India’s leading software exporter, Tata Consultancy Services (TCS), reported a 5% growth in its consolidated net profit on Thursday, reaching Rs 11,909 crore for the second quarter ended September 2024, compared to Rs 11,342 crore in the year-ago period.

The profit was lower than the Street’s estimate of Rs 12,450 crore.

Revenue from operations, meanwhile, increased 8% year-on-year (YoY) to Rs 64,259 crore.

The Board has approved a second interim dividend of Rs 10 per share, which will be paid on November 5.

The record date has been set for October 18. TCS noted that the cautious trends observed in the last few quarters are continuing to manifest in this quarter as well.

“Amidst an uncertain geopolitical situation, our biggest vertical, BFSI showed signs of recovery. 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,” said K Krithivasan, CEO and MD, TCS.

Also Read: TCS declares second interim dividend of Rs 10/share, sets October 18 as record dateIn constant currency (CC) terms, revenue growth for the June-September period was 5.5% YoY. Operating margin for the quarter came in at 24.1%, which is a decline of 0.2% YoY.

Growth during the quarter was led by the energy, resources, and utilities segment, which gained 7%, and manufacturing, which clocked a growth of 5.3%.

BFSI, consumer, and life sciences rose by a marginal 0.1% each, while tech and media services declined 10% in constant currency.

“We made strategic investments this quarter in talent and infrastructure to ensure sustainable growth. 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,” said Samir Seksaria, CFO, TCS.

On a sequential basis, net profit was down by a marginal 1% from Rs 12,040 crore in the September quarter. Revenues increased 3% quarter-on-quarter (QoQ).

The LTM IT Services attrition rate for the September quarter was 12.3%. The IT services company has added 11,000 associates in the first half of the year and said it remains on track for trainee onboarding as planned.

“We have also commenced the campus hiring process for FY26. Our strong talent base and increased learning intensity prepare us well for the complex technology transformations that customers entrust us with,” said Milind Lakkad, Chief HR Officer, TCS.

The company ended the second quarter with net cash of operations at Rs 11,932 crore.

On Thursday, TCS shares closed 0.6% lower at Rs 4,227.9 on NSE.

India’s leading software exporter, Tata Consultancy Services (TCS), reported a 5% growth in its consolidated net profit on Thursday, reaching Rs 11,909 crore for the second quarter ended September 2024, compared to Rs 11,342 crore in the year-ago period.

The profit was lower than the Street’s estimate of Rs 12,450 crore.

Revenue from operations, meanwhile, increased 8% year-on-year (YoY) to Rs 64,259 crore.

The Board has approved a second interim dividend of Rs 10 per share, which will be paid on November 5.

The record date has been set for October 18. TCS noted that the cautious trends observed in the last few quarters are continuing to manifest in this quarter as well.

“Amidst an uncertain geopolitical situation, our biggest vertical, BFSI showed signs of recovery. 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,” said K Krithivasan, CEO and MD, TCS.

Also Read: TCS declares second interim dividend of Rs 10/share, sets October 18 as record dateIn constant currency (CC) terms, revenue growth for the June-September period was 5.5% YoY. Operating margin for the quarter came in at 24.1%, which is a decline of 0.2% YoY.

Growth during the quarter was led by the energy, resources, and utilities segment, which gained 7%, and manufacturing, which clocked a growth of 5.3%.

BFSI, consumer, and life sciences rose by a marginal 0.1% each, while tech and media services declined 10% in constant currency.

“We made strategic investments this quarter in talent and infrastructure to ensure sustainable growth. 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,” said Samir Seksaria, CFO, TCS.

On a sequential basis, net profit was down by a marginal 1% from Rs 12,040 crore in the September quarter. Revenues increased 3% quarter-on-quarter (QoQ).

The LTM IT Services attrition rate for the September quarter was 12.3%. The IT services company has added 11,000 associates in the first half of the year and said it remains on track for trainee onboarding as planned.

“We have also commenced the campus hiring process for FY26. Our strong talent base and increased learning intensity prepare us well for the complex technology transformations that customers entrust us with,” said Milind Lakkad, Chief HR Officer, TCS.

The company ended the second quarter with net cash of operations at Rs 11,932 crore.

On Thursday, TCS shares closed 0.6% lower at Rs 4,227.9 on NSE.