TCS hires 5,726 people, reports 5% increase in net profit in Q2
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Mumbai: For the July–September quarter (Q2) of this fiscal year, Tata Consultancy Services (TCS) reported a net profit of Rs 11,909 crore on Thursday. This represents a growth of 5% year-on-year but a decrease of 1.1% quarter on quarter.
Energy, resources and utilities, as well as manufacturing, drove the 7.6% YoY growth in revenue for the major IT services provider, which reached Rs 64,259 crore.
TCS declared the second interim dividend of Rs 10 per share.
In the July-September quarter, the company hired 5,726 employees and now has a 612,724-strong workforce, with 35.5 per cent representation from women.
“We saw the cautious trends of the last few quarters continue to play out in this quarter as well. Amid an uncertain geopolitical situation, our biggest vertical, BFSI showed signs of recovery,” said K Krithivasan, CEO and Managing Director, TCS.
“We also saw a strong performance in our Growth Markets. We stay focused on sharpening our value proposition to our clients, employees and other stakeholders,” he added.
According to Chief Financial Officer Samir Seksaria, the company made strategic investments this quarter in talent and infrastructure to ensure sustainable growth, IANS reported.
“Our disciplined execution resulted in superior cash conversion. Our longer-term cost structures remain unchanged, and we remain confident in our ability to continue delivering industry-leading profitable growth,” he added.
The company is witnessing continued momentum in AI and GenAI adoption, with the underlying technology gaining maturity at a very rapid pace.
There are now over 600 AI/GenAI engagements deployed successfully in production or various phases of development.
“Our customers are increasingly concentrating on integrating AI throughout their entire enterprise value chain, rather than working on isolated use cases,” said TCS.
As of September 30, the company had applied for 8,354 patents, including 160 applied during the quarter and been granted 4,369 patents including 223 granted during the quarter.