Tata Consultancy Services (TCS) reported 4.2 percent increase in net profit for the March 2017 (Q4) quarter to Rs 6,608 crore as against Rs 6,340 crore in the corresponding period a year ago, though it marked a drop of 2.5 percent from Rs 6,778 crore earned in the December 2016 quarter.
TCS, which was reporting its first quarterly earnings under new Chief Executive Rajesh Gopinathan, said revenue rose 4.2 per cent year-on-year to Rs 296.42 billio. The dollar revenues were at $4452 million, a growth of 1.5 per cent over the preceding quarter.
"2016-17 was a year of broad-based growth amid economic and political turbulence in our key markets".
TCS does not give revenue forecasts.
India's biggest IT sourcing firm Tata Consultancy Services (TCS) reported a 4.2 percent increase in quarterly earnings on Tuesday, just missing analysts' estimates. "Retail is facing structural challenges in the industry", Gopinathan said, adding, "Financial stress is building up on the (retail) industry". We are focusing on three themes - agile, cloud and automation - and we see these playing out.
"In terms of visa per se, our visa usage application will be similar this year as compared to last year. We continue to invest to support organic growth of our digital business, build new market segments and drive profitability in our targeted range", V Ramakrishnan, Chief Financial Officer, said.
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Mukherjee announced a lower wage hike of 5-9 per cent for domestic employees, justifying it with the overall outlook and also the fall in domestic inflation. Life Sciences & Healthcare saw a growth of 3.1 per cent, Manufacturing 1.7 per cent, Energy & Utilities 1.4 per cent, while others revenues dipped 2.1 per cent.
Gross employee addition for the company during the quarter stood at 20,093 employees while the net addition was 8726 employees.
The attrition rate for IT services declined to 11.5 per cent in the fiscal from 15.5 per cent a year ago.
On an annual basis TCS's net profit for the financial year 2016-17 came in at Rs 26,117 crore, up 6.6 per cent from Rs 24,270 crore in financial year 2015-16. The company has applied for a similar number of visas in the ongoing year, he added. Slowing growth in BFSI wasn't a cause for concern, said Gopinathan.
Its acquisition policies will also remain the same going forward with a focus on acquiring capability and market access, he said, clarifying that it will not be for people and revenues even though there are difficulties in the US.
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