TCS beats Street estimates in Q2, net rises 8.4%; attrition remains high

On moonlighting, the company said it has not taken any action so far, but it is clearly against the ethics of the company

IT major Tata Consultancy Services (TCS) beat estimates on profit and growth in the second quarter of financial year 2022-23 (Q2FY23) as it continued to see strong demand for its services. It reported a net profit of Rs 10,431 crore, which was a rise of 8.4 per cent year-on-year (YoY) and 10 per cent sequentially.

Buoyed by good performances across geographies and verticals, revenue grew 18 per cent YoY to Rs 55,309 crore. It grew 4.8 per cent sequentially.

The Q2 numbers topped Bloomberg estimates, which had pegged revenue at Rs 54,932 crore, and net profit at Rs 10,294 crore. In US