TCS Q2 2010 Results Announced. Net Profit Up By 29% At 1,642 Crores

16 Oct

Posted by Shyam as Results

Tata Consultancy Services(TCS) India’s largest software company by revenues has announced its Q2 2010 results today. It was really a sterling performance by TCS in the second quarter of 2010 fiscal. The net profit of TCS in Q2 2010 stands at whopping Rs1,642 crores.

The net profit was by 7.1% Q-o-Q and 29.2% Y-o-Y. The net revenues of the company in the second quarter stood at Rs 7,435 crores which was up by 3.1% Q-o-Q and 6.9% Y-o-Y. The company has beat the street estimates by a huge margin. Different broking houses expected profit levels of just Rs 1555 crores. The company added 30 new clients in the Q2 2010 fiscal. TCS added a net of 5,530 employees to its payroll in Q2. EPS of TCS in Q2 stands at Rs 8.38.

CEO Mr. N.Chandrasekaran said ” TCS has delivered a sterling performance during the quarter. We are seeing an improvement in market conditions. With our client budgets still being tightly managed, we continue to deliver higher value to customers, deepening our relationship and focusing on superior operational management.”

From the HR side of the company, TCS has announced to pay 150% of the quarterly component of the variable pay in this quarter to all the Indian employees in its payroll. TCS plans to add 8000 people to its current payroll in the coming quarter. These 8000 professionals will be basically the campus recruits which TCS has hired last year from colleges across India.

Meanwhile the stock was fluctuation in the last few days when it touched Rs 650 per share and then fell to Rs 550 levels. But after Infosys announced its Q2 TCS stock has been moving up. TCS closed 2.84% up today at Rs 599. One can expect a good jump in the stock tomorrow when markets opens for Muhurat trading for an hour from 6.15 PM to 7.15 PM.

To analyze more on TCS Q2 2010 results check out the given link. Check the video conference of the results announcement live here.

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