TCS reports larger digital contracts, traction in Europe boosting growth

Logos of Tata Consultancy Services are displayed at the venue of the annual general meeting of the software services provider in Mumbai

Tata Consultancy Services (TCS), the country's largest IT software exporter, has reported a 1.3 per cent increase in its net profit for the October-December 2017-18 quarter, at Rs6,531 crore ($1.01 billion), on a 3.9-per cent increase in revenues to Rs30,904 crore ($4.79 billion). However, on a sequential basis, the net profits grew by 1.31 per cent from Rs 6,460 crore in the September quarter following better performance in sectors such as manufacturing, retail, communication, media and technology.

TCS is ramping up its digital investments and has signed its first $50-million deal this quarter.

Ltd, India's top IT services firm, said its insurance services business would soon post faster growth thanks to higher client spending but remained cautious on a turnaround in its key banking segment. 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).

"Digital solutions contributed 22 per cent to the overall revenue, registering 39.6 per cent growth annually and 13.9 per cent quarterly in constant currency", said the company in a statement. "We should move on from that", he said, appearing to indicate that it was time to focus on the progress companies are making in dealing with the new digital technologies.

The agreement, a multi-year partnership with more than United States dollars 2 billion of revenues to TCS, is expected to be completed by the second quarter 2018.

This was the company's strongest volume growth for the December quarter in three years.

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"We have invested heavily in our insurance digital platform, TCS BaNCS, and our extensive United States capabilities, and are proud to partner with Transamerica in its ongoing transformation and welcome the transitioning employees to promising new careers at TCS", TCS CEO and MD Rajesh Gopinathan said.

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.

In spite of good progress made in the previous year, 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.

TCS in it's financial audit, mentioned that localisation initiatives continue to progress well, with 2,929 employees recruited outside India in Q3, bringing the total to 9,908 in FY18, year to date.

At 1:43 pm, shares in TCS were trading 0.80 per cent lower at Rs 2,766 on the BSE, whose benchmark Sensex index was down 5 points at 34,498.

Chief Executive Rajesh Gopinathan is winning higher-value work from longstanding clients like Rolls Royce, which increasingly consists of end-to-end projects rather than piecemeal outsourcing, reflecting the more strategic partnerships TCS is striking with its large customers.

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