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TCS annual revenue crosses trillion rupees

India blooms News Service | 19 Apr 2016, 08:09 pm
Mumbai, Apr 19 (IBNS) Tata Consultancy Services (TCS), a leading IT services, consulting and business solutions firm reported its consolidated financial results for the quarter (Q4) and financial year (FY16) ended March 31, 2016, on Monday, where the company said that its annual revenues crossed trillion rupees in 2015-16.

According to the company, Q4 growth was driven by robust volumes and has provided the momentum for FY17.

The company posted revenue of $4.2 billion in Q4, up 1.5 per cent from the preceding Q3  (2.1% in constant currency terms) and up 7.9% from the same quarter in the previous year.

Q4 net profit went up 1.3 per cent from the preceding quarter and 50.9 per cent from the year-ago quarter to $938 million.

For FY16, operating profit went up 17.6 per cent from the previous year to $4.38 billion. EPS was $1.88.

For Q4,the company posted operating profit of $1,096 million. EPS was $0.48 in Q4 from $0.47 in Q3.

N. Chandrasekaran, CEO and MD, TCS, said, “Our core portfolio performed strongly in a seasonally weak 4th quarter driven by strong volumes led by growth in BFSI, retail and manufacturing sectors. This gives us good momentum going into the new financial year. Our investments in building high impact digital platforms is paying off, resulting in over $2.3 billion in digital revenues. We are building the right talent pool by training more than 120,000 TCSers in FY16 in over 400 new digital technologies to help our customers drive adoption of digital in their enterprise.”

The company reported that Q4 saw broad-based growth with the core portfolio performing strongly led by BFSI (3.2% Q-o-Q), Manufacturing (3.9% Q-o-Q) and Retail (2.1% Q-o-Q) in constant currency. For FY16, growth was led by BFS (14.8% Y-o-Y), Life Sciences (20.6% Y-o-Y), Travel & Hospitality (17% Y-o-Y) and Manufacturing (15% Y-o-Y) in constant currency.

In terms of key markets, the company said that growth in Q4 was led by Europe (3.6% Q-o-Q) and North America (2.4% Q-o-Q) in constant currency. For FY16, North America grew by 10.8%, Europe grew by 12.9%, UK by 8.3% in constant currency. India crossed $1 billion milestone in annual revenues while overall revenues from new Growth Markets stood at $3.3 billion in FY16.

Rajesh Gopinathan, Chief Financial Officer, TCS, said, “In FY16, we have balanced our focus on delivering an industry leading financial performance with our ongoing investment program designed to capture evolving Digital demand. We have invested over $250M to support organic growth in our Digital businesses and in new markets, while maintaining our profitability within our desired range and generated strong operating cash flows as well.”

Regarding the $940 million fine slapped by a US jury on Tata Consultancy Services (TCS) and  Tata America International Corp, in connection with a trade secret lawsuit filed in 2014, TCS on Saturday said it will defend its position.

TCS annual revenue crosses trillion rupees

India blooms News Service
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