TCS Q2 net down 2.1% to Rs 6446 cr

TCS Q2 net profit down 2.1% to Rs 6,446 crore

TCS witnessed a volume growth of 3.2 per cent in Q2.

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 posted a net profit of 64.46 billion rupees ($990 million) in the three months to September 30, beating analysts' average estimate of 63.06 billion rupees, Thomson Reuters data showed.

The company, known as TCS, said net income in the quarter ended in September was 64.46 billion rupees ($985 million), compared with 65.86 billion rupees a year earlier, according to a statement.

TCS, India's biggest IT services outsourcer, today reported a better-than-expected 8.4 per cent sequential jump in its net profit for the July-September quarter to Rs 6,446 crore on the back of good demand across multiple industry verticals. Strong broad based client metrics this quarter demonstrates our increasing success with newer customers.

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TCS has declared a dividend of Rs7 per share. "Large deal wins this quarter, a good pipeline, and bottoming out of the retail sector softness positions us well", TCS CEO and MD Rajesh Gopinathan said. With the exception of retail and CMI, all industry verticals grew above the company average, led by travel & hospitality (up 8 per cent quarter on quarter), energy & utilities (up 7.2 per cent Q-o-Q) and life sciences & healthcare (up 3.6 per cent Q-o-Q).

TCS Chief Operating Officer N. Ganapathy Subramaniam said headwinds across sectors are slowly abating. North America, which accounts for 54% of the revenue, grew barely 1.4% sequentially, weighed by the slowdown in financial services and retail spending. "With the sectoral headwinds slowly abating, we expect steadier and stronger growth ahead".

We have slightly increased our margin expectations, operational trigger is something which will continue.

Revenue from digital services was 19.7 per cent, which is up 5.9 per cent quarterly and 31 per cent yearly.

"Our investment programme remains geared for growth".