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TCS CEO Rajesh Gopinathan (File photo)
BENGALURU: IT major TCS’s third quarter results announced on Friday indicated a sharp recovery from the lows in the early months of the pandemic. In an exclusive interaction with TOI after the results, TCS CEO Rajesh Gopinathan talked about the surge in demand for cloud. He said cloud will enable a whole new set of transformation opportunities for enterprises. Excerpts:
The revenue growth from Q2 to Q3 was TCS’s best in nine years. What does this indicate to you?
It’s a validation of many of the themes we have been speaking about for quite some time. Speaking about the pandemic, we had shared how the impact will be deep and we should be able to recover, as technology is at the heart of the solutions (for revival).
“Believe What We are witnessing is a fairly long cycle technology upgrade opportunity, the most important aspect it is at multiple levels” said Rajesh Gopinathan, CEO & MD, TCS. He added, “There is absolutely no doubt that TCS is going for double-digit growth (even beyond FY22), stakeholders will have to take their bets, you can bet on us or bet against us but we are going for it.”
2020 was an incredible year where the HR team was able to adapt, collaborate and create magic in terms of work from home (WFH) environment. With an employee base of over 4 lakh, TCS is one of the largest private-sector employers in India. Margins expanded in Q3 despite wage hikes that were rolled out from October 2020.
Updated Jan 11, 2021 | 13:08 IST
TCS share price jumped 3.5 per cent to hit a fresh 52-week high of Rs 3,230 apiece on BSE today after the company reported 7.17 per cent on-year rise in the consolidated net profit to Rs 8,727 crore TCS hits Rs 12 lakh crore m-cap, becomes 2nd Indian company to reach the milestone | Photo Credit: BCCL
New Delhi: Tata Consultancy Services Ltd (TCS) on Monday became the second Indian company to hit Rs 12 lakh crore in market capitalisation on the back of information technology (IT) services major s strongest December quarter growth in nine years.
Reliance Industries (RIL) is the first Indian company to achieve this feat. In July 2020, RIL s market capitalisation crossed the Rs 12 lakh crore figure when shares of the oil-retail-telecom conglomerate crossed Rs 1,900 mark on the BSE. At present RIL s market capitalisation is Rs 12.29 lakh crore (including partly paid shares).
IT major Tata Consultancy Services on Friday posted a 7.18 per cent year-on-year (YoY) rise in its December quarter (Q3FY21) profit at Rs 8,701 crore. The firm had posted a profit of Rs 8,118 crore in the same quarter last year (Q3FY20). On quarter-on-quarter (QoQ) basis, the profit grew 16.4 per cent from Rs 7,475 crore posted for the quarter ended September 2020 (Q2FY21). The number beat Street estimate which was factoring-in a 3-8 per cent year-on-year (YoY) growth in Q3 net profit. ICICI Direct, for instance, had projected a 5.7 per cent YoY jump in PAT. The September quarter net profit had a post-tax one-time impact of Rs 958 crore due to provision for ongoing litigation with EPIC, the company said in a press release.