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Tata Consultancy Services Ltd Conference/Earnings Call Transcript FY24 Q2
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Tata Consultancy Services Ltd
(TCS)
Q2 2024 Earnings-Transcript
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Company Overview
Tata Consultancy Services Limited is based in Mumbai, India.
The earnings conference call was held on October 11, 2023.
Financial Performance
Q2 revenue grew 7.9% in rupee terms, 2.8% in constant currency, and 4.8% in dollar terms.
Operating margin was at 24.3%, net margin at 19%.
Net income was 19%, and EPS grew 8.7% year-on-year.
Free cash flow was at ₹113.57 billion, with net cash from operations at ₹118.23 billion.
Dividends And Buybacks
The board recommended an interim dividend of ₹9 per share.
A buyback of ₹17,000 crore at ₹4,150 per share was also recommended.
Workforce And Talent Development
The workforce at the end of Q2 was 608,985.
LTM attrition in IT services was at 14.9%, down 2.9% sequentially.
TCS logged 26.4 million learning hours and acquired 2.6 million competencies.
Segment Performance
Energy, Resources and Utilities vertical grew by 14.8%.
Manufacturing grew by 5.8%, and life sciences and healthcare by 5%.
Consumer Business Group grew by 1%, while Banking, Financial Services and Insurance declined by 0.5%.
Deal Wins And Order Book
The order book in Q2 was $11.2 billion, the second highest TCV ever.
BFSI TCV was robust at $3 billion, with significant deals including BSNL and JLR.
Generative AI Initiatives
TCS has over 100,000 Generative AI-ready employees.
Investments are being made to deepen expertise in Generative AI.
Market Outlook And Demand Trends
Clients are prioritizing cost optimization and vendor consolidation.
There is cautious spending in North America and Continental Europe.
Closing Remarks
The management expressed optimism about future deal momentum and revenue growth.
Continued focus on improving operational efficiencies and talent utilization.
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Tata Consultancy Services Ltd
Q2 2024
Earnings Transcript
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