TCS beats market, Q2 net zooms 29%

With more outsourcing deals under its belt tightened by cost cutting, Tata Consultancy Services announced a 29.2 per cent increase in its consolidated net profit for the July-September quarter on Friday compared with the same quarter a year ago. HT Correspondent reports.

With more outsourcing deals under its belt tightened by cost cutting, Tata Consultancy Services announced a 29.2 per cent increase in its consolidated net profit for the July-September quarter on Friday compared with the same quarter a year ago.

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As price pressures eased, the country’s largest software exporter also beat market analyst estimates of its earnings.

TCS announced a standalone net profit of Rs 1,347.60 crore for the present quarter, up by 14.8 per cent from Rs 1,173 crore a year earlier.

Consolidate net profit of the company for the latest quarter was Rs 1,642 crore against Rs 1270 crore. For the April-Sept half year, net profit surged to Rs 2,624 crore as against Rs 2,377 crore for same period last year.

Revenues for the July-September quarter stood at more than Rs 5,744 crore as against Rs 5,699 crore a year earlier.

Shares of TCS closed at Rs 599 per share, up Rs 16.5 or 2.8 per cent, on the Bombay Stock Exchange.