Tata Consultancy Services (TCS), a leading IT services, consulting and business solutions firm, witnessed a 23.5% rise in the consolidated net profit on year-on-year basis (a 6.3% rise on sequential basis) to Rs 73.40 billion for the quarter ended June 2017.
Total revenue up 15.8% on year-on-year basis (6.8% higher on sequential basis) to Rs 342.61 billion.
Rajesh Gopinathan, CEO and MO, said, "We are starting the new fiscal year on a strong note, with the growth engine firing on all cylinders. Our Banking vertical recovered very nicely this quarter, while other industry verticals maintained their momentum. With a good set of wins during the quarter, a robust deal pipeline and accelerating digital demand, we are positioned well for the future.''
Gopinathan added, "Customers across verticals and markets are embracing our Business 4.0 thoughtleadership framework and accelerating their digital transformation journeys. Our contextual knowledge, full spectrum capabilities and investments in research and innovation are making us their preferred partner for their growth and transformation initiatives.''
N. Ganapathy Subramaniam, Chief Operating Officer & El<ecutive Director, said, "It has been an excellent quarter, with broad-based growth across all segments and good client additions. We are seeing strong demand in areas like cloud transformation, cyber-security and data privacy, and automation. Our investments in forward-thinking doctrines like the Machine First Delivery Model. (MFDM'M) and Location-independent Agile are giving customers immediate, measurable business benefits and speed to market.''
V. Ramakrishnan, Chief Financial Officer, said, ''Disciplined execution, accelerating growth and currency support helped us mitigate the impact of wage increases during the quarter. This strong start gives us greater confidence in our ability to get our operating margin to our preferred range, while continuing to fund the digital investments that are differentiating us in the marketplace."
Shares of the company declined Rs 10.65, or 0.56%, to settle at Rs 1,877.00. The total volume of shares traded was 432,928 at the BSE (Tuesday).
