TCS Q3 net profit down 3.6%; declares interim dividend

Mae Love
January 12, 2018

BFSI revenue dipped 0.4 percent as the company reported a 3.6 percent fall in net profit to 65.31 billion rupees ($1.03 billion) in the quarter to December 31.

However, the net profit for the October-December 2017 quarter declined by 3.6% compared to that in the October-December 2016 quarter when the company had made a profit of Rs 6,778 crore. The revenue for the quarter stood at Rs 30,904 crore.

It includes the creation of a technology operating model to drive significant efficiencies in how M&S exploits new technology; appointing Indian technology company Tata Consultancy Services (TCS) as its technology partner; and simplifying and consolidating its technology supplier base.

TCS, just as other IT majors, declared the third quarter results on Thursday evening. The company's digital revenue saw an increase of about 40 per cent year-on-year and accounted for 22.1 per cent of its revenues.

However, IT attrition rate came down further by 0.2% qoq to 11.1% in Q3FY18, while total attrition rate (including BPS) dropped to 11.9%. We signed our first $50M+ deal in digital this quarter, crossing an important milestone in the mainstreaming of digital technologies.

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"In terms of the geography, US was the key driver, with North America and Latin America registering a QoQ (quarter-on-quarter) CC growth of 1.5% and 5%, respectively", said Nangra.

Net income in dollar terms were at $1,012 million higher by 1.2% yoy and 1.1% qoq.

Growth was led by Energy & Utilities (+8.5%), Travel & Hospitality (+2.9%) and Life Sciences & Healthcare (+2.5%).

The company said that new deal ramp ups, increasing traction in digital, robust demand pick up in retail and continuing momentum in most of the industry verticals helped it to achieve strong volumes growth in a seasonally weak quarter.

This is unedited, unformatted feed from the Press Trust of India wire.

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