(Priyanka Gupta, Intern Journalist): Tata Consultancy Services (TCS) on Wednesday presented its September quarter results. The company’s results were almost better than expected. TCS results were weak in the June quarter. The company’s business was hit by the Coronavirus.
The country’s largest IT company has not only recovered revenue but has also increased margins. In such a situation, the company has prepared standards for the rest of the IT companies, which will present its results in the coming weeks.
Earlier, while presenting June quarter results in July, TCS had expected revenue growth to normalize by December quarter and margin improvement by March quarter. The company has surprised everyone by acquiring both earlier than expected.
The company’s revenue grew 7.2 percent to $ 542.4 crore in the September quarter. It had fallen by 7.1 percent in the previous quarter. Corona had an impact on the June quarter results. The company’s working margin increased 260 basis points to 26.2 percent.
In the September quarter, most segments, including banking, finance, retail, healthcare, manufacturing, and most markets like the US and Europe showed good returns. The company made a total of $ 8.6 billion in new deals, compared to $ 6.9 billion in the June quarter and $ 6.4 billion a year earlier.
TCS also did a good job on the human resource front. Its attrition rate was 8.9 percent in the September quarter, compared to 11.1 percent a quarter ago. The company added 9,864 employees on a net basis. The company is also increasing the salary of employees from 1 October, which is a sign of returning to normalcy.
After presenting the results on 9 July, the company’s shares have jumped up to 24 percent. The company is going to buyback of Rs 16,000 crore at the rate of Rs 3,000 per share. Apart from this, the company has also announced a dividend of Rs 12 per share.
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