Tata Consultancy Services
maintained its lead at the top of India's software services exporters
with a 44% year-on-year (7% quarter-on-quarter) rise in second quarter net
profit at Rs 3,512 crore, helped by new deal wins.
Its net sales in July-Sep were up 34% from a year ago (5%
sequentially) to Rs 15,621 crore.
Analysts on average had expected TCS to report a net profit
of Rs 3,383 crore on revenue of Rs 15,555 crore, according to a CNBC-TV18 poll.
Dollar revenue at USD 2.85 billion too was above analysts
expectations of USD 2.84 billion.
TCS' results strengthen its dominance over rival and India's
second largest IT company Infosys ,
which disappointed yet again in the second quarter. Earlier this week HCL
Tech too reported better-than-expected
earnings , a sign that Infosys has some specific issues of its own.
TCS said growth was broad-based and seen across all industry
segments led by manufacturing, retail telecom and BFSI (banking, financial
services and insurance).
Its volumes grew 5% during the quarter.
"We have delivered a strong performance with
well-rounded growth across industries and geographies. As the global operating
environment continues to evolve, there is little doubt that technology is
playing a more pivotal role to shape the future of every industry than ever
before," said CEO and MD N Chandrasekaran.
While the company outperformed on the top-line as well as
bottom-line, its margins took a knock. Its operating margins last quarter
declined 70 bps sequentially to 26.8%.
TCS added 41 clients during the quarter and had a utilization
rate of 81.6%, excluding trainees.
It net added 10,531 employees in the second quarter and said
attrition rate at 11.4% across IT and BPO operations was lowest in the last 10
quarters.
On a consolidated basis, TCS had 2,54,076 employees as of
Sep 30.
NEW CFO ANNOUNCED
TCS also announced that Rajesh Gopinathan, currently vice
president, business finance would take over as the next CFO once S Mahalingam
retires on Feb 9, 2013.
Effective Friday Gopinathan will be the deputy CFO.
TCS shares closed down 1.4% at Rs 1,289.70 on NSE. The
results were announced after markets closed.
Source: www.moneycontrol.com
Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd
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