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TCS Q2FY23 Results: Net Profit Jumps 8% YoY To Rs 10,431 Cr

Its revenue grew 18 per cent YoY to Rs 55,309 crore compared to Rs 46,867 in the corresponding quarter last year

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Tata Consultancy Services (TCS) on Monday released its financial results for the quarter ended 30 September, 2022 and reported an 8.4 per cent year-on-year (YoY) rise in net profit at Rs 10,431 crore compared to Rs 9,653 crore in the year ago quarter.

Its revenue grew 18 per cent YoY to Rs 55,309 crore compared to Rs 46,867 in the corresponding quarter last year.

The company has announced a second interim dividend of Rs 8 per equity share. The record date for the same is October 18 and it will be paid on November 7.

Net operating margin came in at 24 per cent, contracting 1.6 per cent YoY. The company’s order book for the quarter was USD 8.1 billion.

Net cash from operations came in at Rs 10,675 crore or 102.3 per cent of net income, the company said.

Segment-wise, growth was led by Retail and CPG (22.9 per cent), Communications & Media (18.7 per cent), and Technology & Services (15.9 per cent). Manufacturing as well as Life Sciences & Healthcare verticals grew 14.5 per cent, while BFSI grew 13.1 per cent.

There was strong, broad-based growth for all services in Q2, led by Cloud, Enterprise Application Services, and Cyber Security, the company said. 

“Demand for our services continues to be very strong. We registered strong, profitable growth across all our industry verticals and in all our major markets. Our order book is holding up well, with a healthy mix of growth and transformation initiatives, cloud migration and outsourcing engagements," said Rajesh Gopinathan, CEO & MD, TCS.

Market-wise, North America led with 17.6 per cent growth; Continental Europe grew 14.1 per cent and the UK grew 14.8 per cent. In emerging markets, India grew 16.7 per cent, Latin America grew 19 per cent, Middle East & Africa grew 8.2 per cent and Asia Pacific grew 7 per cent.

The IT major net hired 9,840 new employees during the quarter under review, taking the total workforce strength to 6,16,171. It said women's share in the workforce was 35.7 per cent. The last twelve-month attrition came in at 21.5 per cent.

"Reflecting our culture of being committed to our employees, we have honored all the job offers we had made. Our investments in capacity building and organic talent development have allowed us to substantially grow our business ahead of headcount addition this quarter. We believe our quarterly annualized attrition has peaked in Q2 and should see it taper down from this point, while compensation expectations of experienced professionals moderate," said Milind Lakkad, Chief HR Officer, TCS.

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