TCS Q2 earnings up 8.4% sequentially to Rs 64.46 bn
13 October, 2017, 05:02 | Author: Regina Silva
The company has declared an interim dividend of Rs 7 per share.
India's top IT services firm Tata Consultancy Services Ltd (TCS) said it expected an uptick in the retail business segment in the coming quarters but remained cautious about the banking and financial services segments that form the bulk of its revenues.
On the margin perspective, the company was able to post a 1.70 per cent improvement to 25.1 per cent on the pretax gap, on the back of a 0.50 per cent help on account of currency, where dollar has been stable while rupee has depreciated against other currencies, and a 1.20 per cent help on operative efficiencies. Operating margins stood at 25.1%, a good jump of 171 basis points sequentially. "It is measured and people are looking to leverage multiple technologies for transition to business 4.0", said Rajesh Gopinathan, chief executive officer, TCS.
The results of TCS, the first to report quarterly earnings among Indian software exporters, augur well for the nation's information technology sector amid concerns companies could report muted financial performance in the second quarter because of a slowdown in the US financial services and retail industries. "The conversations are on how to bring all technologies together - mass personalisation, liberating ecosystems, better harnessing data, automation, and embracing risk to generate exponential growth."TCS had reported profits of Rs 6,586 crore on revenues of Rs 29,284 crore in FY17 Q2". Profitability beat was driven by strong cost management both on operational factors (sub-contracting) and selling, general and administrative expenses (savings on visa/travel and other G&A). Its revenue grew 4.3 per cent over past year - 3.2 per cent over the preceding April-June quarter - to Rs 30,541 crore under the Ind AS accounting norms.
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TCS said most businesses, barring financial services and retail, grew above 9.5% in the last quarter.
Indian IT major Tata Consulting Services (TCS) posted robust revenue and net growth for the second quarter of 2017-18 in dollar terms on sequential and annual basis, said a company official on Thursday.
TCS said growth was led by Europe (up 5.3 per cent Q-o-Q), Latin America (up 5.7 per cent Q-o-Q), APAC (up 3 per cent Q-o-Q) and United Kingdom (up 2.5 per cent Q-o-Q). Strong, broadbased client metrics this quarter demonstrates our increasing success with newer customers. The US, its largest market saw growth of 1.4 per cent, as it saw continued softness in business from banking and retail customers.
Gopinathan said the softness in the retail business is slowly "bottoming" out.
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