TCS posts 3.94 per cent dip in consolidated net in Q3

MUMBAI: India’s largest software service provider TCS on Thursday reported a 3.94 per cent drop in its consolidated net profits for the quarter ended December 2017 due to weakness in the banking and financial services sector.

The company’s net profit for the quarter stood at Rs 6,545 crore as against Rs 6,814 crore in the comparable quarter of the last fiscal. However, on a sequential basis, the net profits grew by 1.31 per cent from Rs 6,460 crore in the September quarter following better performance in sectors such as manufacturing, retail, communication, media and technology.

The company said that new deal ramp ups, increasing traction in digital, robust demand pick up in retail and continuing momentum in most of the industry verticals helped it to achieve strong volumes growth in a seasonally weak quarter.

“As lagging parts of our portfolio turn around, and areas of softness reduce, we are well placed for stronger growth ahead,” said Rajesh Gopinathan, CEO & MD, TCS.

“We signed our first $50 million plus deal in digital crossing an important milestone in the mainstreaming of digital technologies. 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.