TCS posts 3.94 per cent dip in consolidated net in Q3

TCS signs $2 billion deal with Transamerica has invested $3 billion in the US in 3 years

TCS posts 3.94 per cent dip in consolidated net in Q3

Consolidated net profit for the quarter ended in December fell 3.6% to 65.31 billion rupees ($1.03 billion) from 67.78 billion rupees a year earlier.

The quarter saw TCS win a $50 million contract categorised under digital services, which is the largest order the company has won in the area.

"We wrapped 2017 with a strong performance in the December quarter, marked by the signing of industry-defining deals, robust client metrics and broad-based demand across industry verticals". Growth was led by Energy & Utilities (+8.5% Q-o-Q), Travel & Hospitality (+2.9% Q-o-Q) and Life Sciences & Healthcare (+2.5% Q-o-Q).

"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". The digital business accounted for 22.1% of TCS's total revenue in the quarter-a 13.9% increase sequentially (quarter-on-quarter) and 39.6% year-on-year (y-o-y) in constant currency terms.

According to M&S CEO Steve Rowe, the company's transformation of its technology team will save the company up to £30m annually by 2022 - making a significant contribution to Rowe's five-year turnaround plans.

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According to brokerages, top Indian IT players will see muted sequential revenue growth in the range of 1 to 2.6 per cent compared to the previous quarter, with players like HCL and Tech Mahindra expected to perform on the upper end of the spectrum, while TCS, Wipro and Infosys are expected to record slightly slower growth.

TCS said,"Employee reskilling initiatives, focused on building digital competencies at scale using anywhere anytime access, are helping employees stay relevant at a time of technology change".

NB: What has been the employee addition for the quarter and attrition rate?

TCS in it's financial audit, mentioned that localisation initiatives continue to progress well, with 2,929 employees recruited outside India in Q3, bringing the total to 9,908 in FY18, year to date. When contacted, Nasscom president R Chandrashekhar said, "We have ourselves been saying this single number no longer represents the totality of what's happening in the industry". "We are well placed for stronger growth ahead", Chief Executive Rajesh Gopinathan said in a statement.

The shares also quoted a high of Rs 2,820.10 and a low of Rs 2,781.90 during the intra-trading sessions on the BSE.

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