New Delhi (Anish Yande): Tata Consultancy Services is one of the leading software companies in India. The IT major recently announced its results for the quarter ended on December 31, 2020. The quarter results were higher than predicted by experts.
Details of TCS revenue in 2020:
The net profit of TCS in the quarter ended on December 31, 2020, was recorded at Rs 8,727 crore. The net profit rose from Rs 8,118 crore recorded in the previous year's quarter. The net profit was recorded at Rs 7,504 crore in the July-September quarter.
The revenue from operations rose by 5.4 percent in the quarter recorded to Rs 42,010 crore.
The Mumbai-based IT company recorded a growth in revenues due to rising demand for cloud services and core transformation services. The revenue growth for TCS was recorded at 4.1 percent quarter-on-quarter, and the revenue growth for year-on-year was recorded at 0.4 percent.
TCS reported that it earned the most revenue from the banking and finance industry. The company had reported that these industries contributed a revenue upwards of Rs 16,650 crores in the quarter ended December 31. The revenue from the finance industries rose by 7.6 percent year-over-year on December 31.
Other IT Companies record growth:
Tata Consultancy Services recorded a rising demand for its cloud and IT services during the pandemic. Shares of the company rose to a record high of Rs 3,220, a rise of more than 3 percent. The share prices of TCS has risen by more than 30 percent throughout 2020.
The earnings before interest and tax margins rose to 26.6 percent basis points on a quarter-on-quarter growth.
Other Indian IT majors such as HCL Technologies and Wipro recorded new 52-week highs. HCL Tech reached a high of Rs 1,028, and Wipro reached a high of Rs 444 as the companies announced their Q3 results. Shares of Tech Mahindra rose to Rs 1,060 per share.
Image Credit: Google