TCS Profit Rises In June Quarter On Higher Demand For Cloud Services: Key Highlights

TCS Q1 Results: The company’s net profit rose to Rs 9,008 crore in the June quarter
Tata Consultancy Service (TCS) announced its April-June quarter results for the financial year 2021-22 on Thursday, July 8, reporting a net profit of Rs 9,008 crore, up 28.5 per cent year-on-year, on a consolidated basis. The country’s largest information technology (IT) services provider profit increased driven by higher demand for cloud services and robust growth in its banking and finance business. The company’s net profit missed estimates as analysts had anticipated its profit to be at Rs 9,370 crore on a consolidated basis. The Mumbai-based IT services company’s net profit in the first quarter of the current fiscal rose 28.5 per cent to Rs 9,008 crore, compared to Rs 7.008 crore in the corresponding quarter in the year-ago period. The company’s revenue from operations in the June quarter stood at Rs 45,411 crore on a consolidated basis, compared to Rs 38,322 crore, marking a growth of 18.5 per cent year-on-year.TCS said in its statement that the company’s growth in the quarter was led by cloud platform services, cybersecurity, analytics and insights, as well as enterprise application services.The company also announced an interim dividend of Rs 7 per share, to be paid on Thursday, August 5, 2021 to the equity shareholders.The total income in the June quarter stood at Rs 46,132 crore, compared to Rs 38,920 crore in the same quarter last year.Its constant currency topline in the core markets and verticals grew 4.1 per cent during the quarter, whereas topline growth in rupee terms was at 3.9 per cent – lower than expectationsIn the year-ago quarter, the software services’ performance was affected by clients cutting back on spending due to the COVID-19 pandemic.In the preceding January-March quarter of fiscal 2021, the company’s net profit jumped 14.6 per cent to Rs 9,282 crore on a consolidated basis.On Thursday, July 8, shares of TCS settled 0.56 per cent lower at Rs 3,257.10 apiece on the BSE. 



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