IT major Tata Consultancy Services (TCS) on Thursday reported a net profit of Rs 7,901 crore for the July-September period, almost meeting analysts' estimates. With that, the country's largest IT services exporter kicked off the corporate earnings season for India Inc. Analysts had on an average expected a consolidated net profit of Rs 7,902 crore, news agency Reuters said citing Refinitiv Eikon data.
Net profit logged a sequential - or quarter-on-quarter - growth of 7.6 per cent and annual (year-on-year) growth of 22.6 per cent. Revenue stood at Rs 36,854 crore for the second quarter of the financial year, up 20.7 per cent compared to the corresponding period a year ago.
"We are very pleased with our all-round strong performance in Q2. Revenue growth was driven by expanding demand for digital transformation across verticals, and continued acceleration in BFSI (banking, financial services and insurance) and retail," said CEO and managing director Rajesh Gopinathan.
In the April-June quarter, TCS had reported a net profit of Rs. 7,340 crore over a top line or sales of Rs. 34,261 crore.
TCS announced a dividend of Rs 4 per share.
TCS shares closed 2.4 per cent lower, ahead of release of the quarterly earnings.