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etvfutures.com October 20, 2017


TCS Q2 net profit rises 8.3% QoQ

13 October 2017, 04:33 | Cesar Cruz

TCS Beats Expectations, Net Profit Jumps To Rs 6,446 Crore In Q2

TCS Q2 net profit beats estimates rises at 8.4% to Rs 6,446 crore in September quarter

TCS has declared a dividend of Rs7 per share.

"With 93 per cent of revenue from exports, including 53 per cent from the USA, 27 per cent from Europe and Britain and 13 per cent from rest of the world, our performance in dollar terms was robust in the July-September quarter", a TCS official told IANS here.

Tata Consultancy Services, India's largest software exporter, posted a better-than-expected second-quarter net income as a surge in investments in new digital technologies fueled growth in revenues. Bloomberg consensus estimates had forecast the IT major's net profit at Rs 6,287 crore on revenues of Rs 30,508 crore. On a sequential basis, revenue rose by 3.2 per cent from the June quarter.

"We experienced robust volume growth in Q2, driven by good demand across multiple industry verticals".

"Large deal wins this quarter, a good pipeline and bottoming out of the retail sector softness position us well", chief executive Rajesh Gopinathan said on Thursday.Europe grew sequentially in constant currency by 5.3%, United Kingdom by 2.5% and Latin America by 5.7%.

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"We continue to gain share in the fast growing Digital spend of our customers, evident in our industry-leading Digital growth in Q2".

All segments of the business, except the banking, financial services and insurance (BFSI) and retail sectors, grew revenue above 9.5 percent.

Tata Consultancy Services (TCS) today said it has set aside Rs. 2,745 crore (USD 420 million) as contingent liability following the reduced damages pronounced by a United States court in its legal tussle with Epic Systems Corporation. North America, which accounts for 54% of the revenue, grew barely 1.4% sequentially, weighed by the slowdown in financial services and retail spending.

"Operating margin expanded 1.7 per cent sequentially to 25.1 per cent for the quarter, while volume growth was up 3.2 per cent quarterly", said the company in a statement. Digital, which contributed 19.7% of revenue, was up 5.9% on constant currency. "With the sectoral headwinds slowly abating, we expect steadier and stronger growth ahead".

Shares of TCS gained 1.9% in Mumbai trading on Thursday before the earnings were released, while the benchmark S&P BSE Sensex closed up 1.1%.



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