TCS Posts 5% Profit Surge in Q2, Reaching 11,909 Crore

CIOTechOutlook Team | Friday, 11 October 2024, 02:28 IST

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Tata Consultancy Services (TCS), India's top software exporter, announced a 5% increase in its combined net profit, totaling Rs 11,909 crore for the quarter ending September 2024, up from Rs 11,342 crore in the same period last year.

The profit fell short of the Street's anticipated Rs 12,450 crore. Income from activities, on the other hand, rose by 8% compared to the previous year to reach Rs 64,259 crore. The Board has given the go-ahead for a Rs 10 per share second interim dividend, to be disbursed on November 5.

The date for recording has been established as October 18. TCS mentioned that the careful patterns seen in the previous quarters are still evident in this quarter too.

"Amidst an uncertain geopolitical situation, our biggest vertical, BFSI showed signs of recovery. We also saw a strong performance in our Growth Markets. We stay focused on sharpening our value proposition to our clients, employees, and other stakeholders," said K Krithivasan, CEO and MD, TCS.

"We made strategic investments this quarter in talent and infrastructure to ensure sustainable growth. Our disciplined execution resulted in superior cash conversion. Our longer-term cost structures remain unchanged, and we remain confident in our ability to continue delivering industry-leading profitable growth," said Samir Seksaria, CFO, TCS.

Attrition rate for the September quarter at LTM IT Services stood at 12.3%. The IT services company has brought on board 11,000 new associates in the first six months of the year and confirmed that it is progressing as scheduled with the trainee recruitment process.

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