TCS stuns Street, sees better times ahead

Comments 0
TCS CEO and managing director Natarajan Chandrasekaran during the announcement of company's Q2 results in Mumbai. (PTI) TCS CEO and managing director Natarajan Chandrasekaran during the announcement of company's Q2 results in Mumbai. (PTI)
SummaryTCS Q2 revenues rise 16.6% q-o-q, net jumps 23.8% to Rs 4,702 crore.

continued to ramp up hiring in the second quarter, with a total gross addition of 17,362 people (net addition of 7,664 employees), taking its workforce to 285,250 on a consolidated basis. The company is likely to cross three lakh employees by the end of the current fiscal.

TCS scaled new peaks in anticipation of stellar results on the BSE on Tuesday, with its scrip touching an all-time high of 2,258.09, before shedding some of its gains to close up marginally at Rs 2,218.05.

The company said it witnessed growth across all its core markets, with Europe, North America and UK leading the pack. Acquisitions have been another driver of growth for TCS, which earlier this year bought French technology services company Alti for around Rs 530 crore to give it an edge in the crucial European market.

TCS' growth has been outstripping its peers amid an increase in global spending on IT services; TCS has extended its lead on India's No. 2 software services exporter Infosys, which last week reported a lower-than-expected net profit for the three months to September 30 of Rs 2,407 crore against 2,369 crore in the same period a year earlier, hurt by a one-off provision to seek a 'civil resolution' to an investigation in the United States over the use of temporary employment visas.

Utilisation including trainees – a key indicator of billing efficiency was at 75% – while the attrition rate (LTM) remained stable at 10.9%, including business process outsourcing (BPO). The attrition rate in IT was at 9.9% while BPO attrition was higher at 16.3%.

Single Page Format
Ads by Google
Reader´s Comments
| Post a Comment
Please Wait while comments are loading...