India's TCS profits fall amid weak growth in retail, banking

October 12, 2017

India's largest IT services firm Tata Consultancy Services blamed a two percent fall in quarterly earnings Thursday on muted growth in the retail and banking sectors, two of its largest revenue drivers.

Net profit for the three months ending September fell to 64.46 billion rupees ($990 million) from 65.86 billion rupees a year ago, the said in a statement.

TCS said it had recorded strong revenue growth across all verticals except the banking and retail sectors.

Chief Operating Officer N. Ganapathy Subramaniam said in a statement the company was working to "deliver greater efficiency."

He expected TCS to have stronger growth in the upcoming quarters, he said.

For the quarter, TCS reported a revenue of 305.4 billion rupees, up from 292.84 billion rupees for the same period last year.

India's $150-billion IT sector has long been one of its flagship industries but is facing upheaval in the face of automation, a failure to keep up with new technologies and US President Donald Trump's threat to clamp down on visas.

TCS competitor Infosys is set to release its quarterly results on October 24, its first since its high-profile CEO Vishal Sikka resigned.

Explore further: India's TCS profits fall by 6 percent

Related Stories

India's TCS profits fall by 6 percent

July 13, 2017

India's largest IT services firm Tata Consultancy Services reported a nearly 6 percent fall in quarterly earnings Thursday owing to a strengthening rupee, the company said.

India's Infosys posts 5.00% rise in profits

July 21, 2015

Indian software giant Infosys Technologies reported a five percent rise in quarterly net profits on Tuesday, aided by a weak rupee and strong demand from the United States.

India's TCS profits rise 8.8 percent

October 13, 2016

India's Tata Consultancy Services reported an 8.8 percent year-on-year rise in quarterly profits Thursday as strong growth in Europe helped the IT giant override a slump in its domestic market.

Recommended for you

Pushing lithium ion batteries to the next performance level

December 13, 2018

Conventional lithium ion batteries, such as those widely used in smartphones and notebooks, have reached performance limits. Materials chemist Freddy Kleitz from the Faculty of Chemistry of the University of Vienna and international ...

Uber filed paperwork for IPO: report

December 8, 2018

Ride-share company Uber quietly filed paperwork this week for its initial public offering, the Wall Street Journal reported late Friday.

0 comments

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.