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Wednesday, July 28, 2021

Tata Consultancy Services’ net rises 7.2%

TCS declared an interim dividend of Rs 6 per share.

By: ENS Economic Bureau | Mumbai |
January 9, 2021 12:36:11 am
Signage for Tata Consultancy Services Ltd. is displayed outside the company's headquarters in Mumbai. (Photographer: Dhiraj Singh/Bloomberg)

Overcoming seasonal headwinds, Tata Consultancy Services (TCS), India’s largest software exporter, posted a 7.2 per cent increase in net profit at Rs 8,701 crore for the quarter ended December 2020 as against Rs 8,118 crore in the same period a year ago. On a quarter-on-quarter basis, the net profit rose by 3.2 per cent from the September quarter.

Revenue increased by 5.4 per cent to Rs 42,015 crore from Rs 39,854 crore a year ago.

Rajesh Gopinathan, MD and CEO, said: “Growing demand for core transformation services and strong revenue conversion from earlier deals have driven a powerful momentum that helped us overcome seasonal headwinds and post one of our best performances in a December quarter.”

The sequential growth was led by North America (3.3 per cent), India (18.1 per cent), UK (4.5 per cent) and Continental Europe (2.5 per cent). Other markets grew as well with Asia Pacific growing 2.6 per cent, MEA 6.7 per cent, and Latin America 3.1 per cent. “We are entering the new year on an optimistic note … our confidence reinforced by the continued strength in our order book and deal pipeline,” he said. TCS declared an interim dividend of Rs 6 per share.

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