TCS third-quarter profit dips on financial sector weakness

TCS bags over $2.5 bn deal from US life insurer Transamerica

Sequentially, net profit and income grew 1.3 per cent from Rs 6,460 crore and Rs 31360 crore in the second quarter.

In constant currency terms, however, revenue rose 1.3 per cent, which is less than the 1.7 per cent improvement reported in the previous quarter, but largely in line with expectations for a tame quarter. But the digital business was possibly the most significant uplifter as the company announced a $50 million-plus deal in the third quarter of FY18.

"New deal ramp-ups, increasing traction in digital, robust demand pick up in retail and continuing momentum in most of industry verticals gave strong volume growth in a seasonally weak quarter", said N Ganapathy Subramaniam, COO and exdirector of TCS. Growth was led by Energy & Utilities (+8.5% Q-o-Q), Travel & Hospitality (+2.9% Q-o-Q) and Life Sciences & Healthcare (+2.5% Q-o-Q).

Over the last few years, Mumbai-headquartered TCS has sharpened its focus in the emerging digital business, which would span newer technologies such as artificial intelligence (AI), analytics, mobility, the Internet of Things (IoT) and cloud computing.

"Major global currencies were fairly stable during Q3FY18 and accordingly we do not expect currencies to materially affect revenue growth or margins", it said in its report.

Gopinath said continental Europe, which grew 2.6% in CC, was poised to become the second largest market after the U.S. next year.

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In spite of good progress made in the a year ago, the retailer outlined plans to slow its Simply Food store openings in the future, noting that only the highest returning sites will qualify for addition to its store portfolio.

That also reflects the mere 1,600 net additions to the company's workforce, during the quarter, which took the total to 390,880 employees.

The Localization initiatives continue to progress well with 2,929 employees recruited outside India in Q3 bringing the total to 9,908 in FY 18, year to date. When contacted, Nasscom president R Chandrashekhar said, "We have ourselves been saying this single number no longer represents the totality of what's happening in the industry".

Rajesh Gopinathan, CEO and MD, TCS, said he believed the company was well-placed for stronger growth ahead as "the lagging part its portfolio turns around" and "areas of softness reduce".

The company saw a 0.2 per cent decline in its attrition rate at 11 per cent and added about 1,600 employees during the quarter.

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