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India drives TCS growth buzz

Economic TimesEconomic Times · 10m ago
India drives TCS growth buzz
Medial

- TCS, India's largest software exporter, reported a 5% YoY increase in net profit to Rs 11,909 crore in Q2. - The company's revenue surpassed expectations, posting consolidated revenue of Rs 64,259 crore, a 7.6% YoY growth. - TCS cited the ramp-up of its deal with BSNL as a key driver for its performance, while clients in America and Europe remained cautious with technology spends. - Margins for TCS shrank to 24.1%, marking the second consecutive quarter of contraction. - The company added 5,726 employees in Q2, bringing the total employee count to 612,724 at the end of September. Attrition increased to 12.3%. - TCS mentioned a positive outlook with signs of improvement in financial services in North America and expects better performance in Q2 of FY25.

Go Digit reports flat growth in Q2 FY25, profit soars 3.2X

EntrackrEntrackr · 9m ago
Go Digit reports flat growth in Q2 FY25, profit soars 3.2X
Medial

Go Digit General Insurance Limited reported modest financial performance, with its operating revenue (net premium) increasing by 3.7% to Rs 1,891 crore in Q2 FY25 from Rs 1,824 crore in Q1 FY24. During the period, the firm’s gross premium witnessed an 11% dip. Net premiums written also saw a dip of 5% this quarter, reaching Rs 1,927 crore in Q2 FY25 compared to Rs 1,821 crore in the same quarter last year, according to its quarterly results reported on the NSE. Additionally, income from investments grew significantly, reaching Rs 284 crore in Q2 FY25, compared to Rs 211 crore in the same quarter of FY24, driven by a stronger investment portfolio performance. Total income for Q2 FY25 stood at Rs 2,175 crore, up from Rs 1,868 crore in the corresponding quarter of the previous year, showcasing overall financial growth for the company during this period. Go Digit experienced rising expenses in Q2 FY25, including commissions and brokerage costs, which amounted to Rs 572 crore, up from Rs 533 crore in Q2 FY24. Employee benefits also saw an increase, with expenses totaling Rs 90.5 crore in Q2 FY25. Moreover, operating expenses related to business development, sales promotion, and other operations grew significantly, and stood at Rs 132 crore in Q2 FY25. These increases contributed to the overall rise in the firm's expenses during the quarter. In terms of claims, the company paid out Rs 851 crore in claims during Q2 FY25, up from Rs 763 crore in Q2 FY24. There was also a change in outstanding claims, with an increase to Rs 483 crore in Q2 FY25 compared to Rs 315 crore in Q2 FY24. Despite the higher income, the underwriting loss for Q2 FY25 was Rs 244.83 crore, a slight increase from Rs 219.33 crore in the previous year. At the end, GoDigit’s profit surged 3.2X to Rs 89 crore during the quarter ending September 2024 as compared to the same quarter in FY24.

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