TCS Q3 net profit jumps 24% YoY to Rs 8,105 crore
India’s largest IT services firm, Tata Consultancy Services (TCS), on Thursday, posted 24 percent Year over Year (YoY) rise in profit at Rs 8,105 crore for the third quarter. The Mumbai-based information technology (IT) outsourcing company had posted a net profit of Rs 6,531 crore in the corresponding period last fiscal.
Tata Consultancy Services, India’s biggest software services exporter, posted a 24.1% rise in third-quarter net profit on Thursday, helped by strong gains from its Banking, Financial Services And Insurance segment. The Mumbai-based company posted a record net profit of Rs 8,105 crore ($1.15 billion) in the third quarter ended December 31, versus Rs 6,531 crore it reported a year earlier.
Operating margin for the quarter stood at 25.6 percent, an expansion of 0.4 percent YoY.
Digital accounted for 30.1 percent of the revenues, registering a year-on-year growth of 52.7 percent.
The company has declared a dividend of Rs 4 per share.
In Q3, the company added 6,827 employees on a net basis. Total employee strength at the end of Q3 stood at 417,929 on a consolidated basis. The percentage of women in the workforce rose further to 35.8 percent, while the total number of nationalities represented grew to 151, the company said.
As on December 31, 2018, TCS has applied for 4,354 patents, including 169 applied during the quarter and has been granted 855 patents.
Commenting on the Q3 performance, Rajesh Gopinathan, chief executive officer and managing director, said, “We are wrapping up 2018 with strong revenue growth of 12.1 percent in the December quarter, which is the highest in 14 quarters, with continued growth acceleration in key verticals and across all geographies.”