TCS net profit slips 2% to Rs

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TCS net profit slips 2% to Rs

Tata Consultancy Services (TCS), after posting disappointing financial results in Q1, reported its net profit at Rs 6,446 crore up by 8.4% QoQ in line with the street expectations.

Net profit attributable to shareholders was 64.46 billion rupees ($990 million) in the three months to September 30, beatinganalysts' average estimate of 63.06 billion rupees, Thomson Reuters data showed.

The company's market valuation also surged Rs 9,198.76 crore to Rs 4,87,865.76 crore.

"We experienced robust volume growth in Q2, driven by good demand across multiple industry verticals", Rajesh Gopinathan, CEO & MD said.

Revenue increased 3.2% sequentially at Rs 30,541 crore. It reported a 10 per cent sequential fall in profits to Rs 5,945 crore and revenue dipped by 0.2 per cent to Rs 29,584 crore. The company has fixed record date as October 26, 2017 for dividend payment. "Continued investments in digital design and transformational capabilities are paying off, and it shows in the strong growth in our Digital business", TCS CFO V Ramakrishnan said. The company said its digital services or new-age technologies contributed 19.7 per cent to its total revenue in Q2, a sequential growth of 5.9 per cent and 31 per cent annually.

TCS shares closed 1.91 per cent higher at Rs 2,548.20 apiece on the National Stock Exchange today compared to 1.11 per cent gain in the broader Nifty.

TCS, part of salt-to-software conglomerate Tata Group, said it added 15,868 employees in the quarter.

The company recruited 3,725 employees outside India, bringing the total to 6,979 in the first half of the fiscal year. It will announce its Q2 quarterly results for quarter ended September 30.

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