Tata Consultancy Services (TCS) share hit all-time high in early trade after the IT major reported a 6.66 per cent rise in consolidated profit in September quarter. Profit rose to Rs 7,475 crore in Q2 against Rs 7,008 crore profit in June quarter of current fiscal.
However, India's largest software exporter reported a 7.05 per cent year-on-year decline in its consolidated net profit in the second quarter. Share of TCS opened 3.2% higher at Rs 2825 against previous close of Rs 2737 on BSE. The stock has risen 23.2% in the last 9 days.
The stock gained 5.03% intra day to hit all time high of Rs 2875 on BSE. TCS share trades higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The IT stock has gained 39.36% in one year and risen 32.27% since the beginning of this year.
TCS fires on all cylinders in September quarter, deal closures at $8.6 billion
Total 2.53 lakh shares of TCS changed hands amounting to turnover of Rs 72.21 crore on BSE. The stock hit 52-week low of Rs 1,504 on March 13 this year. Market cap of the firm rose to Rs 10.74 lakh crore on BSE. Revenue from operations rose 3% to Rs 40,135 crore in Q2 compared to Rs 38,977 crore in the year ago period.
On a sequential basis, revenue climbed 4.73 per cent from Rs 38,322 crore in the April-June quarter. On the operating front, consolidated earnings before interest and tax (EBIT) jumped 16.3 per cent QoQ to Rs 10,689 crore, while margin stood at 26.2 per cent during July-September quarter.
In Q1 of current fiscal, the IT firm reported a 14% fall in net profit to Rs 7,008 crore as business was disrupted by coronavirus pandemic. The Mumbai-headquartered company posted consolidated net profit of Rs 8,131 crore in the same quarter of financial year 2019-20.