TCS' net profit of Rs 6,778 crore in Q3 was higher than the Street's estimates.
- TCS net profit up 10.9 per cent on a yearly basis
- The company's margins remained stable at 26 per cent
- It reported revenue of Rs 29,735 crore
India's biggest outsourcer TCS reported a net profit of Rs 6,778 crore in October to December quarter, meeting the Street's estimates. This is a 2.9 per cent rise on a quarter-on-quarter basis and 10.9 per cent on a yearly basis. It reported revenue of Rs 29,735 crore, up 1.5 per cent quarter-on-year and 8.7 per cent on a yearly basis.
TCS was expected to report a net profit of Rs 6,500 crore on revenue of Rs 29,580 crore, according to an NDTV Profit poll of analysts.
TCS' margins remained stable at 26 per cent. On a constant currency basis, the revenue grew 2 per cent and volumes recorded 1 per cent rise quarter on quarter.
Traditionally, the third quarter or the December quarter is a weak quarter for Indian IT companies because of more number of holidays in its key overseas markets.
Commenting on Q3 performance, CEO and MD, N Chandrasekaran said, "The resilience of our business model and strength of our operating strategy has been brought to the fore by our performance in Q3, traditionally a quarter of weak demand. Our strengths in Digital, Platforms and Cloud as well as our deep knowledge of the customers' domain are driving our ability to play a strategic role and make a holistic impact on the business."
TCS' digital revenues comprised 16.8 per cent of its total revenues. Its attrition fell on a quarter on quarter basis to 11.3 per cent in IT services on trailing twelve months basis.
On the widely tracked dollar revenue front, TCS reported revenues of $4,387 million, which was in line with the Street's estimates.
TCS shares ended 0.86 per cent higher at Rs 2,344.35 apiece on Thursday compared to 0.32 per cent gain in the broader Nifty.
TCS was expected to report a net profit of Rs 6,500 crore on revenue of Rs 29,580 crore, according to an NDTV Profit poll of analysts.
TCS' margins remained stable at 26 per cent. On a constant currency basis, the revenue grew 2 per cent and volumes recorded 1 per cent rise quarter on quarter.
Traditionally, the third quarter or the December quarter is a weak quarter for Indian IT companies because of more number of holidays in its key overseas markets.
Commenting on Q3 performance, CEO and MD, N Chandrasekaran said, "The resilience of our business model and strength of our operating strategy has been brought to the fore by our performance in Q3, traditionally a quarter of weak demand. Our strengths in Digital, Platforms and Cloud as well as our deep knowledge of the customers' domain are driving our ability to play a strategic role and make a holistic impact on the business."
TCS' digital revenues comprised 16.8 per cent of its total revenues. Its attrition fell on a quarter on quarter basis to 11.3 per cent in IT services on trailing twelve months basis.
On the widely tracked dollar revenue front, TCS reported revenues of $4,387 million, which was in line with the Street's estimates.
TCS shares ended 0.86 per cent higher at Rs 2,344.35 apiece on Thursday compared to 0.32 per cent gain in the broader Nifty.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
