BFSI hurts TCS, pulls Q3 net down 3

BFSI hurts TCS, pulls Q3 net down 3

Its income from operations during the quarter under review stood at Rs 30,904 crore, up 3.9 per cent from Rs 29,735 crore in the year-ago period, as per Indian Accounting Standard (Ind-AS). In an exchange filing, the company said its net profit rose from Rs 6,446 crore in the second quarter to Rs 6,531 crore in the third quarter.

Sarabjit Kour Nangra, VP research - IT, Angel Broking, said net profit rose sequentially as earnings before interest and tax (Ebit) margin improved in Q3. It had dipped to 23.4% in the first quarter of the current fiscal. TCS CEO and MD Rajesh Gopinathan said, "We wrapped 2017 with a strong performance in the December quarter".

"Digital solutions contributed 22 per cent to the overall revenue, registering 39.6 per cent growth annually and 13.9 per cent quarterly in constant currency", said the company in a statement.

The company saw a 0.2 per cent decline in its attrition rate at 11 per cent and added about 1,600 employees during the quarter. "Progressive organisations looking to take advantage of new opportunities in the Business 4.0 era are ramping up their digital investments, and TCS has emerged as their preferred transformational partner".

"We signed our first $50 million plus deal in digital crossing an important milestone in the mainstreaming of digital technologies".

In terms of geography, growth was led by Latin America (+5% on quarter), Continental Europe (+2.6%) and North America (+1.5%).

Steve Rowe, the company's chief executive, said that its newly-created technology operating model, effective 1 March, will make its business "faster, simpler and more focused on achieving a seamless customer experience". On yearly basis, the continental Europe grew by a whopping 22.3%, United Kingdom by 8.2% and India also performed well by 4.1%, while North America grew by 2.8% yoy.



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