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TCS net dips 4 per cent in Q3
Last Updated : 11 Jan 2018 08:45:53 PM IST
TCS net dips 4 per cent in Q3
(File Photo)


Global software major Tata Consultancy Services (TCS) on Thursday reported 4 per cent annual decline in consolidated net profit to Rs 6,545 crore for the third quarter of 2017-18 from Rs 6,814 crore in the same period last year.


In a regulatory filing on the BSE, it said consolidated total income for the quarter under review (Q3), however, grew 2.7 per cent annually to Rs 31,774 crore from Rs 30,927 crore in the like period year ago.


Sequentially, net profit and income grew 1.3 per cent quarterly in Q3 from Rs 6,460 crore and Rs 31360 crore in the second quarter.


In dollar terms under the International Financial Reporting Standards, net income at $1,012 million is 1.2 per cent up annually and 1.1 per cent up quarterly from $1,000 million in the same period year ago and quarter ago.


Revenue grew 9.1 per cent annually to $4,787 million from $4,387 million in the like period year ago but one per cent lower sequentially from $4,739 million last quarter.


Operating margin at 25.2 per cent was flat sequentially, while volume growth was 1.6 per cent quarterly.


"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 acquired 34 new clients during the quarter, including 3 in $50 million band, 7 in $20 million, 9 in $10 million and 15 in $5 million.


"We wrapped 2017 with a strong performance in the third quarter, marked by industry-defining deals, robust client metrics and broad-based demand across industry verticals," said TCS Chief Executive Rajesh Gopinathan in the statement.


With organisations ramping up their digital investments, the company has emerged as their preferred transformational partner.


"As lagging parts of our portfolio turn around and areas of softness reduce, we are well placed for stronger growth ahead," Gopinathan said.


The firm signed its first $50 million deal in digital this quarter, crossing an important milestone in the mainstreaming of digital technologies.


"The investments we have been making in research and innovation and in building intellectual property are giving us an edge in winning large transformational programs," Gopinathan added.


Chief Operating Officer N. Ganapaty Subramaniam said the new deal ramp-ups, increasing traction of digital, demand pick up in retail and momentum in most of the industry verticals gave the company strong volume growth in a seasonally weak quarter.


"Our reputation for superior execution, combined with our platform capability positions us well to close mega deals," he said.


Chief Financial Officer V. Ramakrishnan said investments in new geographies or new cloud-based platform businesses were beginning to yield results.


"Several of the key deals we signed this quarter, are a vindication of that strategic patience," he said.




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