TCS Net Profit Jumps 29% To ₹ 9,624 Crore In Second Quarter
TCS Net Profit Increases By 29% To 9,624 Crore TCS' net profit increased by 28.75 percent in the second quarter (Q2) of the current financial year 2021-22, which concluded on September 30. (FY22).
New Delhi, India: Tata Consultancy Services Ltd (TCS) announced a 28.75 percent increase in its second-quarter (Q2) profit for the current financial year 2021-22 (FY22), which ended on September 30, supported by a pandemic-driven demand for digitalisation from businesses.
TCS claimed in a filing to the stock exchanges that its consolidated net profit increased to $9,624 crores from $7,475 crores the previous year. TCS had reported a profit of ₹ 9,008 crores in the previous quarter (Q1) ended on June 30. Consolidated revenue from operations jumped 16.8% to ₹ 46,867 crores, compared with ₹ 40,135 crores a year earlier. A 7-per-equity-share interim dividend has also been declared by the Board of Directors.
TCS said it formed two fully-owned subsidiaries in the second quarter: Tata Consultancy Services Bulgaria EOOD on August 31 in Bulgaria and Tata Consultancy Services Guatemala, S.A. on September 1 in Guatemala.
During the second quarter, the company added 19,690 personnel, bringing the total number of employees to 5,28,748.
From February 21, 2022, to February 20, 2027, the Board reappointed Rajesh Gopinathan as Chief Executive Officer and Managing Director for a five-year term. From February 21, 2022, until May 19, 2024, N Ganapathy Subramaniam has been reappointed as Chief Operating Officer and Executive Director. N Chandrasekaran, the chairman of Tata Sons, is Mr Subramaniam's brother.
"By virtue of any order of the Securities and Exchange Board of India (SEBI) or any other such authority, Mr Gopinathan and Mr Subramaniam are not disqualified from holding the office of Director," TCS stated. "The robust and sustained demand climate is a once-in-a-decade opportunity for us to position ourselves as our customers' chosen development and transformation partner," Mr Gopinathan added. We're investing in key capabilities and building out a comprehensive array of solutions that appeals to a broader range of stakeholders in the enterprise across business cycles, as well as improving our brand and making our business more robust, as a result of the growth tailwind."
In addition, with effect from November 1, 2021, the Board has selected Pradeep M. Gaitonde as Company Secretary and Compliance Officer, succeeding Rajendra Moholkar. On the BSE index, the company's shares closed 1.10 percent higher at 3,935.30. Today, aftermarket hours, the Q2 results were released.