TCS net dips 4 per cent in Q3

Mumbai, Jan 11 Global software major Tata Consultancy Services (TCS) on Thursday reported 4 per cent annual decline in net profit to Rs 6,545 crore for the third quarter of 2017-18 from Rs 6,814 crore in same period last year.

In a regulatory filing on the BSE, it said total income for the quarter under review (Q3), however grew 2.7 per cent annually to Rs 31,774 crore from Rs 30,927 crore in the like period year ago.

Sequentially, net profit and income grew 1.3 per cent from Rs 6,460 crore and Rs 31360 crore in the second quarter.

In dollar terms under the International Financial Reporting Standards, net income at $1,012 million is 1.2 per cent up annually and 1.1 per cent up quarterly, while revenue grew 9.1 per cent annually but flat (1 per cent) quarterly at $4,787 million.

Operating margin at 25.2 per cent was flat sequentially, while volume growth was 1.6 per cent quarterly.

"Digital solutions contributed 22 per cent to the overall revenue, registering 39.6 per cent growth annually and 13.9 per cent quarterly in constant currency," said the company in a statement.

The company acquired 34 new clients during the quarter, including 3 in $50 million band, 7 in $20 million, 9 in $10 million and 15 in $5 million.

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