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As on Jan 20, 2020 12:00 AM Your results on : Corporate Results    
Tata Consultancy Services
20-Jan-2020 (11:37)
Tata Consultancy Services (TCS) for the quarter ended Dec 2019 reported a consolidated revenue of Rs 39854 crore, a steady growth of 2% compared to sequential previous quarter ended Sep 2019 revenue of Rs 38977 crore. Early single digit growth is driven largely by all verticals barring the core BFSI, which roughly accounts for about 40% of the reported revenue. While the core BFSI was flat (up 0%qoq) at Rs 15483 crore, the manufacturing, retail, communication and others registered a growth of 3%, 4%, 4% and 3% respectively to Rs 4171 crore, Rs 6709 crore, Rs 6608 crore and Rs 6883 crore. As OPM expand by 110 bps to 27.3% from 26.2% in sequential previous quarter the operating profit was up by 6% to Rs 10871 crore. Hit further by lower other income, higher interest and higher depreciation, the PBT was flat (up 0%qoq) to Rs 10569 crore. Eventually the PAT was up by 1%qoq to Rs 8143 crore as taxation stand lower by 2%qoq in absolute terms to Rs 2426 crore. After accounting for higher minority interest (a share of profit of Rs 25 crore up 56%qoq) the net profit was up by 1% to Rs 8118 crore.

Quarterly result YoY comparison

Sales for the quarter ended Dec 2019 was up by 7% to Rs 39854 crore. On constant currency (CC) basis the revenue grew by 6.8%yoy Revenue growth was led by Life Sciences & Healthcare, Communications & Media and Manufacturing which grew by 17.1%, 9.5% and 9.2% respectively in constant currency terms compared to corresponding previous period. While the core BFSI grew by 5.3%yoy in CC that of Retail grew by 5.1%yoy in CC. In terms of markets/geography, the revenue growth was led by Europe (up 15.9%yoy in CC), MEA (up 10.8%yoy in CC) and UK (up 7.5% yoy in CC). North America and Asia Pacific grew 4.1% yoy in CC and 5.7% yoy in CC respectively. India and Latin America grew by 6.4% yoy in CC and 6.2% yoy in CC respectively. UK market is impacted by Brexit. BFSI and retail headwinds slowed down the NA growth rates.

On yoy comparison the OPM expanded by marginal 30 bps to 27.3% and thus the growth at operating profit was 8% to Rs 10871 crore. Hit by 30% fall in OI, the growth at PBIDT was restricted at 4% to Rs 11689 crore. However hit by higher interest (a jump of 1294% to Rs 223 crore) and depreciation cost (up 73% to Rs 897 crore), the PBT was down by 1% to Rs 10569 crore. With taxation stand lower by 6% to Rs 2426 crore, the PAT was flat (up 0%) to Rs 8143 crore. With MI stand higher by 56%yoy to Rs 25 crore, the net profit after MI was flat (up0%) to RS 8118 crore.

Nine month performance

Sales for the period was up by 8%yoy to Rs 117003 crore and with OPM contract by 50 bps to 26.6%, the growth at operating profit was restricted at 6% to Rs 31133 crore. Gained by 24% growth in OI to Rs 3854 crore, the PBIDT was up by 7%yoy to Rs 34987 crore. As interest cost and depreciation stand higher, the growth at PBT was restricted to stand at 3% to Rs 31736 crore. After accounting for taxation (down 1% to Rs 7382 crore), the PAT was up by 4% to Rs 24354 crore. With MI stand lower by 2% to Rs 63 crore, the net profit was up by 4%yoy to Rs 24291 crore.

Management Comment

Rajesh Goinathan, CEO & MD of the company commenting on the quarterly performance said, We saw the sectoral trends of H1FY20 continue to playout in the third quarter of current fiscal as well. 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. He added our participation in the growth and transformation spends of our customers is most evident in our sustained success in continental Europe where our revenues have more than doubled in the last five years. Our thought leadership in areas like the business 4.o framework, Enterprise Agility and the Machine First Delivery Model, our domain and technology consulting expertise, investments in research and innovation, and our ability to design complex solutions leveraging multiple capabilities from across TCS, have made us the preferred partner for CEO level initiatives at progressive organisations

N Ganapathy Subramaniam, COO & ED said, In a seasonally weak quarter characterized by furloughs across multiple verticals, we focused on execution, while continuing to invest for future growth. Having on boarded over 30000 trainees in the first half of the year, we worked on driving up utilisation in Q3 and had good outcomes. Our client metrics were also very goods, with additions across most revenue buckets. He added, Our large core transformation engagements are all progressing very well. At M&G Prudential as well as at Scottish Widows, we crossed important transformation milestones, successfully migrating hundreds of thousands of policies from legacy systems onto our platform, significantly enhancing the customer experience for those policy holders. These are industry defining engagements, closely watched by other insurance companies. Our achievement of these milestones adds further impetus to their own transformation plans.

V Ramakrishnan, CFO said, Our ability to expand our margins, in a volatile environment speaks of the strengths of our business model, strong execution focus and the higher quality revenues we are getting on account of our strong positioning in our customers' growth and transformation spends.

Other developments

Epic Systems Corporation (referred to as Epic) in October 2014, filed a legal claim against the company in the Court of Western District Madison, Wisconsin for alleged infringement of Epic's proprietary information. In April 2016, the Company received an unfavourable jury verdict awarding damages totaling Rs 6703 crore (US $940 million) to Epic. In September 2017, the Company received a Court order reducing the damages from Rs 6703 crore (US $940 million) to Rs 2995 crore (US $420 million) to Epic. Pursuant to US Court procedures, a Letter of Credit has been made available to Epic for Rs 3138 crore (US $440 million) as financial security in order to stay execution of the judgment pending post-judgment proceedings and appeal. Pursuant to reaffirmation of the Court order in March 2019, the Company has filed a notice of appeal in the superior Court to fully set aside the Order. Epic has also filed a cross appeal challenging the reduction by the trial judge of Rs 713 crore (US $100 million) award and Rs 1426 crore (US $200 million) in punitive damages. The Company has received legal advice to the effect that the order and the reduced damages awarded are not supported by evidence presented during the trial. Accordingly, this matter is disclosed as contingent liability.

Declared interim dividend of Rs 5 per equity share

The Board of Directors at its meeting held on Jan 17, 2020, has declared an interim dividend of Rs 5 per equity share.

Tata Consultancy Services: Consolidated Financial Results

1912 (3)1909 (3)Var. (%)1812 (3)Var. (%)1912 (9)1812 (9)Var. (%)1903 (12)1803 (12)Var. (%)
Sales39854389772373387117003108453814646312310419
OPM (%)27.326.227.026.627.127.026.4
OP1087110225610083831133294326395063251621
Other inc.8181361-401163-3038543118244311364218
PBIDT1168911586111246434987325507438173615821
Interest2231931616129467317029619852281
PBDT1146611393111230234314323806436193610621
Dep.8978644519732578151970205620142
PBT1056910529010711-131736308613415633409222
Tax24262471-22590-673827451-110001821222
PAT 8143805818121024354234104315622588022
MI25165616566364-2905467
Net Profit8118804218105024291233464314722582622
EPS (Rs)*86.685.886.586.483.083.968.9
* On post-bonus Paid up equity capital of Rs 375 crore, Face value Re 1,
Figures in crore
Source: Capitaline Databases
EO: Extraordinary items
EPS is adjusted after EO and relevant tax

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