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

TCS to announce Q2 FY 18 results today

TCS to announce Q2 FY 18 results today

India's largest software exporter TCS today reported a 2.1 per cent dip in net profit to Rs 6,446 crore for the September quarter on softness in banking and retail segments, but gave better guidance based on client optimism.

The company has reported net sales of Rs.212.08 crores during the period ended September 30, 2017 as compared to Rs.211.69 crores during the period ended September 30, 2016. The revenue expansion was driven by strong business volumes that grew more than 3% sequentially, he said.

Its revenue grew 4.3 per cent over a year ago - 3.2 per cent over the preceding April-June quarter - to Rs 30,541 crore under the Ind AS accounting norms. Analysts polled by Reuters had expected the outsourcer to post a net profit of Rs 6,306 crore in September quarter.

TCS's digital revenue increased 31% year- on-year and accounted for 19.7% of the IT firm's revenue. The operating margin improved by 170 basis points to 25.1%.

TCS' operating margins expanded 1.7 percentage points sequentially to 25.1% in the quarter, aided by a decline the value of Indian rupee against the USA dollar and cross-currency gains. Customers are trying to look at how to exploit multiple technologies into a connected solution, which can be termed as an Industry 4.0, better harnessing data analytics and automation, he said.

According to HDFC Securities' Q2 results preview, TCS is expected to post 3.5-3.6 per cent quarter-on-quarter revenue growth.

While outsourcing for legacy services grew marginally by 1.4 per cent, almost 44 per cent of the global contracts were in digital or deals that had vendors deliver product or solutions as a service.TCS said it won one client with $100 million, while six clients each in the band of $50 million, $20 million, and $10 million.

Attrition went down further to 11.3 per cent. At least 30,000 employees have been re-skilled over the past quarter.European business grew 5.3 per cent over the quarter, while Latin America grew 5.7 per cent.

"In retail we're seeing a significant amount of traction".

He said in retail, the company expects an improvement in the next few quarters, but declined to specify a timeline for BFS, the larger revenue contributor, where the commentary was limited to saying that the momentum is positive.

TCS Chief Operating Officer N. Ganapathy Subramaniam said headwinds across sectors are slowly abating. There was an assumption that fintech will disrupt the ecosystem.

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