TCS Q3 net vaults 24.1% to Rs8,105 crore
10 January 2019
Tata Consultancy Services, India’s biggest software services exporter today reported a net profit of Rs8,105 crore ($1.15 billion) for fiscal third quarter ended 31 December - a 24.1 per cent increase year-on-year - helped by strong gains from its banking, financial services and insurance verticals.
The Mumbai-based company had posted a net profit of to Rs6,531 during the comparable quarter of the previous financial year.
TCS said its income from operations during the quarter grew 20.8 per cent to Rs37,338 crore while revenue from the BFSI segment surged 23 per cent.
Sequential revenue growth was led by the UK and Europe, which rose 25.1 per cent and 17.6 per cent, respectively, TCS said in a statement.
The company has declared a third interim dividend of Rs4 per equity share.
“We are wrapping up 2018 with a strong revenue growth of 12.1 percent in the December quarter, which is the highest in 14 quarters, with continued growth acceleration in key verticals and across all geographies. The strong client metrics, industry leading growth in digital services, a very strong order book and deal pipeline are all validations that customers recognize our differentiated capabilities and are picking us for their growth and transformation programs,” Rajesh Gopinathan, chief executive officer and managing director, said.
Digital earnings accounted for 30.1 per cent of TCS’ revenues, recording year-on-year growth of 52.7 per cent.
During the October-December 2018 quarter, TCS added 6,827 employees (net), taking the overall employee strength to 4,17,929. Attrition rate was at 11.2 per cent on last twelve months (LTM) basis.
TCS said its business in the UK and Europe lead growth with increases of 25.1 per cent and 17.6 per cent, respectively, year-on-year.
Tata Consultancy Services is an IT services, consulting and business solutions organization that has been partnering with many of the world’s largest businesses in their transformation journeys for the last fifty years.
With operations in 46 countries TCS generated consolidated revenues of $19.09 billion in the fiscal year ended 31 March 2018.