Monday, 23 October, 2017

TCS expects 'steadier, stronger' growth ahead after beating September quarter expectations

Q2FY18 What do analysts expect from TCS The Tata Consultancy Services headquarters
Hannah Rogers | 12 October, 2017, 20:25

New Delhi, Oct 12 Shares of Tata Consultancy Services (TCS) today rose by almost 2 per cent ahead of its September quarter earnings announcement later in the day. Analysts had expected a profit of 62.54 billion rupees.

Although the revenues for the quarter ended June were consistent with the company's expectations, it reported fall in profits and operational figures. The revenue expansion was driven by strong business volumes that grew more than 3% sequentially, he said.

Revenue at Rs 30,541 crore for the quarter under review was up 3.2 per cent from Rs 29,584 crore sequentially and 4.3 per cent up from Rs 29,284 crore in the like period year ago.

Analysts on average had expected a profit of 63.06 billion rupees, Thomson Reuters data showed. The company said its digital services or new-age technologies contributed 19.7 per cent to its total revenue in Q2, a sequential growth of 5.9 per cent and 31 per cent annually. "The OPM (operating profit margin) beat is a positive surprise despite weak pricing in the quarter", they add. Emkay had estimated the net profit to come at Rs 6,070 crore in September quarter.

Attrition went down further to 11.3 per cent.

Gopinathan said the company's variable payouts to employees will be 40 per cent higher when compared to the same period year-ago.

"In retail we're seeing a significant amount of traction".

TCS, part of salt-to-software conglomerate Tata Group, said it added 1 client in Dollars 100 million-plus category and six clients in the USD 50 million-plus category. At least 30,000 employees have been re-skilled over the past quarter.European business grew 5.3 per cent over the quarter, while Latin America grew 5.7 per cent.

While the signs are there for strong growth numbers due to cross-currency gains, shadows of muted results linger due to second quarter yet to witness a notable increase in spending in the retail and banking, financial services and insurance (BFSI) sectors. "Gopinathan said the firm expects growth to return in both banking and retail sectors as traditional firms overcome fears regarding disruption from fintech startups and online commerce companies".

N. Ganapathy Subramaniam, Chief Operating Officer & Executive Director anticipates better growth going forward.

TCS has declared a whopping 700 per cent second interim dividend of Rs 7 per share of Re 1 face value.

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