India’s TCS December Quarter Profit Jumps 24.1 Per Cent

India’s software giant, Tata Consultancy Services (TCS) has reported 24.1 per cent jump in its net profit at Rs 81.05 billion during the quarter ended in December 2018, year-over-year basis.

The company had recorded a net profit of Rs 65.31bn in the same period last year.

The company reported revenue growth of 20.8 per cent at Rs 373.38bn in the quarter, up from Rs 309.04bn a year earlier. Revenue growth stood at 12.1 per cent on a constant currency basis.

The Tata group owned company, during the October-December 2018 quarter, added 6,827 people, taking its overall staff strength to 4,17,929. The attrition rate was at 11.2 per cent on the last twelve months (LTM) basis.

Commenting on the third quarter performance, Rajesh Gopinathan, TCS chief executive officer and managing director, said, “we are wrapping up 2018 with strong revenue growth of 12.1% in the December quarter, which is the highest in 14 quarters, with continued growth acceleration in key verticals and across all geographies”.

“The strong client metrics, industry-leading growth in digital services, a very strong order book and deal pipeline are all validations that customers recognise our differentiated capabilities and are picking us for their growth and transformation programs,” he added.

V Ramakrishnan, TCS chief financial officer, said, “despite headwinds from the rupee volatility against various currencies, and the higher cost of doing business in some major markets, our operating margins have been resilient. We remain focused on driving rigour in our operations, generating strong cash flows and steering profitability back to our preferred range, while continuing to invest strongly for future growth.”