TCS net profit slips 2% to Rs

TCS net profit slips 2% to Rs

For the quarter ended 30-06-2017, the company has reported a Consolidated sales of Rs 29584.00 Crore, down -.20 % from last quarter Sales of Rs 29642.00 Crore and up.95 % from previous year same quarter Sales of Rs 29305.00 Crore Company has reported net profit after tax of Rs 5950.00 Crore in latest quarter. However, the company reported an increase of 8.4 per cent in net profit on a sequential basis from the June 2017 quarter, riding on robust volume growth and good demand across various verticals.

Under the Indian Accounting Standards (IAS), the global software major reported Rs 6,446 crore net profit for Q2, registering 8.4 sequential growth from Rs 5,945 crore last quarter but a 2.1 per cent annual decline from Rs 6,586 crore in the same period past year. The company's net profit for the July-September period stood at Rs 6,460 crore as compared to Rs 5,950 crore in April - June period.

CEO and managing director Rajesh Gopinathan noted that the volume increase had been driven by demand across multiple industry verticals. The travel and hospitality and energy and utilities drove higher growth than other verticals for the company."Our client-centricity and business depth are resulting in industry-leading customer satisfaction levels and strong client metrics". "Large deal wins this quarter, a good pipeline, and bottom-ing out of the retail sector softness positions us well", Gopinathan said.

He added that the company continues to gain share in the fast growing "digital spend" of its customers.

Shares of the company gained Rs 48.05, or 1.92%, to settle at Rs 2,548.55.

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Revenue from digital services was 19.7 per cent, which is up 5.9 per cent quarterly and 31 per cent yearly.

According to TCS, strong revenue growth was visible across verticals in the September quarter.

All segments of the business, except the banking, financial services and insurance (BFSI) and retail sectors, grew revenue above 9.5 percent. "With the sectoral headwinds slowly abating, we expect steadier and stronger growth ahead", said N Ganapathy Subramanian, chief operating officer at TCS. 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 margins stood at 25.1%, a good jump of 171 basis points sequentially.

"Our investment programme remains geared for growth. Continued investments in digital design and transformational capabilities are paying off, and it shows in the strong growth in our digital business".

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