1. TCS Q2 consolidated net profit rises 4.51% qoq to Rs 6,603 crore

TCS Q2 consolidated net profit rises 4.51% qoq to Rs 6,603 crore

Tata Consultancy Services (TCS) posted 4.51 per cent rise in net profit at Rs 6,603 crore for the second quarter ended September 30, 2016 against Rs 6,318 crore for the sequential quarter ended June 30, 2016.

By: | New Delhi | Updated: October 13, 2016 5:10 PM
TCS shares, Tata consultancy services Tata Consultancy Services (TCS) posted 4.51 per cent rise in net profit at Rs 6,603 crore for the second quarter ended September 30, 2016 against Rs 6,318 crore for the sequential quarter ended June 30, 2016. (Reuters)

Tata Consultancy Services (TCS) posted 4.51 per cent rise in net profit at Rs 6,603 crore for the second quarter ended September 30, 2016 against Rs 6,318 crore for the sequential quarter ended June 30, 2016. For July-September period, net income from operations of the company stood at Rs 29,284 crore against Rs 29,305 crore in April-June period.

Total expenses of the IT major declined by 1.32 per cent quarter-on-quarter to Rs 21,667 crore for the quarter under review against Rs 21,958 crore in the previous quarter ended June 30, 2016.

N Chandrasekaran, CEO and MD, TCS in a release said, “It has been an unusual Q2 for TCS. Growing uncertainties in the environment is creating caution among customers and resulted in holdbacks in discretionary spending this quarter. In addition, volatility in markets like India and Latin America also muted revenue growth. It has been a good quarter from a profitability perspective.”

TCS has announced an interim dividend of 650 per cent or Rs 6.5 per equity share of Rs 1. A similar dividend amount was announced in the quarter ended June. With this the total dividend paid this financial year will be Rs 13 per share.

Proposed record date for payment of dividend has been fixed at October 25, while payment will be made on November 2, 2016. TCS’s earnings per share stood at Rs 33.43 at the end of the September quarter.

The company’s gross addition of employees stood at 22,665 during the quarter, with total employees standing at 371519. Total attrition rate stood at 11.9 per cent in IT services.

On a standalone basis, net profit of TCS jumped by 3.11 per cent to Rs 5958 crore for the quarter ended September 30, 2016 against Rs 5778 crore in the sequential quarter ended June 30, 2016.

Shares of Tata Consultancy Services closed 2.17 per cent down at Rs 2328.50 on Thursday.

 

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