Tata Consultancy profit beats estimates as digital revenues jump

Tata Consultancy profit beats estimates as digital revenues jump

To be sure, India's software industry is set to face additional challenges in the US this year, with a new tax being imposed on payments made by USA companies to its foreign affiliates.

Still, TCS has been renewing large deals and signing up new clients.

The partnership enables Transamerica to rapidly enhance its digital capabilities, simplify the service of more than 10 million policies into a single integrated modern platform, and drive greater sustainable growth opportunities through superior customer experiences.

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Yash Ved of NewsBarons provides you the highlights of the interaction with Rajesh Gopinathan, CEO and MD, TCS. "The investment we have been making over the last few years in research and innovation and in building intellectual property are giving us a distinct edge in the market in winning such large transformational programs", he 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. A year ago, the digital business contributed 16.8% to TCS's overall revenue.

"New deal ramp-ups, increasing traction in digital, robust demand pick up in retail and continuing momentum in most of our industry verticals gave us strong volume growth in a seasonally weak quarter", said N. Ganapathy Subramaniam, chief operating officer and executive director, TCS.

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The Indian company will migrate the administration of over 10 mln insurance policies on to its BaNCS platform and provide "third party administration" or TPA services to the United States company.

TCS' announcement comes hours after the company announced its December quarter results that were largely in line with Street expectations. "The reduction in IT spending is expected to continue for 3Q FY18 as well, primarily due to the challenges faced by BFSI and Retail sectors in the North American region, whereas Manufacturing and Healthcare sectors are expect to see some improvement due to strong adoption of digital services", the brokerage house said in its report.

TCS also reported good performance in continental Europe, which contributes 11.1% of the total revenue. The constant currency revenue growth came in at 6.2 yoy and 1.3% qoq. Analysts at HDFC Securities were expecting profit of Rs. 6,563 crore for the fiscal third quarter.

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The company's total revenue rose from Rs 30,541 crore for the July-September 2017 quarter to Rs 30,904 crore for the October-December 2017 quarter, a growth of 1%.

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