TCS net profit slips 2% to Rs

Reuters

Reuters

"With 93 per cent of revenue from exports, including 53 per cent from the U.S., 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.

Analysts on average had expected a profit of 63.06 billion rupees, Thomson Reuters data showed.

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.

Tata Consulting Services (TCS) on Thursday reported Rs 6,446 crore net profit for the second quarter of 2017-18, registering 8.4 growth from Rs 5,945 crore last quarter and a 2.1 per cent decline from Rs 6,586 crore in the same period a year ago. Revenue of the Mumbai-based outsourcer rose 3.2 per cent quarter-on-quarter to Rs 30,541 crore.

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TCS has declared a whopping 700 per cent second interim dividend of Rs 7 per share of Re 1 face value.

Commenting on the Q2 performance, Rajesh Gopinathan, CEO and MD, said, "We experienced robust volume growth in Q2, driven by good demand across multiple industry verticals. Large deal wins this quarter, a good pipeline, and bottoming out of the retail sector softness positions us well", he added.

"We continue to gain share in the fast growing Digital spend of our customers, evident in our industry-leading Digital growth in Q2".

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.

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"Our investment programme remains geared for growth". The company has fixed October 26 as the record date for payment of dividend. In addition, after reporting a loss of 1,414 employees in the previous quarter, it added 3,404 employees in the September quarter taking the total headcount to 3,89,213.

The company recruited 3,725 employees outside India, bringing the total to 6,979 in the first half of the fiscal year.

Net cash from operations at Rs 5,809 crore was 90 per cent of the net income. It will announce its Q2 quarterly results for quarter ended September 30.

The scrip gained 1.92 per cent to end at Rs 2,548.55 on BSE.

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