Tata Consultancy Services reports slip in Q2 profit

Q2FY18 What do analysts expect from TCS

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 previous year.

"With 93 per cent of revenue from exports, including 53 per cent from the USA, 27 per cent from Europe and Britain and 13 per cent from rest of the world, our performance in dollar terms was robust in the July-September quarter", a TCS official told IANS here. Kotak Securities have estimated the revenue growth of TCS at 2.1 per cent. Revenue was up 4.3%-from Rs29,284 crore to 30,541 crore-in the September quarter.

Share of the upcoming digital stream grew to 19.7 per cent of the total revenues on the back of a 30 per cent growth, and TCS' human resources head Ajoy Mukherjee said 2.5 lakh of its workforce has been trained for the new skillsets.

"EBIT (earnings before interest and tax) margins improved by 170 bps q-o-q at 25.1% well ahead of our estimates of 24%". 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.

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.

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Brokerages have predicted a good season for the Indian IT sector and say that it is expected to post the strongest growth in the last five quarters supported by cross-currency gains, with TCS and Infosys leading revenue growth at over 3.2% QoQ.

The firm added 28 clients during the quarter, with one in $100 million rate, six each in $50 million, $20 million and $10 million bands.

It added 15,868 employees in the quarter. The US, its largest market saw growth of 1.4 per cent, as it saw continued softness in business from banking and retail customers. Strong, broadbased client metrics this quarter demonstrates our Increasing success with newer customers.

TCS Chief Operating Officer N. Ganapathy Subramaniam said headwinds across sectors are slowly abating.

The company, which is the crown jewel of the United States dollars 104 billion salt-to-software Tata Group, declared a dividend of Rs 7 per share and set October 26 as the record date.

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