Tata Consultancy Services Limited Bottom Line Advances 6% In Q2

by Ben Pena October 15, 2016, 0:49
Tata Consultancy Services Limited Bottom Line Advances 6% In Q2

On constant currency (discounting the impact of currency fluctuations), the sequential revenue growth was 1%, which widely missed many analysts' estimates. Some analysts were expecting a sequential increase of 1.5 percent.

India's biggest outsourcer by revenue said profit in the three months ended September 30 stood at 65.86 billion rupees ($986 million), compared with 60.55 billion rupees a year earlier.

TCS CEO and Managing Director N Chandrasekaran termed the second quarter as an "unusual" one for the company. "Let's leave it at that", Chandrasekaran said. Growing uncertainties in the environment is creating caution among customers and resulted in holdbacks in discretionary spending this quarter, he said.

TCS warned in September that its financial sector clients were holding back on discretionary spending. India declined by 7.6 per cent sequentially and Latin America also continued to show volatility.

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India's largest firm by market capitalisation, Tata Consultancy Services (TCS), posted an 8.4 per cent increase in net profit for the second quarter of the year. The consolidated revenue grew almost 8 per cent to Rs 29,284 crore for the said quarter as against Rs 27,165 crore in July-September 2015. The Mumbai-based company counts Bank of America, Citigroup and Deutsche Bank among its clients. "Over 180,000 TCSers are now trained with significant expertise in new Digital technologies". "However the cut could be higher if the company wants to build in an additional cushion". "With technology increasingly at the forefront of business, we are confident that this is temporary".

Revenue grew by 3.9% in constant currency terms sequentially, far higher than the mere 1% growth Tata Consultancy Services Ltd reported on Thursday.

From a geography perspective, Europe saw strong growth at 3.7 per cent and Asia Pacific at 3.5 per cent sequentially in constant currency while North America grew 1.4 per cent sequentially and the United Kingdom was flat.

"We expect the magnitude of the guidance cut to be significantly larger than the impact of just RBS and expect the company to revise its U.S. dollar guidance from 10 percent to 11.5 percent earlier to 7.5 percent to 8.5 percent", analysts at ICICI Securities said in their note.

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