Tata Consultancy Services (TCS), a leading IT services, consulting and business solutions firm, witnessed a 3.95% fall in the consolidated net profit on year-on-year basis (a 1.32% rise on sequential basis) to Rs 65.45 billion for the quarter ended December 2017.
Total Income up 2.74% on year-on-year basis (1.32% higher on sequential basis) to Rs 317.74 billion.
Commenting on the Q3 performance, Rajesh Gopinathan, CEO and MD, said, "We wrapped 2017 with a strong performance in the December quarter, marked by the signing of industry-defining deals, robust client metrics and broad-based demand across industry verticals. As lagging parts of our portfolio turn around, and areas of softness reduce, we are well placed for stronger growth ahead."
Gopinathan added, "Progressive organizations looking to take advantage of new opportunities in the Business 4.0 era are ramping up their Digital investments, and TCS has emerged as their preferred transformational partner. We signed our first USD 50 million+ deal in Digital this quarter, crossing an important milestone in the mainstreaming of Digital technologies. The investments we have been making over the last few years in Research and Innovation, and in building intellectual property, are giving us a distinct edge in the market in winning such large transformational programs."
N. Ganapathy Subramaniam, Chief Operating Officer & Executive Director, said, "We had a very good quarter marked by excellent operating metrics all across. New deal romp-ups, increasing traction in Digital, robust demand pick up in Retail and continuing momentum in most of our industry verticals gave us strong volume growth in a seasonally weak quarter. Our reputation for superior execution, combined with our platform capability, positions us well to close mega deals."
V. Ramakrishnan, Chief Financial Officer, said, "Concerted efforts by all our teams and tighter working capital management resulted in very strong cash conversion this quarter. The long view we have historically taken with many of our key investment decisions, be it our geographic forays or new cloud-based platform businesses, is now beginning to yield results. Several of the key deals we signed this quarter, are a vindication of that strategic patience."
