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Tata Consultancy Services (TCS) on Thursday posted a 1.1 per cent quarter-on-quarter (QoQ) fall in net profit for the second quarter ended September 30 to Rs 11,909 crore, but is 5 per cent up (YoY).
India's largest IT service company's Q2FY24 revenue from operations rose to Rs 64,259 crore. The IT major declared the second interim dividend of Rs 10 per share with Friday, October 18, 2024 as the record date to determine the eligibility of shareholders. Earlier, the company paid an interim dividend of Rs 10 on 19 July 2024. Revenue growth of the company was led by Energy, Utilities sectors and resources said the company in a press statement. K Krithivasan, Chief Executive Officer and Managing Director, TCS said: "We saw the cautious trends of the last few quarters continue to play out in this quarter as well. Amidst an uncertain geopolitical situation, our biggest vertical, BFSI showed signs of recovery. We also saw a strong performance in our Growth Markets. We stay focused on sharpening our value proposition to our clients, employees and other stakeholders". TCS's Q2 operating margin was at 24.1 per cent reduced from 24.7 per cent in the preceding quarter. The net margin was at 18.5 per cent. The company added a net of 5,726 employees during the quarter. Samir Seksaria, Chief Financial Officer, TCS said, "We made strategic investments this quarter in talent and infrastructure to ensure sustainable growth. Our disciplined execution resulted in superior cash conversion. Our longer-term cost structures remain unchanged, and we remain confident in our ability to continue delivering industry-leading profitable growth". TCS is seeing continued momentum in the AI/GenAI adoption, with the underlying technology gaining maturity at a very rapid pace. The company said that cyber security will add to its revenue as it believes clients will continue to up their spending on improving their security posture, it said. BSNLs Rs 15,000 crore deal involving setting up data centers and 4G sites across India and laying the foundation for future 5G infrastructure for BSNL will be a fillip for the company in the coming quarters, as per the company. As of 30th September 2024, TCS had applied for 8,354 patents, including 160 applied during the quarter, and been granted 4,369 patents including 223 granted during the quarter. TCS' workforce stood at 612,724 as of September 30th, 35.5 per cent women and 150 nationalities. (ANI)
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