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TCS’ Reported Net Profit Growth by 7.2% in third Quarter of FY21

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IT major Tata Consultancy Services (TCS) reported a rise of 7.2 per cent in its consolidated net profit for the third quarter of FY21.

In a statement, the IT major said that consolidated net profit rose to Rs 8,701 crore during the quarter under review from Rs 8,118 crore reported for the previous corresponding period.

All verticals showed healthy sequential growth, led by manufacturing, BFSI, Life Sciences and Healthcare, communications and media and retail and CPG.

Chief Executive Officer and Managing Director Rajesh Gopinathan said, “Growing demand for core transformation services and strong revenue conversion from earlier deals have driven a powerful momentum that helped us overcome seasonal headwinds and post one of our best performances in a December quarter.”

On a year on year, constant currency basis, life sciences and healthcare continued to grow in double digits at 18.2 per cent.

In terms of markets, sequential growth was led by North America, India, UK and continental Europe.

As per the company, strong rebound was seen in growth and transformation services as customers seek to operationalise new models.

The growth in the quarter was led by cloud services, analytics and insights, cognitive business operations, IoT and quality engineering and transformation platform services.

“We are entering the new year on an optimistic note, our market position stronger than ever before, and our confidence reinforced by the continued strength in our order book and deal pipeline,” Rajesh mentioned, “Looking beyond the immediate business growth opportunity, we are tremendously excited by what lies ahead. Cloud is enabling a new class of boundaryless organisations, that can seamlessly partner and collaborate within larger ecosystems to create innovative purpose-driven offerings to customers.”

SMEStreet Edit Desk

SMEStreet Edit Desk is a small group of excited and motivated journalists and editors who are committed to building MSME ecosystem through valuable information and knowledge spread.

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