TCS Q2 net profits at Rs 4702 crores; beats estimates

India's largest IT Services company, Tata Consultancy Services (TCS) has reported net profits of Rs 4702 crores for the quarter ending Sept 30, 2013, beating most analysts estimates on profitability.

Revenues was also marginally better then expected at Rs 20,977 crores.

Commenting on the Q2 performance, Chief Executive Officer and Managing Director, N Chandrasekaran said:"It has been another great quarter. We have demonstrated all-round strong growth across markets and industries, highlighted by efficient and rigorous execution. Our ongoing investments in industry-led solutions and our efforts to provide insights and articulate the relevance of the digital revolution to business is helping us gain mindshare with customers and differentiate the TCS brand in the market."

Mr Chandrasekaran added:"We continue to see a robust demand pipeline across markets and a unique opportunity to strategically partner and participate with clients as they reimagine their future in multiple dimensions."

Rajesh Gopinathan, Chief Financial Officer, said: "Strong volumes, currency tailwinds and firm execution helped us post industry-leading operating margins in this quarter. Our ability to manage operations with a degree of discipline has helped maintain the tempo of investments needed to sustain growth as well as provide superior shareholder returns."

Growth in Q2 was broad-based with all industries contributing to this holistic performance.

Growth was led by Life Sciences, Media, Energy & Utilities and BFSI. All core markets grew smartly with Europe, North America and UK leading the pack. There was balanced growth across IT and other service lines led by Asset Leverage Solutions, Assurance, Enterprise Solutions, Engineering Services.

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