TCS posts robust revenue, net growth in Q2

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The company's total employee strength at the end of Q2 stood at 3,89,213 on a consolidated basis with gross addition of 15,868 employees and net addition of 3404 employees during the quarter. TCS also declared a dividend of Rs 7 per share.

"With 93 per cent of revenue from exports, including 53 per cent from the U.S., 27 per cent from Europe and Britain and 13 per cent from rest of the world, our performance in dollar terms was robust in the July-September quarter", a TCS official told IANS here.

India's top IT services firm Tata Consultancy Services Ltd (TCS) said it expected an uptick in the retail business segment in the coming quarters but remained cautious about the banking and financial services segments that form the bulk of its revenues.

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The company, known as TCS, said net income in the quarter ended in September was 64.46 billion rupees ($985 million), compared with 65.86 billion rupees a year earlier, according to a statement. Revenue was up 4.3%-from Rs29,284 crore to 30,541 crore-in the September quarter.

"We experienced robust volume growth in Q2, driven by good demand across multiple industry verticals". On an year on year basis, the company said all industry verticals with the exception of BFSI and retail grew above 9.5 per cent.

The results of TCS, the first to report quarterly earnings among Indian software exporters, augur well for the nation's information technology sector amid concerns companies could report muted financial performance in the second quarter because of a slowdown in the US financial services and retail industries.

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TCS said growth was led by Europe (up 5.3 per cent Q-o-Q), Latin America (up 5.7 per cent Q-o-Q), APAC (up 3 per cent Q-o-Q) and United Kingdom (up 2.5 per cent Q-o-Q). The company added that North America grew by just 1.4 per cent with continued softness in banking and retail. "With the sectoral headwinds slowly abating, we expect steadier and stronger growth ahead". The operating margin improved by 170 basis points to 25.1 per cent after hitting the lowest level of 23.3 per cent in the previous quarter since the March 2008 quarter.

Shares of TCS gained 1.9% in Mumbai trading on Thursday before the earnings were released, while the benchmark S&P BSE Sensex closed up 1.1%.

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