Tata Consultancy Services (TCS) has beaten market expectations and delivered another winning performance in the quarter ending December 2020. It reported its strongest third quarter results in nine years, thanks to COVID-induced acceleration in tech adoption.
The overall profit of the company stood at ₹8,701 crore, up by 16.4% over the second quarter. The company has clocked in growth across verticals and geographies with strong deal wins as clients step up their spending on cloud services.
TCS, India’s largest IT services company, reported a revenue growth of 4.7% over the previous quarter. Its consolidated revenues stood at ₹42,015 crore, growing by 5.4% when compared to the same period last year.
Advertisement“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,” said Rajesh Gopinathan, Chief Executive Officer and Managing Director, commenting on the company’s performance this quarter.
The company’s margins grew by 40 basis points, closing at 26.6% for the quarter, this despite the wage hikes rolled out in October. 100 basis points make 1%.
Its attrition rate stood at 7.6%, which is its lowest so far. The company added 15,721 new employees in the last three months.