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Thursday, July 18, 2013

TCS logs 15.5 pc jump in June qtr Net on strong volume growth

Posted on 10:40 AM by Unknown

Strong demand from across sectors and geographies coupled with forex
gains helped Tata Consultancy Services (TCS) today post a
better-than-expected 15.5 per cent jump in consolidated net profit at
Rs 3,831 crore in the June quarter.

The company's total revenue, under the Indian IFRS accounting
standards, rose 21 per cent to Rs 17,987 crore from Rs 14,869 crore a
year ago.

"It has been a great quarter in terms of volume. We have delivered a
volume growth of 6.1 per cent, the highest in the past seven quarters.
If you look at constant currency growth, it's 4.83 per cent and
international revenue constant currency growth is 5.8 per cent.

"So except for the domestic market, every other market has grown
substantially," TCS Managing Director and Chief Executive N
Chandrasekaran told reporters here this evening.

The IT giant said revenue gains on the rupee fall rose by 160 bps at
Rs 760 crore, while impact on the margins has been Rs 160 crore which
is an increase of 1.64 per cent.

During the first quarter of FY14, the company added two USD 100
million clients, he added.

"TCS' results were above estimates. The highlight was the 6.1 per cent
volume growth, a 7-quarter high," said Dipen Shah, Head of Private
Client Group Research, Kotak Securities.

While TCS beat the street on all counts, its immediate rival Infosys,
which has been disappointing analysts for years, had last week also
surprised market with a rise in net profit and by maintaining its
guidance for the fiscal.

Infosys' Q1 net rose 4 per cent to Rs 2,374 crore. The Bangalore-based
software major kept its US dollar revenue guidance at 6-10 per cent
growth for the fiscal, and raised the rupee guidance upwards to 13-17
per cent. No. 3 software exporter Wipro will announce its numbers July
26.

The quarter under review saw TCS operating margin rising 50 bps to
26.9 per cent, Chandrasekaran said. He said the company saw excellent
growth from verticals like banking, telecom, retail, manufacturing and
life sciences.

Ahead of the numbers, TCS scrips shed over 1 per cent on the BSE to
settle at Rs 1,650.15, while the benchmark Sensex jumped 0.90 per cent
to a six-week high.
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