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TCS: A Stellar Quarter - Views on News from Equitymaster
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TCS: A Stellar Quarter
Oct 15, 2013

Tata Consultancy Services (TCS) has announced its second quarter results for financial year 2013-2014 (2QFY14). The company reported a 16.6% quarter-on-quarter (QoQ) growth in its consolidated sales and a 21.2% QoQ increase in its consolidated net profits. Here is our analysis of the results.

Performance summary
  • Net sales grew by 16.6% QoQ in 2QFY14. Sales growth in constant currency terms came in at a robust 6.0% QoQ.
  • Operating margin increased by 3.2% QoQ to 30.1% during the quarter as compared to 26.9% seen during the previous quarter (1QFY14). On an absolute basis, the operating profits increased by 30.1% QoQ.
  • The other income was negative due to a forex loss of Rs 3,773.4 m for the quarter on account of the depreciation in the rupee.
  • Despite the forex loss the Profit before Tax (PBT) grew by a healthy 23.15% QoQ.
  • A marginal increase in the tax rate for the quarter from 24.1% to 25.4% resulted in the net profits growing by 21.2% QoQ.
  • TCS added a total of 17,362 (gross) employees during the quarter. The total headcount of the company was 285,250 at the end of 2QFY14.
  • Overall attrition rate including BPO increased marginally from 10.5% at the end of 1QFY14 to 10.9% at the end of 2QFY14.
  • The Board of Directors declared an interim dividend of Rs 4 per share (dividend yield of 0.2%).

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