INSUBCONTINENT EXCLUSIVE:
TCS added 20,409 employees and its workforce strength stood at 5,09,058 employees.Shares of the country's largest information technology
company - Tata Consultancy Services (TCS) - fell as much as 1.3 per cent to hit an intraday low of Rs 3,211.85 after it reported June
quarter earnings which were below analysts' estimated
TCS' net profit in June quarter declined 2.57 per cent to Rs 9,008 crore compared with Rs 9,246 crore crore in the previous quarter
According to Refinitiv IBES data, analysts were expecting the IT giant to report net profit of Rs 9,372 crore.However, on an annual basis,
Tata Consultancy Services reported a 29 per cent rise in quarterly profit powered by higher demand for cloud services and strong growth in
its mainstay banking and finance business.TCS's revenue from operations advanced 4 per cent sequentially to Rs 45,411 crore as against Rs
43,705 crore in the previous quarter
Its operating margin or EBIT margin expanded 1.9 per cent annually to 25.5 per cent and in constant currency terms, TCS' revenue advanced
16.4 per cent annually.During the quarter, TCS added 20,409 employees and its workforce strength stood at 5,09,058 employees."I am humbled
that in a personally challenging quarter to many, TCSers demonstrated phenomenal character in helping each other, be meaningful to the
communities and delivered on our commitments to clients
On that backdrop, our business in North America, BFSI and Retail all showed an appreciable growth which underlines the resilience of our
operating model, relevance of our offerings and above all, the passion and dedication of our associates
Given the variants of the virus and fears of a potential third wave, we are watchful of the emerging situation and remain optimistic of the
opportunities in our core markets and verticals
We are well positioned and operating diligently to participate in them aggressively," Rajesh Gopinathan, Chief Executive Officer and
Managing Director, said in a statement.As of10:10 am, TCS shares traded 0.7 per cent lower at Rs 3,235.
