and its continued investments in organic talent development, have enabled it to fulfill much of the incremental demand in newer technologies using internal candidates," TCS said in an exchange filing.
On Friday, TCS scrip gained nearly 1.1% to settle at ₹3,935 on NSE. Ahead of the results, the stock hit a fresh 52-week and an all-time high of ₹3,989.9 in intraday trade.
The IT bluechip stock has given stellar returns to investors with a surge of over 33% since the start of 2021.
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TCS Q2 results: Net surges 29% to ₹9,624 cr; firm to pay ₹7 interim dividend - Mint
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