India’s largest IT firm Tata Consultancy Services (TCS) posted an 8.41 percent rise in its consolidated net profit at Rs 10,465 crore for the quarter ended September 2022.
In the corresponding three months a year ago, the company had logged a consolidated net profit of Rs 9,653 crore, it said in an exchange filing while kicking off the earnings season for the IT sector.
An ET NOW poll of analysts had anticipated the profit figure at Rs 10,285 crore.
The IT giant’s profit rose 9.93 percent on a sequential basis.
Year-on-year, its revenue from operations grew 18.01 percent to Rs 55,309 crore as compared to Rs 46,867 crore in the July-September quarter a year ago. Sequentially, the company’s revenue increased 4.83 percent.
Meanwhile, the company has announced a second interim dividend of Rs 8 per equity share.
“Demand for our services continues to be very strong. We registered strong, profitable growth across all our industry verticals and in all our major markets. Our order book is holding up well, with a healthy mix of growth and transformation initiatives, cloud migration and outsourcing engagements,” said TCS CEO and MD Rajesh Gopinathan.
In constant currency terms, its revenue grew 15.4 percent during the quarter ended September 2022 over the same period a year ago. The growth has broad-based across verticals, led by retail and CMI segments. TCS’s order book stood at $8.1 billion.
TCS CFO Samir Seksaria said the company is steadily making its way towards achieving operating margin priority for the year, aided by leverage from good growth, the flattening of the workforce pyramid, steadily improving productivity and currency support.
TCS’ rivals Wipro and HCL Tech will come out with their September quarter results on October 12 and Infosys the next day.
