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Net profit rises to ₹8,118 crore

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TCS, India’s biggest IT company, today reported a 0.2% year-on-year growth in net profit at 8,118 crore for the third quarter ended December 31, 2019. Revenues rose 6.7% year on year to 39,854 crore. In terms of constant currency, revenues grew 6.8% year on year, with operating margin expanding to 25%.

Commenting on the Q3 performance, CEO Rajesh Gopinathan said: “We saw the sectoral trends of the first half of the year continue to play out in the third quarter. Our robust order book during the quarter reflects our ability to pitch innovative technology solutions to address the business needs of different stakeholders in the enterprise, and participate in our customers’ enterprise-wide transformation initiatives. This is also helping deepen and broaden our customer relationships, and make the business more resilient.”

TCS announced interim dividend of 5 per share.

N Ganapathy Subramaniam, chief operating officer and executive director, said: “In a seasonally weak quarter characterized by furloughs across multiple industry verticals, we focused on execution, while continuing to invest for future growth. Having onboarded over 30,000 trainees in the first half of the year, we worked on driving up utilization in Q3 and had good outcomes. Our client metrics were also very good, with additions across most revenue buckets.”

TCS shares had ended 0.9% lower at 2218 on BSE today ahead of the earnings announcement.

Other highlights of TCS Q3 results:

Life Sciences & Healthcare continued to outperform, growing +17.1% year on year; manufacturing grew 9.2% and communications and media grew 9.5%

Europe business grew 15.9% YoY

North America and Asia Pacific grew 4.1% and 5.7% respectively. India grew 6.4% while Latin America grew +6.2%

IT Services attrition rate at 12.2% LTM

Net addition of 22,390 employees year to date

93% of the 30,000 freshers onboarded in first half of the year deployed in projects

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