TCS Q1 Results Highlights: Net profit increases 10.8% to ₹8,131 crore

Tata Consultancy Services (TCS) reported its quarterly earnings today. The profit of India's biggest software services company rose by 10.8% to ₹8,131 crore in Q1 of the current financial year.

Analysts on average had expected TCS to report a profit of 78.24 billion rupees, according to Refinitiv data.

Highlights of TCS Results:

6:06 pm: The percentage of women employees rose further to 36.1%, while the total number of nationalities represented grew to 149.

6:01 pm: TCS's consolidated headcount stood at 436,641 as of June 30, 2019. With continuing initiatives to attract the best local talent across major markets, the workforce is becoming more diverse, the IT major said.

5:50 pm: TCS's HR head Millind Lakkad said the vibrant, enriching workplace and best-in-class retention rates at TCS are a key competitive differentiator. "Customers value the lower attrition because it results in greater stability and fewer disruptions in our service delivery," he said.

5:49 pm: TCS has issued joining letters to over 30,000 fresh graduates. 40% of them have been onboarded in Q1 and the rest are expected to join by Q2.

5:48 pm: As on June 30, 2019, TCS has applied for 4,682 patents, including 86 applied during the quarter and has been granted 1,022 patents.

5:46 pm: "We are benefiting significantly from enterprises investing in customer experience to differentiate themselves in a Business 4.0 world. Our lean forward strategy is working well and our customers are benefiting from the TCS innovation ecosystem. Customers appreciate our end-to-end capabilities, and our holistic approach to transforming customer journeys that enable rapid product innovation and speed to value," Gopinathan said.

5:43 pm: TCS shares closed down 1.9% on Tuesday in a flat Mumbai market.

5:43 pm: "Our margins this quarter fully reflect the annual increments that we effected across the board in April," TCS Chief Financial Officer V Ramakrishnan company said in a statement.

5:41 pm: Retail & CPG (+7.9%), Communications & Media (+8.4%), Technology & Services (+7.8%) and Manufacturing (+5.5%) – all showed industry-leading growth rates.

5:40 pm: TCS's revenue growth was broad-based across verticals. Life Sciences and healthcare led the pack by at growing 18.1%.

5:38 pm: "We have had a steady start to the new fiscal year. We see customers continuing to spend on their growth and transformation initiatives, and that is showing in our strong order book and deal pipeline this quarter," Rajesh Gopinathan, CEO & MD, TCS said in the post-earnings press conference.

5:38 pm: On its employees, Gopinathan said there has been a net addition of 12,356 employees this quarter. This is the highest in the last five years.

5:36 pm: TCS CEO Rajesh Gopinathan said it has been a steady start to the year

5:35 pm: Gopinathan said TCS's digital revenue is 32.2% of its total revenue, a growth of about 42% YoY.

5:35 pm: UK, Europe and India lead TCS's growth: +16% YoY. +15% YoY and +15.9% YoY. respectively.

5:33 pm: TCS CEO Rajesh Gopinathan said the BFSI vertical grew by 9.2%.

5:32 pm: TCS's earnings per share grew 13% year-on-year to ₹21.67.

5:30 pm: TCS reported revenue of ₹38,172 crore, a growth of 11.4% year-on-year.

5:28 pm: At the company's board meeting held in Mumbai today, the directors have declared an interim dividend of ₹5 per equity share of Re 1 each of the company.

5:26 pm: TCS posted 11.4% rise in revenue.

5:20 pm: TCS reports a net profit of ₹8,131 crore for the quarter ended June 30. In the corresponding quarter of the last financial year, the net profit was ₹7,340 crore.