TCS shares fall almost 2% after Q3 results

The group said around 250 roles will transfer to Indian giant Tata Consultancy Services, although they will remain based at the firm's IT headquarters at Stockley Park in Middlesex

The company said Thursday its profit was 65.31 billion rupees ($1.02 billion) in the three months ended December 31, compared with 67.78 billion rupees a year earlier. 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.

"TCS will provide valuable administration and quality customer service, and Transamerica will continue to engage with our customers, clients and advisors in the most meaningful ways to them by utilising our digital engagement platforms and developing new solutions that help people save, protect, invest and retire", Mullin added.

"The multi-year agreement is worth more than $2 billion in revenues, the largest contract signed by TCS to date", the company said in a statement.

"Key positives for the quarter were: strong digital performance with digital business crossing $1 billion quarterly revenue mark and a large digital deal win, rebound in the retail and CPG (consumer packaged goods) vertical which grew 6.4% quarter-on-quarter, large deal wins and steady client metrics", HDFC Securities noted in its report on TCS earnings. The revenue from the region saw a 2.6% constant currency rise. Last quarter, TCS had reported an improvement in operating margin by 170 basis points sequentially to 25.1 per cent.

Net cash from operations were at $1,026 million which 119.2% of net income, said TCS.

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It expects HCL Technologies and Tech Mahindra to lead the pack with 2.7 percent and 1.7 percent QoQ USD revenue growth, respectively, Infosys, Wipro and TCS are estimated to grow at a slower pace of 1.4 percent, 1.4 percent and 0.7 percent, respectively. That compared with 16.8 percent of the company's total sales for the year-earlier quarter.

Total headcount stood at 3,90,880, with gross addition of 12,534 employees and net addition of 1,667 employees.

TCS said,"Employee reskilling initiatives, focused on building digital competencies at scale using anywhere anytime access, are helping employees stay relevant at a time of technology change".

It needs to be noted, that the percentage of women in TCS rose further to 35.2% in Q3. "As the lagging parts of our portfolio turn around, and areas of softness reduce, we are well placed for stronger growth ahead", Rajesh Gopinathan, CEO and MD, said.

The shares also quoted a high of Rs 2,820.10 and a low of Rs 2,781.90 during the intra-trading sessions on the BSE.

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