tcs: TCS Q2 profits up 23%, wins four $100 million deals

Mumbai/Bengaluru: Tata Consultancy Services said second quarter profits grew 22.6% to Rs 7901 crore and revenue by 21% to Rs 36854 crore on the back of increased business banking and retail customers.

India’s largest IT services firm, which has forecast that it would grow double digits this fiscal on a base of $ 19.09 billion, made net hires of 10,227 people in the three months to September, its highest in three years. This also indicates that the company is bullish on improved business prospects in the year ahead.

During the year-ago period, TCS reported net profit of Rs. 6446 crore on revenues of Rs. 30541 crore. On a sequential basis, the company reported a net profit of Rs. 7340 crore on revenues of Rs. 34261 crore.

The company said its revenues from digital stood at 28%, while operating margin was 26.5%.

Analysts widely forecast a strong quarter for TCS with estimated 3.5 to 4% sequential growth in July-September period in constant currency terms. While the largest Indian IT services exporter is expected to regain double-digit growth this financial year, TCS was among the two large companies to have seen a revival in the banking and financial services segment.

“Revenue growth was driven by expanding demand for digital transformation across verticals and continued acceleration in BFSI and Retail. Our industry-leading digital growth and best-in-class client metrics bear testimony to our standing as the preferred partner in our customers’ growth and transformation initiatives,” said Rajesh Gopinathan, CEO and MD, TCS.

TCS won four $ 100 million deals, indicating that the company has been a frontrunner to win large deals from customers.

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