Business

TCS net profit jumps 29% to Rs 9,624 crore in Q2

Shares of TCS closed 1.10% higher at Rs 3,935.30 on the BSE index.

New Delhi:Software Exporter Tata Consultancy Services Limited (TCS) On Friday it reported a 28.75% jump in its second quarter (Q2) profit – ended September 30 – for the current fiscal 2021-22 (FY22), boosted by a pandemic-led demand for digitization from businesses.

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

Consolidated revenue from operations grew 16.8% to Rs 46,867 crore as compared to Rs 40,135 crore a year ago.

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

TCS said it added two wholly owned subsidiaries in Q2; Tata Consultancy Services Bulgaria EOOD on 31st Aug in Bulgaria and Tata Consultancy Services Guatemala, SA in Guatemala on 1st Sept.

The company said it added 19,690 employees during the second quarter, taking the total number of employees to 5,28,748.

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

N Ganapathy Subramaniam has been reappointed as the 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.

TCS noted, “Shri Gopinathan and Shri Subramaniam have not been debarred from holding the office of directors by virtue of any order of the Securities and Exchange Board of India (SEBI) or any other authority.”

Mr. Gopinathan said: “The strong and sustained demand environment is a once in a decade opportunity to establish ourselves as the preferred growth and transformation partner for our clients. We invest in strengthening and building relevant capabilities. A comprehensive portfolio of offerings that cater to a broader set of stakeholders in the enterprise across business cycles, strengthens our brand, and makes our business more resilient.”

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

The company’s shares closed at Rs 3,935.30, up 1.10 per cent on the BSE index. Q2 numbers were announced after market time today.

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