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TCS reports its financial results for June 2016 quarter

| | Jul 15, 2016, at 03:55 am
#TCS # TCS #June 2016 #Quarter earnings
Mumbai, Jul 14 (IBNS): Tata Consultancy Services, the leading IT services, consulting and business solutions firm, on Thursday, reported its consolidated financial results according to IFRS in dollar terms for the quarter ended June 30, 2016.
During Q1, TCS posted the incremental revenues of $155 million – the highest in last seven quarters upto Q1 - driven by strong growth across core markets in North America, UK and Europe. India was the highlight among growth markets, the company reported. 
 
The company reported that revenue was up 3.7 % Q-o-Q  and 8.1% Y-o-Y to $ 4,362 million in the reported quarter. 
 
The company's operating income of Rs 7,347 crore was up 8.9% Y-o-Y but dropped 0.9% Q-o-Q.
 
Adoption of Cloud, Big Data & Analytics is driving demand in Manufacturing, Energy & Utilities and Communications while front-office transformations are helping growth in Telecom and Media sectors, according to the company. Consumer businesses such as Retail, TTH and Life Sciences are also increasingly using analytics to create rich experiences for each customer and reimagine each unique customer’s journey
 
Commenting on the Q1 performance, CEO and MD, N Chandrasekaran said: “Strong execution and accelerating customer adoption of Cloud, Big Data & Analytics has driven broad-based growth across key markets and industries. Our investments in platforms are gaining significant traction as customers look to boost business agility and enhance their time-to-market advantage to gain a competitive edge.”
 
Mr Chandrasekaran added: “Our rising employee retention rates for three consecutive quarters reflects our focus on engagement and investments we have made to build strong digital talent base. This is paying off with over 165,000 TCSers now trained with significant expertise in new Digital technologies that are rooted in specific domains.”
 
Rajesh Gopinathan, Chief Financial Officer, said:  “This has been a quarter of good financial performance balancing revenue growth, profitability and cash generation. Our disciplined approach to operations have helped us counter strong headwinds in the form of annual salary hikes and promotions as well as global currency and market volatility through the quarter. We continue to invest in people, platforms and products as we look to strengthen our competitive position across key markets.”

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