Saturday, 21 October, 2017

CLSA and Deutsche Bank bullish on TCS shares after robust Q2 earnings

TCS to announce Q2 FY 18 results today TCS Beats Expectations, Net Profit Jumps To Rs 6,446 Crore In Q2
Preston Stone | 13 October, 2017, 16:34

Tata Consultancy Services, India's largest software exporter, posted a better-than-expected second-quarter net income as a surge in investments in new digital technologies fueled growth in revenues.

Employee attrition rate was 30 basis points lower at 11.3 per cent.

TCS has declared a whopping 700 per cent second interim dividend of Rs 7 per share of Re 1 face value.

TCS posted a net profit of 64.46 billion rupees ($990 million) in the three months to September 30, beating analysts' average estimate of 63.06 billion rupees, Thomson Reuters data showed. 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. On a sequential basis, revenue rose by 3.2 per cent from the June quarter.

Commenting on Q2 earnings, CEO and managing director Rajesh Gopinathan said: "We experienced robust volume growth in Q2, driven by good demand across multiple industry verticals".

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All segments of the business, except the banking, financial services and insurance (BFSI) and retail sectors, grew revenue above 9.5 percent.

The results of TCS, the first to report quarterly earnings among Indian software exporters, augur well for the nation's information technology sector amid concerns companies could report muted financial performance in the second quarter because of a slowdown in the USA financial services and retail industries.

N. Ganapathy Subramaniam, Chief Operating Officer & Executive Director, said: "it has been a very satisfying performance this quarter, striking a good balance between pursuing revenue growth, particularly in Digital opportunities, while tightening our execution to deliver greater efficiency". The company added that North America grew by just 1.4 per cent with continued softness in banking and retail. "We expect stronger and steadier growth ahead".

Revenue from digital services was 19.7 per cent, which is up 5.9 per cent quarterly and 31 per cent yearly.

The company's blue chip stock of Re 1 face value closed on the BSE at Rs 2,548.55 per share, gaining Rs 48.05 over Wednesday's closing price of Rs 2,500.50 after opening at Rs 2,501.05 and touching a high of Rs 2,555 during intra-trading earlier in the day.

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