TCS Q2 earnings up 8.4% sequentially to Rs 64.46 bn

TCS Q2 net profit beats estimates rises at 8.4% to Rs 6,446 crore in September quarter

TCS Q2 net profit beats estimates rises at 8.4% to Rs 6,446 crore in September quarter

TCS' operating margins expanded 1.7 percentage points sequentially to 25.1% in the quarter, aided by a decline the value of Indian rupee against the USA dollar and cross-currency gains.

TCS shares closed 1.91 per cent higher at Rs 2,548.20 apiece on the National Stock Exchange today compared to 1.11 per cent gain in the broader Nifty.

"With 93 per cent of revenue from exports, including 53 per cent from the United States, 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. However, when compared to the same period previous year, its net profit dropped 2.1 per cent from Rs 6,603 crore.

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Revenue at Rs 30,541 crore for the quarter under review was up 3.2 per cent from Rs 29,584 crore sequentially and 4.3 per cent up from Rs 29,284 crore in the like period year ago.

On the second quarter performance, Rajesh Gopinathan, CEO and MD, said: "We experienced robust volume growth in Q2, driven by good demand across multiple industry verticals".

Banking, financial services and insurance (BFSI), the bread and butter for all Indian IT service providers, grew 1.9% against 2.3% in the previous quarter on a constant currency basis, while retail fell almost 1%, from a growth of 2%, as traditional retailers hobble under the onslaught of online counterparts.

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All segments of the business, except the banking, financial services and insurance (BFSI) and retail sectors, grew revenue above 9.5 percent.

In an interview to CNBC-TV18, Apurva Prasad, Research Analyst at HDFC Securities discussed his take on Tata Consultancy Services' (TCS) Q2 earnings. North America, which contributes the lion's share of the revenue, was up by just 1.4%, hurt by sluggish growth in the banking and retail sectors. BFSI accounts for more than 30 percent of TCS' revenues, while retail makes up about 13 percent. "With the sectoral headwinds slowly abating, we expect steadier and stronger growth ahead". Operating margins stood at 25.1%, a good jump of 171 basis points sequentially.

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