TCS Q1 profit rises 11 pc to Rs 8,131 crore on revenue of Rs 38,172 crore

Mumbai: Tata Consultancy Services (TCS) on Tuesday reported a profit of Rs 8,131 crore in the April to June quarter of the current financial year 2019-20, up 10.8 percent from Q1 of previous fiscal.

The net profit in the corresponding quarter of the last financial year was Rs 7,340 crore.

The Q1 FY 20 revenue grew 11.4 percent year-on-year to Rs 38,172 crore due to strong performance from its key banking, financial services, and insurance (BFSI) segment, said India’s biggest software services company.

Segment-wise, the revenue growth was broad-based across verticals. Life sciences and healthcare led the pack growing 18.1 percent, BFSI up 9.2 percent, retail and consumer business up 7.9 percent), communications and media up 8.4 percent, technology, and services up 7.8 percent and manufacturing up 5.5 percent.

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The company’s board has declared an interim dividend of Rs 5 per share.

TCS Chief Executive Officer and Managing Director Rajesh Gopinathan said: “We have had a steady start to the new fiscal year. We see customers continuing to spend on their growth and transformation initiatives. That is showing in our strong order book and deal pipeline this quarter.”

Among geographies, the growth was led by Britain (up 16 percent), India (up 15.9 percent) and Europe (up 15 percent). Other markets which showed good momentum were North America (up 7.7 percent), Asia Pacific (up 9.5 per cent), Middle East and Africa (up 6.4 per cent) and Latin America (up 6.4 percent).

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Meanwhile, the company said, a net addition of 12,356 employees for the quarter was highest in the last five years. The attrition rate in IT services stood at 11.5 percent in the past 12 months, it added.

[source_without_link]ANI[/source_without_link]

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