TCS net profit slips 2% to Rs

TCS net profit slips 2% to Rs

In the first quarter, the company had reported net profit of Rs 5,945 crore.

During the quarter, TCS saw its IT attrition rate (LTM) come down by 0.3 per cent sequentially to 11.3 per cent. The company's net profit fell to Rs 6,446 crore in the July- September down from Rs 6,586 crore in the same period of 2016-17.

India's top IT services firm Tata Consultancy Services Ltd (TCS) said it expected an uptick in the retail business segment in the coming quarters but remained cautious about the banking and financial services segments that form the bulk of its revenues.

The country's second-largest software exporter reported 3.2 per cent sequential growth to $4,739 million for the September 2017 quarter. Strong, broad-based client metrics this quarter demonstrates our increasing success with newer customers.

The company, which is the crown jewel of the United States dollars 104 billion salt-to-software Tata Group, declared a dividend of Rs 7 per share and set October 26 as the record date.

More news: Police officer killed in New Orleans East shootout

"We continue to gain share in the fast growing Digital spend of our customers, evident in our industry-leading Digital growth in Q2".

Banking, financial services and insurance (BFSI), the bread and butter for all Indian IT service providers, grew 1.9% against 2.3% in the previous quarter on a constant currency basis, while retail fell almost 1%, from a growth of 2%, as traditional retailers hobble under the onslaught of online counterparts.

Tata Consultancy Services (TCS) today said it has set aside Rs. 2,745 crore (USD 420 million) as contingent liability following the reduced damages pronounced by a USA court in its legal tussle with Epic Systems Corporation. The company added that North America grew by just 1.4 per cent with continued softness in banking and retail. Digital, which contributed 19.7% of revenue, was up 5.9% on constant currency.

V. Ramakrishnan, Chief Financial Officer, said: "rigour and discipline in our operations helped accomplish an impressive margin performance and progress along the profitability path we had outlined earlier".

Shares in TCS closed 1.9 percent higher ahead of earnings in a broader Mumbai market that ended 1.1 percent up.

Related Articles

  • Shanghai Masters: Rafael Nadal beats Grigor Dimitrov to reach semi-finals

    Shanghai Masters: Rafael Nadal beats Grigor Dimitrov to reach semi-finals

    The Spaniard eased past Fabio Fognini of Italy in the Chinese city, winning 6-3, 6-1 at the Qizhong Forest Sports City Arena. And with the scores at 4-4, Nadal eventually broke the Bulgarian with three break points at his mercy.
    SCA rejects Zuma's spy tapes appeal

    SCA rejects Zuma's spy tapes appeal

    Advocate Kemp J Kemp, SC, for Zuma, told the full bench of justices that he believed that the NPA had erred in their decision. Zuma wanted the opportunity to make fresh representations before the NPA chose to recharge him.
    United Kingdom  to conduct next clean energy auctions worth GBP557m in 2019

    United Kingdom to conduct next clean energy auctions worth GBP557m in 2019

    The government will also invest £900 million in smart systems and demand-response technology, as well as nuclear and renewables. The UK Government has launched a scheme to invest up to £10 million in low carbon heating technologies.
  • Boy Scouts to expand participation of girls

    Boy Scouts to expand participation of girls

    He added that he hopes the organization will remove the word "Boy" from its name, and simply be called " Scouts of America". That's the word from Ruth Strawser, director of brand and strategy for the Girl Scouts of Northern Indiana Michiana.
    Dismissing Petition, SC Retains Ban On Sale Of Firecrackers In Delhi-NCR

    Dismissing Petition, SC Retains Ban On Sale Of Firecrackers In Delhi-NCR

    Last Diwali celebration, the contamination in Delhi was said to be very hazardous and the worst as compared to the last decade. The Supreme Court's verdict is said to have impacted almost 400 temporary firecracker license holders and 150 permanent ones.
    Brady says sprained shoulder will be fine — PATRIOTS NOTEBOOK

    Brady says sprained shoulder will be fine — PATRIOTS NOTEBOOK

    Brady has sustained 33 QB hits in five games, putting him on pace for well over 100 hits on the season if he plays all 16 games. New England Patriots quarterback Tom Brady had an MRI on his left shoulder , but results came back negative.
  • Family held hostage by Taliban flying home to Canada

    Family held hostage by Taliban flying home to Canada

    A US government source in Washington also said there was no indication the family had been in Afghanistan. It unfolded quickly and included what some described as a shootout and a risky raid.
    China's Imports of N. Korean Goods Shrank Nearly 38% in September

    China's Imports of N. Korean Goods Shrank Nearly 38% in September

    Exports climbed 8.1% year-over-year in September, data from the General Administration of Customs showed Friday. China's global trade surplus in September shrank 38.6 percent from the same time past year to $28.5 billion.
    Anadarko Petroleum Corporation (NYSE:APC)'s Stock Is Sell After More Market Selling

    Anadarko Petroleum Corporation (NYSE:APC)'s Stock Is Sell After More Market Selling

    Currently, 121.99 million total shares are owned by the public and among those 121.41 million shares have been available to trade. Despite the tumultous week, investors holding steadfast look to continue to see near-term gains despite the global uncertainty.
  • Rishard Matthews 'done playing football' if forced to stand for national anthem

    Rishard Matthews 'done playing football' if forced to stand for national anthem

    Matthews deleted the tweet shortly after, but a screenshot had already been saved by the news producer. This is the kind of thing you would expect to find in totalitarian nations, but not in a free state.
    Trump Questions NBC's TV License Over A News Story

    Trump Questions NBC's TV License Over A News Story

    The president may be unaware but he does not have the power to revoke the licenses of news networks. "Not fair to public!" Sen. Trump has been on a rampage since NBC News published a pair of reports about a meeting Trump had over the summer.

    Cisco Systems, Inc. (CSCO) Shares Sold by Diamond Hill Capital Management Inc

    Koshinski Asset Management, Inc. says it bought 1,258 shares during the last quarter increasing its stake in Cisco Systems, Inc. As of quarter end Koshinski Asset Management, Inc. had acquired a total of 1,258 shares growing its stake by 3.0%.