Tata Consultancy Services Ltd (TCS) reported second quarter net profit grew 5% to Rs 11,909 crore as compared to the year ago period, despite the company reporting a degrowth in North America, its biggest market during the quarter. Net margin was at 18.5%, the company said in a regulatory filing.

The Board has declared second interim dividend of Rs 10 per equity share of Re 1 each of the company. The second interim dividend will be paid on Tuesday, November 5, 2024, the company said.   

During the quarter growth was led by the company’s Energy, Resources and Utilities segment which grew 7% YoY and Manufacturing which grew 5.3% YoY. BFSI, Consumer business and Life Sciences & Healthcare segments grew 0.1% each. While Technology & Services segment degrew 1.9%, Communication & Media degrew 10.3%. 

Among markets North America degrew 2.1%, Latin America grew 6.8%, UK was up 4.6%, Continental Europe up 1.8%, Asia Pacific up 7.5%, India grew 95.2% and Middle East & Africa was up 7.9%. The overall YoY growth was 5.5%. 

K. Krithivasan, Chief Executive Officer and Managing Director, in a statement said, “We saw the cautious trends of the last few quarters continue to play out in this quarter as well. Amidst an uncertain geopolitical situation, our biggest vertical, BFSI showed signs of recovery.” 

“We also saw a strong performance in our growth markets. We stay focused on sharpening our value proposition to our clients, employees and other stakeholders,” he added.

Samir Seksaria, Chief Financial Officer, said “We made strategic investments this quarter in talent and infrastructure to ensure sustainable growth. Our disciplined execution resulted in superior cash conversion. Our longer-term cost structures remain unchanged, and we remain confident in our ability to continue delivering industry leading profitable growth”.

Milind Lakkad, Chief HR Officer, said “We welcomed 11,000 associates in the first half of the year, and we remain on track for trainee onboarding as planned. We have also commenced the campus hiring process for FY26.” 

“Our strong talent base and increased learning intensity prepares us well for the complex technology transformations that customers entrust us with,” he added.