IT major Tata Consultancy Services today reported a 28.5 per cent year-on-year growth in its consolidated net profit to Rs. 9,008 crore for the quarter ended June.
However, Numbers missed analysts’ expectations on all counts. Profit was estimated at Rs 9,352 crore on revenue of Rs 45,777 crore for the quarter, according to the average of estimates of analysts polled by CNBC-TV18.
Consolidated Revenue
The year-on-year growth in consolidated profit was 28.5 percent during the quarter. Other income declined sharply by 22.6 percent QoQ to Rs 721 crore in Q1FY22.
In the corresponding quarter of the previous financial year, the profit and revenue of the company were Rs 7,008 crore and Rs 38,322 crore, respectively.
Revenue from operations
The company said revenue from operations grew by 3.9 percent sequentially to Rs 45,411 crore in the quarter ended June 2021, and the year-on-year growth was a massive 18.5 percent.
CGP segment
The IT giant further said Retail and Consumer Packaged Goods (CPG) segment also bounced back to double-digit growth, growing 4.4 percent QoQ and 21.7 percent YoY.
Dividend
The company’s board also approved an interim dividend of Rs. 7 per share.
Comment from MD & CEO
Rajesh Gopinathan, “Our business in North America, BFSI and retail all showed an appreciable growth which underlines the resilience of our operating model, relevance of our offerings and above all, the passion and dedication of our associates.
We lost Rs 350 crore in revenue due to impact of Covid during the quarter. We have seen some stabilisation and recovery by end of June.
If Covid situation continues to improve in India, have no doubt we’ll bounce back in Q2.”
Impact on Stocks
The TCS share price rose in the early trade on July 9
