The Tata Consultancy Services Limited (TCS) announced positive results for the second quarter end as on September 30, 2018. The Net Profit as per quarter on quarter (QoQ) basis was up by 7.6 percent at Rs 7,901 crore for the second quarter of 2018, as against Rs 7,340 crore during the previous quarter.
The seasonal jump in the business added with a falling rupee value helped the software provider to bank on profits. The Business & Technology Services witnessed a strong and broad-based revenue growth across service practices.
The dollar revenue rose by 3.2 percent to touch $5.2 billion. The operating profit of the company surged up by 13.9 percent to settle at Rs 9,771 crore for Q2 2018. The revenue of the company edged up by 7.6 percent to touch Rs 36,854 crores in terms of local currency.
Mr. Rajesh Gopinathan, CEO & MD of TCS stated that "We are very pleased with our all-round strong performance in Q2. Revenue growth was driven by expanding demand for digital transformation across verticals, and continued acceleration in BFSI and Retall. Our industry leading digital growth, and best in class client metrics bear testimony to our standing as the preferred partner in our customer's growth and transformation initiatives'.
The downfall of the Indian rupee helped the company to boost its profit as it bills a major chunk of the U.S. and overseas clients in terms of the dollar. The Indian rupee slid by 5.6 percent in the quarter.
The scrips of the company had a good year in the stock market. Though it inched down by 3.0 percent ahead of the release of earnings results tracking the selloff in the benchmarks.