TCS Net Profit Jumps 29% To Rs 9,624 Crore In Second Quarter

TCS shares settled 1.10% higher at Rs 3,935.30 on the BSE index.

New Delhi:Software exporter Tata Consultancy Services Ltd (TCS) on Friday reported a 28.75% rise in its second quarter (Q2) profit — ended on September 30 — of the current financial year 2021-22 (FY22), boosted by a pandemic-led demand for digitisation from businesses.

In a notification to the exchanges, TCS said that its consolidated net profit rose to Rs 9,624 crore against Rs 7,475 crore posted in the same period last year. TCS had reported a profit of Rs 9,008 crore in previous quarter (Q1) ended on June 30.

Consolidated revenue from operations jumped 16.8% to Rs 46,867 crore, compared with Rs 40,135 crore a year earlier.

Also, the Board of Directors has declared an interim dividend of Rs 7 per equity share.

TCS said it has incorporated two fully owned subsidiaries in Q2; Tata Consultancy Services Bulgaria EOOD in Bulgaria on August 31 and Tata Consultancy Services Guatemala, S.A. in Guatemala on September 1.

The company stated that it has added 19,690 employees during the second quarter taking the total workforce strength to 5,28,748.

The Board reappointed Rajesh Gopinathan as Chief Executive Officer and Managing Director for a term of five years from February 21, 2022 to February 20, 2027.

N Ganapathy Subramaniam has been reappointed as Chief Operating Officer and Executive Director from February 21, 2022 to May 19, 2024. Mr Subramaniam is the brother of Tata Sons chairman N Chandrasekaran.

“Mr Gopinathan and Mr Subramaniam are not debarred from holding the office of Director by virtue of any order of the Securities and Exchange Board of India (SEBI) or any other such authority,” TCS mentioned.

Mr Gopinathan said: “The strong and sustained demand environment is a once-in-a-decade opportunity to position ourselves as the preferred growth and transformation partner for our customers. We are using the growth tailwind to invest in strengthening relevant capabilities and building out a comprehensive portfolio of offerings that caters to a broader set of stakeholders in the enterprise across business cycles, strengthening our brand, and making our business more resilient.”

Further, the Board has appointed Pradeep M. Gaitonde as Company Secretary and Compliance Officer with effect from November 1, 2021, to take over from Rajendra Moholkar.

The shares of the company settled 1.10% higher at Rs 3,935.30 on the BSE index. The Q2 numbers were announced after market hours today.

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