Markets

TCS shares gain over 2% after Q2 results

TCS shares gain over 2% after Q2 results

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.

The company, which is the crown jewel of the United States dollars 104 billion salt-to-software Tata Group, declared a dividend of Rs 7 per share and set October 26 as the record date. In the first quarter, the company had reported net profit of Rs 5,945 crore.

Revenues up 4.3% on year-on-year basis (3.2% higher on sequential basis) to Rs 305.41 billion.

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.

Commenting on Q2 earnings, CEO and managing director Rajesh Gopinathan said: "We experienced robust volume growth in Q2, driven by good demand across multiple industry verticals".

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He added that the company continues to gain share in the fast growing "digital spend" of its customers.

Global research and brokerage firms CLSA and Deutsche Bank are bullish on the shares of Tata Consultancy Services, after India's IT bellwether posted its second quarter (July-September) earnings yesterday, which beat analysts' expectations as consolidated profit rose, backed by robust volume growth and operational performance.

With the exception of retail and communication & Media industries (CMI), all industry verticals grew above the company average led by travel & hospitality (up 8 per cent QoQ), energy & utilities (up 7.2 per cent) and life sciences and health care (up 3.6 per cent). North America grew by 1.4 per cent Q-o-Q with continued softness in banking and retail. "With the sectoral headwinds slowly abating, we expect steadier and stronger growth ahead".

Operating margin of TCS was up by 170 basis points to 25.1%, of which 50 basis points came from currency changes and the rest from operational efficiencies and savings. Our investment program remains geared for growth. BFSI accounts for more than 30 percent of TCS' revenues, while retail makes up about 13 per cent.


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