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TCS revenues up 6.3% as “macroeconomic environment” remains bracing

India’s largest IT services company TCS has announced a 6.3% jump in revenues for the second quarter.

Net Profit at was Rs 2,415 crore, up 26.7% year on year, but down 2% compared to the first quarter of this year.

Total revenues at were at Rs 10,797 crore up 31.4% Y-o-Y.

CEO N Chandrasekaran said he considers the environment still bracing.

“Though we continue to see steady demand flow for our services, the uncertain global macroeconomic environment demands that we adopt an entrepreneurial approach and remain agile to capture growth opportunities as they emerge,” he said.

TCS added 3,576 people to its employee strength, net. With 8,412 people leaving the company during the quarter, attrition remained high at around 16% (simple-annualized rate.)

Llateral hiring accounted for 75% of total hiring in Q1, it said.

Growth in revenues was led by Hi-tech, Retail and BFSI segments. There was balanced growth across IT and other service lines led by Infrastructure, assurance and global consulting services. All markets including USA, Europe grew alongside growth markets like India and Asia Pacific, TCS added.

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