TCS Q1 net jumps 23 pc to Rs 7,340 cr

| | Mumbai

The country’s largest software exporter TCS on Tuesday posted a 23.4 per cent rise in consolidated net profit to Rs 7,340 crore for the first quarter ended June 30, 2018.

The company had reported a net profit of Rs 5,945 crore in the same period previous fiscal, TCS said in a regulatory filing.

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.

“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.

The company said it is seeing strong demand in areas like cloud transformation, cyber-security, data privacy, and automation.

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.

TCS declared an interim dividend of Rs 4 per equity share (of Rs 1 each).

The results came in after market hours. TCS shares closed 0.56 per cent lower on BSE on Tuesday to Rs 1,877 a piece.

TCS, which today flagged-off the Q1 earnings season for the IT pack, had recently announced a Rs 16,000-crore buyback offer entailing up to 7.61 crore shares or 1.99 per cent of the total paid-up equity share capital at Rs 2,100 a share.

Last year too, TCS had undertaken a buyback offer of a similar size.

Announcing the March quarter results, TCS has also announced a 1:1 bonus share issue.



Sunday Edition

View All

My father lived, died for India, says Rahul

15 Jul 2018 | PTI | New Delhi

Amid row over alleged use of derogatory language in a web series while referring to former Prime Minister Rajiv Gandhi, Congress chief Rahul Gandhi on Saturday said the BJP and the RSS believe that freedom of expression must be policed, while he regards it as a fundamental democratic right. “My father lived and died in the service of India...

Read More


View All

Two-month-old dies in 108-Amublance

18 Jul 2018 | Staff Reporter | RAIPUR

A two-month-old infant died due to suffocation after the door of the ‘108 Ambulance Service’ that was carrying him to a hospital malfunctioned and failed to open on time at Dr Bhimrao Ambedkar Hospital here on Tuesday. The Ambulance operators tried to open the door for a couple of hours but failed to open it on time...

Read More

Page generated in 0.2856 seconds.