TCS 2FY22 profit jumps 14.1 pc y-o-y
Bengaluru/IBNS: Tata Consultancy Services (TCS) on Friday reported a consolidated net profit of Rs 9,624 crore for Q2FY22 posting a 14.1 percent year-on-year (YoY) growth.
India's biggest IT firm's growth was driven by broad-based demand and resilient margins and other income that grew 21.6 percent YoY (up 54.1 percent QoQ).
The growth in profits on YoY basis was calculated after the adjustment for provision for legal claim reported by the company in September 2020 quarter.
The reported profit growth was 28.7 percent YoY.
The company's consolidated revenue in the quarter-ended September stood at Rs 46,867 crore, up 16.8 percent compared to the year-ago quarter, with double-digit growth across business verticals, led by growth in order books, recovery in its India business and surge in digital spends by corporates.
The revenue surge in constant currency was registered in at 15.5 percent YoY.
"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," said Rajesh Gopinathan, Chief Executive Officer and Managing Director. The board has approved his reappointment as MD and CEO for next five years.
"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 resilient. We believe this is the most sustainable pathway to create longer term value for all stakeholders," Gopinathan added.
On a sequential basis, profit rose 6.8 percent and the revenue rose by 3.2 percent in Q2FY22.
The company gained five new clients in $100 million plus category, after which the total number of clients stood at 54, and 17 new clients in the $50 million-plus band where now it has 114 clients.
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