TCS posts 3.2% sequential rise in Sept quarter dollar revenue.
Friday, October 13, 2017 IST
Tata Consultancy Services Ltd (TCS)’s quarterly revenue rose 1.7% in constant currency terms in the second quarter from the preceding three months, lower than already depressed expectations, but a 150 basis point boost from positive currency movement and better operational efficiency helped the company report a 3.2% sequential increase in dollar revenue, allowing it to beat analysts’ estimates in the July-September period.
Nonetheless, it marks the 12th straight quarter when India’s largest software services company has either underperformed or at best managed to match analysts’ estimates in constant currency terms.
One reason for this prolonged underperformance is its current size. TCS, which ended the September quarter with $4.74 billion revenue, now does more business in a three-month period than Tech Mahindra Ltd, India’s fifth largest IT services firm, did in 2016-17.
Still, a subdued performance in what is seasonally the strongest quarter for India’s $154 billion outsourcing industry masks the optimism expressed by the management of TCS, as there are plenty of worries ahead for the company and for the industry.
A 3.2% growth on the back of 3.1% in the first quarter means TCS added $594 million in incremental revenue in April-September, higher than the $544 million in new business in the same period of the last fiscal year. TCS added $1.03 billion in new revenue in 2016-17 to report a 6.2% growth.
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