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TCS posts robust net, revenue growth in Q2 (Second Lead)
Mumbai, Oct 11 (IANS) Global software major Tata Consultancy Services (TCS) on Thursday reported Rs 7,901-crore consolidated net profit for the second quarter of fiscal 2018-19, registering a robust 22.6 per cent annual growth from Rs 6,446 crore in the same period a year ago.
In a regulatory filing on the BSE, the city-based IT bellwether said consolidated revenue for the quarter (Q2) under review grew 21 per cent annually to Rs 36,854 crore from Rs 30,541 crore in the like period year ago.
Sequentially, consolidated net profit and revenue grew 7.6 per cent respectively from Rs 7,340 crore and Rs 34,261 crore a quarter ago.
Under the International Financial Reporting Standard (IFRS), net income grew 11.9 per cent year-on-year (YoY) to $1,119 million in Q2 from $1,000 million a year ago and 3.1 per cent sequentially from $1,082 million a quarter ago.
Gross income under IFRS also grew 10 per cent YoY to $5,215 million from $4,739 million year ago and 3.3 per cent sequentially from $5,051 million quarter ago.
Digital revenue grew 28 per cent YoY and operating margin at 26.5 per cent grew 1.4 per cent YoY.Net cash from operations at Rs. 7,363 crore is 93 per cent of net income.”The board has recommended Rs 4 or a whopping 400 per cent dividend per share of Re 1 face value,” said the company in a statement here later.
Verticals like BFSI (Banking, Financial Services and Insurance) and Retail led the growth 6.1 per cent and 15.6 per cent YoY respectively.
Geographically, Britain and Europe lead the growth 22.8 per cent and 17.4 per cent respectively.
The company added 4 clients in the $100 million band, 7 in $20-million, 10 in $10-million and 11 in $1 million band.
The company and its subsidiaries has added 10,227 techies during the quarter, taking its global headcount to 411,102 employees, with 36 per cent of them being women in 147 countries the world over. Attrition rate remained at 10.9 per cent on annual basis.
The company’s blue chip scrip, however, lost Rs 63.30 or 3.1 per cent per share of Re 1 face value on the BSE, closing at Rs 1,979.75 at the end of Thursday’s trading on the BSE as against Wednesday’s price of Rs 2,043.04 and opening price of Rs 1,998.70.
The shares also quoted at high of Rs 2,013.55 and a low of Rs 1,943.05 during the intra-day trading.
aceRevenue growth in Q2 was driven by demand for digital transformation across verticals, and acceleration in BFSI and Retail. The digital growth bears testimony to our standing as the preferred partner to our customers,” said TCS Chief Executive Rajesh Gopinathan in the statement.
Noting that the company’s Business 4.0 thought leadership, knowledge and capabilities differentiated it and drove demand for its solutions and services, Gopinathan said the machine first delivery model (MFDM) and location-independent methods were helping clients integrate automation within their enterprise.
Chief Operating Officer N. Ganapathy Subramaniam said with strong demand in analytics, cloud and automation, the companya¿s quartz blockchain solution was gaining traction as evident from creation of ecosystems that could transform markets.
“Our Enterprise Agile 2020 vision is shaping open, collaborative workplaces and ways of working. This, along with MFDM, is driving intelligent automation and training machines with contextual knowledge, scaling businesses and creating ecosystems,” said Subramaniam.
The company’s people-first approach to the machine-first world is seen as a key differentiator by its clients in driving growth, competition and innovation in their businesses.
“It is encouraging to be back in profitability at the operating level. Even as we expand investments to build on our lead in the digital space, our operations, the growth trajectory and a supportive currency make our margins resilient,” said Chief Financial Officer V. Ramakrsihnan in the statement.
Investments in talent development and innovative employee engagement initiatives helped the company to deliver best-in-class HR (human resource) outcomes.
“We have started democratising the entry-level talent acquisition processes in India with a national qualifier test,” TCS global HR head Ajoy Mukherjee added in the statement./Eom/670 words.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.
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