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TCS Announces Results for the Quarter Ended September 30, 2016Net Profit at `6,586 cr; up 4.3% Q-o-Q & 8.8% Y-o-Yin Q2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mumbai, Maharashtra, India
Tata Consultancy Services (BSE: 532540, NSE: TCS), the leading IT services, consulting and business solutions firm reported its consolidated financial results according to IFRS and Ind ASas on September 30, 2016.
Financial Highlights for Quarter Ended September 30, 2016
Proposed record date 25/10/16; Payment date 02/11/16
Business Highlights for Quarter Ended September 30, 2016
Commenting on the Q2 performance, CEO and MD, N. Chandrasekaran said: “It has been an ‘unusual Q2’ for TCS. Growing uncertainties in the environment is creating caution among customers and resulted in holdbacks in discretionary spending this quarter. In additional, volatility in markets like India and Latin America also muted revenue growth. It has been a good quarter from a profitability perspective where despite multiple headwinds our disciplined approach and focus on operations has helped us deliver a strong margin performance.”
Mr. Chandrasekaran added: “With technology increasingly at the forefront of business, we are confident that this is temporary. We continue our strong tradition of investingin building IP and solutions as well as talent for the future. Over 180,000 TCSersare now trained with significant expertise in new Digital technologies.”
Rajesh Gopinathan, Chief Financial Officer, said: “This has been a quarter of good financial performance with sequential improvement in profitability andstrong cash generation despite multiple headwinds including global currency and market volatility through the quarter.”
* YOY Growth IFRS :8.8% & Ind AS:8.4%
During Q2, growth was led by Life Sciences and Healthcare which grew at 4.7% sequentially in constant currency followed by Energy & Utilities (up 3.6%), Manufacturing (up 3.1%), Travel & Hospitality (up 2.3%) and Communication and Media which grew 2%.
From a geography perspective, Europe saw strong growth at 3.7% and Asia Pacific at 3.5%sequentially in constant currency while North America grew 1.4% sequentially and UK was flat. India declined by 7.6% sequentially and Latin America also continued to show volatility.
Some Sample Digital Investments
Select Wins in Q2
Key Wins in Digital Services and Solutions in Q2
Innovation and Intellectual Property As of September 30, 2016, the company has applied for 3053 patents, including 118 applied during the quarter. Till date the company has been granted 423 patents
Human Resources The total employee strength at the end of Q2 was 371,519 on consolidated basis with gross addition of 22,665 (net addition: 9,440 employees). The total attrition rate (LTM) fell to 11.9% in IT services and was at 12.9% including BPS. The percentage of women in TCS rose to an all-time high of 34.3% while the number of nationalities was at 129.
“We continue to hire in line with business demands and engage with our employees to help them learn and equip themselves with new skills to succeed in a digital world. We remain focused on building a team of global professionals with diversity and multiple skill-sets. The process of on-boarding this year’s campus trainees continues at the normal pace,” said Ajoy Mukherjee, Executive vice president and Global Head, Human Resources.
Awards and Recognition Business Leadership
Partner
o Top Infrastructure Solutions Partner 2016 o HPE-SI-ISV Best Triangulation Partnership 2016 o Outstanding Global Transformation Solution Partner o Partner of the Year – Americas
Sustainability
Leadership N Chandrasekaran:
Aarthi Subramanian, Executive Director & Head – Delivery Excellence, Governance and Compliance
About Tata Consultancy Services Ltd (TCS) Tata Consultancy Services is an IT services, consulting and business solutions organization that delivers real results to global business, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integrated portfolio of IT, BPS,infrastructure, engineering and assurance services. This is delivered through its unique Global Network Delivery Model™, recognized as the benchmark of excellence in software development. A part of the Tata group, India’s largest industrial conglomerate, TCS has over 371,000 of the world’s best-trained consultants in 45 countries. The company generated consolidated revenues of US $16.5 billion for year ended March 31, 2016 and is listed on the BSE (formerly Bombay Stock Exchange) and the NSE (National Stock Exchange) in India.
For more information, visit us at www.tcs.com
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IFRS Financial Statements
Unaudited Condensed Consolidated Statements of Comprehensive Income For the three-month periods ended September 30, 2015, June 30, 2016 and September 30, 2016 (In millions of `, except per share data)
Unaudited Condensed Consolidated Statements of Financial Position As of March 31, 2016 and September 30, 2016 (In millions of `)
Ind AS Financial Statements
Consolidated Statement of Profit and Loss For the Quarter ended September 30, 2015, June 30, 2016 and September 30, 2016 (In crores of `, except per share data)
Consolidated Balance Sheet As atMarch 31, 2016 and September 30, 2016 (In crores of `)
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