Net profit attributable to shareholders was 64.46 billion rupees ($990 million) in the three months to September 30, TCS said in a stock exchange filing. Analysts polled by Reuters had expected the outsourcer to post a net profit of Rs 6,306 crore in September quarter.
TCS's profit fell 2.1% to Rs6,446 crore in Q2 from Rs6,586 crore in the year-ago.
Tata Consultancy Services, India's largest software exporter, posted a better-than-expected second-quarter net income as a surge in investments in new digital technologies fueled growth in revenues. That compares with the 7.6 percent sequential pick up in digital services in the June quarter at the end of which such work accounted for 18.9 percent of the company's total sales.
Revenue at Rs 30,541 crore for the quarter under review was up 3.2 per cent from Rs 29,584 crore sequentially and 4.3 per cent up from Rs 29,284 crore in the like period year ago.
Commenting on Q2 earnings, CEO and managing director Rajesh Gopinathan said: "We experienced robust volume growth in Q2, driven by good demand across multiple industry verticals. Large deal wins this quarter, a good pipeline, and bottoming out of the retail sector softness positions us well", he added.
TCS has declared a dividend of Rs7 per share. "The OPM (operating profit margin) beat is a positive surprise despite weak pricing in the quarter", they add. Emkay had estimated the net profit to come at Rs 6,070 crore in September quarter. The company has fixed October 26 as the record date for payment of dividend.
V. Ramakrishnan, Chief Financial Officer believes that TCS investment program remains geared for growth.
The company recruited 3,725 employees outside India, bringing the total to 6,979 in the first half of the fiscal year. On the NSE, shares of the company jumped 1.91 per cent to close at Rs 2,548.20.
From the geographical perspective, the largest market of the U.S. showed some softness, which was attributed by Gopinathan to the tech maturity in the market, which is resulting in faster growth in other markets which are catching up.
The company's blue chip stock of Re 1 face value closed on the BSE at Rs 2,548.55 per share, gaining Rs 48.05 over Wednesday's closing price of Rs 2,500.50 after opening at Rs 2,501.05 and touching a high of Rs 2,555 during intra-trading earlier in the day.
While the pizza company reported better-than-expected third-quarter earnings, same-store sales growth fell short of expectations. This buyback authorization permits the restaurant operator to repurchase up to 13.5% of its shares through open market purchases.
It also upped Chubb Limited stake by 5,590 shares and now owns 59,628 shares. 280,276 are held by First Allied Advisory Service. The stock of General Electric Company (NYSE:GE) has "Equal-Weight" rating given on Tuesday, July 25 by Morgan Stanley.
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