TCS Beats Expectations, Net Profit Jumps To Rs 6,446 Crore In Q2
13 October, 2017, 16:33 | Author: Leticia Walters
In the first quarter, the company had reported net profit of Rs 5,945 crore.
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 US dollar and cross-currency gains.
TCS registered revenues at Rs 30,541 crore in the second quarter of 2017-18, up 4.3 per cent from Rs 29,284 crore in the year-ago period.
Tata Consultancy Services (TCS) reported better than expected performance in the September 2017 quarter with higher sequential growth in dollar-denominated revenue than the prior four quarters and buoyancy in client addition. 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. Strong broad based client metrics this quarter demonstrates our increasing success with newer customers. The company has declared a dividend of Rs 7 per share.
Banking, financial services and insurance (BFSI), the bread and butter for all Indian IT service providers, grew 1.9% against 2.3% in the previous quarter on a constant currency basis, while retail fell almost 1%, from a growth of 2%, as traditional retailers hobble under the onslaught of online counterparts.
"We continue to gain share in the fast growing Digital spend of our customers, evident in our industry-leading Digital growth in Q2", Mr Gopinathan said. On a year on year basis, all industry verticals - with the exception of BFSI (banking and financial services) and retail - grew above 9.5 per cent.
Revenue from digital services was 19.7 per cent, which is up 5.9 per cent quarterly and 31 per cent yearly. North America, which accounts for 54% of the revenue, grew barely 1.4% sequentially, weighed by the slowdown in financial services and retail spending. "We expect stronger and steadier growth ahead". Operating margins stood at 25.1%, a good jump of 171 basis points sequentially.
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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ILLEGAL ACTIVITY WARNING: This news story was originally posted by StockNewsTimes and is the sole property of of StockNewsTimes. After $5.01 actual EPS reported by Alphabet Inc for the previous quarter, Wall Street now forecasts 68.26% EPS growth.
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