The country's largest software exporter TCS on Tuesday posted a 23.4 percent rise in consolidated net profit to Rs 7,340 crore for the first quarter ended June 30, beating street estimates.
The country’s largest software exporter TCS on Tuesday posted a 23.4 percent rise in consolidated net profit to Rs 7,340 crore for the first quarter ended June 30, 2018, beating street estimates. The Tata Group company — which accounts for a lion’s share of the group’s overall profit — saw its income from operations grow at 15.8 per cent to Rs 34,261 crore for the first three months of the current financial year, up from Rs 29,584 crore a year earlier.
Here are 4 key highlights:
1.BFSI vertical growth surged 3.7 percent QoQ.
2.North America rebounds on BFSI and retail recovery; rises 3.7 percent
3.The TCS digital revenue surged by 25 percent
4.The company reported addition of two fresh clients in $100 million plus band and 13 were added in $5 million plus band QoQ.
“We are starting the new fiscal year on a strong note, with the growth engine firing on all cylinders. Our banking vertical recovered very nicely this quarter, while other industry verticals maintained their momentum,” TCS CEO and MD Rajesh Gopinathan said in statement.
Gopinathan exuded confidence that the company is poised “well for the future” given a good set of wins during the quarter, a robust deal pipeline and accelerating digital demand.
TCS CFO V Ramakrishnan said that a disciplined execution, accelerating growth and currency support helped the company mitigate the impact of wage increases during the quarter. “This strong start gives us greater confidence in our ability to get our operating margin to our preferred range, while continuing to fund the digital investments that are differentiating us in the marketplace,” Ramakrishnan said.
(With agency inputs)