TCS Q1 results: Net profit rises 29% to Rs 9,008 cr, misses estimates


Software services and products heavyweight Tata Consultancy Services and products on Thursday reported 29% rise in consolidated net profit for June quarter at Rs 9,008 crore. It was once Rs 7,008 crore in the year-ago period. Then again, the company fell short of the estimates.

Analysts had estimated up to 36% YoY rise in net profit.

Consolidated revenue rose 18% to Rs 45,411 crore from Rs 38,322 crore in June 2020.

The company also announced interim dividend of Rs 7 per share.

“I am humbled that in a personally challenging quarter to many, TCSers demonstrated phenomenal character in helping every other, be meaningful to the communities and delivered on our commitments to clients. On that backdrop, our commerce in North The us, BFSI and Retail all showed an considerable growth which underlines the resilience of our operating mannequin, relevance of our offerings and above all, the ardour and dedication of our associates. Provided 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 polite positioned and operating diligently to take part in them aggressively,” said Rajesh Gopinathan, TCS Chief Executive Officer and Managing Director.

N Ganapathy Subramaniam, COO, TCS, said: “We overcame the challenges posed by the second one wave of Covid-19 in India taking some practical approaches and am content that the delivery of all our client engagements was once kept not off course. We once again had a superior quarter with a TCV of $8.1 billion which is broad based across markets and verticals. Our G+T themes are seeing traction available in the market place and we are delighted to signal our largest SaaS deal ever for the TCS BaNCS Global Banking Platform on the cloud right through the quarter.”

Ahead of earnings announcement, shares of TCS closed commerce at Rs 3,253, down Rs 21.95, or 0.67 per cent on the NSE on Thursday.

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