TCS Q2 net falls 2% to Rs 6600 cr yoy

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

During the quarter, TCS saw its IT attrition rate come down by 0.3% sequentially to 11.3 per cent.

India's largest software exporter, on Thursday reported a 8.57 per cent sequential growth in net profits for the quarter ended September 2017 amidst strong revenue growth across verticals.

Tata Consultancy Services (TCS) on Thursday said its second quarter profits dropped 2.16 per cent year-on-year to Rs 6,460 crore, while revenue grew 3.3 per cent to Rs 31,360 crore. "The conversations are on how to bring all technologies together - mass personalisation, liberating ecosystems, better harnessing data, automation, and embracing risk to generate exponential growth."TCS had reported profits of Rs 6,586 crore on revenues of Rs 29,284 crore in FY17 Q2". Revenue of the Mumbai-based outsourcer rose 3.2 per cent quarter-on-quarter to Rs 30,541 crore.

The company's blue chip stock of Re 1 face value closed on the BSE at Rs 2,548.55 per share, gaining Rs 48.05 over Wednesday's closing price of Rs 2,500.50 after opening at Rs 2,501.05 and touching a high of Rs 2,555 during intra-trading earlier in the day. "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.

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"We continue to gain share in the fast growing Digital spend of our customers, evident in our industry-leading Digital growth in Q2".

According to TCS, strong revenue growth was visible across verticals in the September quarter.

TCS said most businesses, barring financial services and retail, grew above 9.5% in the last quarter.

TCS Chief Operating Officer N. Ganapathy Subramaniam said headwinds across sectors are slowly abating. Our client-centricity and business depth are resulting in industry-leading customer satisfaction levels and strong client metrics.

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"With 93 per cent of revenue from exports, including 53 per cent from the USA, 27 per cent from Europe and Britain and 13 per cent from rest of the world, our performance in dollar terms was robust in the July-September quarter", a TCS official told IANS here. The company added that North America grew by just 1.4 per cent with continued softness in banking and retail. "We expect stronger and steadier growth ahead".

V. Ramakrishnan, Chief Financial Officer, said: "rigour and discipline in our operations helped accomplish an impressive margin performance and progress along the profitability path we had outlined earlier".

"Our investment programme remains geared for growth".

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