TCS reports record quarter as net profit surpasses Rs 100 billion: Key things CEO Rajesh Gopinathan said

TCS today (October 10) reported its second-quarter results. The company announced results for three months ending September 30 (July-August-September). TCS saw an 18% year-on-year increase (YoY) in revenue to Rs 55,309 crore for the quarter that ended September 2022. Its net profit increased 8.4% YoY to Rs 10,431 crore. TCS chief executive officer Rajesh Gopinathan termed it a milestone quarter. “This is a milestone quarter for us,” Gopinathan told a media briefing, pointing to net profit surpassing 100 billion rupees for the first time. Here are all the key things Gopinathan said.
Order book holding up well
“Demand for our services continues to be very strong. We registered strong, profitable growth across all our industry verticals and in all our major markets. Our order book is holding up well, with a healthy mix of growth and transformation initiatives, cloud migration and outsourcing engagements,”

Challenging environment
“We see demand momentum across all our operating markets… (but) the environment is challenging and it requires all of us to remain vigilant. We have demonstrated that our focus on distributed portfolio of services and ability to remain relevant to customers — update quote,” said Gopinathan.
Impact on IT sector may show in next 3-6 months
“The sector will witness the impact on macro concerns’ impact on client budgets in 3-6 months while the concerns have not materialised in our order pipeline, Gopinathan added. “Difficult to say if we will be totally insulated but our intent is to stay close to customers, carve out a niche for ourselves and minimize any impact,” he added.

Need to be vigilant
“Of course, the environment is challenging and it requires all of us to remain very vigilant,” he said, adding that customers were relying on TCS’s diversified services to manage volatile market conditions.