TCS net up 23.5%, revenue up 15.8% in Q1
Mumbai, July 10: Global software major Tata Consultancy Services (TCS) on Tuesday reported Rs 7,340 crore consolidated net profit for the first quarter of fiscal 2018-19, registering 23.5 per cent annual and 6.3 per cent sequential growth.
In a regulatory filing on the BSE, the city-based IT firm said consolidated revenue for the quarter (Q1) under review grew 15.8 per cent annually and 6.8 per cent quarterly to Rs 34,261 crore.
Under the International Financial Reporting Standard, net income grew 17.2 per cent year-on-year to $1.1 billion and revenue 10 per cent to $5.1 billion for the first quarter.
"Revenue from North America market grew highest in the last 12 quarters or three years by 7 per cent annually and 3.7 per cent quarterly on recover from banking, financial services and insurance (BFSI) and retail," said TCS in a statement here.
Operating margin remained flat at 25 per cent as in the previous quarter (25.4 per cent).
"Digital business contributed 25 per cent to the overall revenue and grew a whopping 44.8 per cent YoY," it added.
The company added 2 new clients in $100 million billing rate and 13 clients in $5 million band sequentially.
"We have started the new fiscal year on a strong note, with the growth engine firing on all cylinders. We had good wins, a robust pipeline and accelerating digital demand," said TCS Chief Executive Rajesh Gopinathan in the statement.
Noting that customers across verticals and markets were embracing the company's Business 4.0 thought-leadership framework, he said contextual knowledge, full spectrum capabilities and investments in research and innovation were making TCS their preferred partner for growth and transformation initiatives.
TCS Chief Operating Officer N. Ganapathy Subramaniam said the year's first quarter was excellent due to growth across segments and client additions.
"We are seeing strong demand in cloud transformation, cyber-security, data privacy and automation. Our investments in Machine First Delivery Model and Location-independent Agile are giving customers business benefits and speed to market," he said.
TCS Chief Financial Officer V. Ramakrishnan said disciplined execution, accelerating growth and currency support helped the company mitigate the impact of wage increases during the quarter.
"A strong quarterly start gives us confidence in our ability to get our operating margin to our preferred range, while continuing to fund the digital investments," he said.
The company applied for 3,978 patents, including 62 during the quarter, and was granted 715.
Its headcount crossed the 4 lakh mark and touched 400,875 on consolidated basis. Women accounted for 35.6 per cent.
The IT services attrition rate fell 0.1 per cent to 10.9 per cent, while the total attrition rate, including business processing services fell to 11.7 per cent.
"We continue to invest in upgrading the skills of our employees while leveraging their contextual knowledge and domain experience," said Human Resources global head Ajoy Mukherjee.
The twin strategy has resulted in a dynamic workplace and a strong digital solutioning capability to deliver differentiated outcomes for its global customers.
The company's blue-scrip of Rupee 1 face value ended at Rs 1,877 per share at the end of Tuesday's trading on the BSE, losing Rs 10.65 from Monday's closing price of Rs 1,887.65 and opening at Rs 1,895.20.
The scrip also touched a high of Rs 1,900 and a low of Rs 1,872 during the intra-day trading session on the bourses.
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Excise policy cases: SC agrees to hear Sisodia's pleas seeking relaxation of bail conditions
New Delhi (PTI): The Supreme Court on Friday agreed to hear AAP leader Manish Sisodia's pleas seeking relaxation of bail conditions which require him to report to the investigating officer on every Monday and Thursday in the corruption and money laundering cases related to Delhi excise policy.
A bench of Justices B R Gavai and K V Viswanathan issued notices to the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) seeking their responses on Sisodia's applications.
On August 9, the apex court had granted him bail in the corruption and money laundering cases linked to the alleged Delhi excise policy scam, saying long incarceration for 17 months without trial had deprived him of his right to speedy trial.
The apex court had imposed conditions, including that he shall report to the investigating officer on every Monday and Thursday between 10-11 am.
During the hearing on Friday, senior advocate Abhishek Singhvi, appearing for Sisodia, said the Aam Aadmi Party (AAP) leader has appeared before the investigating officers 60 times.
"I (Sisodia) am a respectable person," the senior advocate said.
Singhvi said that similar condition was imposed by the apex court on other accused in the case.
"The same ED has given no objection to all other accused," he said.
The bench said, "On the next date, we will clarify it."
"Issue notice, returnable two weeks," the top court said.
The former Delhi deputy chief minister was arrested by both the CBI and the ED in corruption and money laundering cases linked to the alleged Delhi excise policy scam.
He was arrested by the CBI on February 26, 2023 for purported irregularities in the formulation and implementation of the now scrapped Delhi excise policy 2021-22.
The following month, the ED arrested him in the money laundering case stemming from the CBI FIR on March 9, 2023. He resigned from the Delhi cabinet on February 28, 2023.
In its August 9 verdict granting bail to Sisodia in both the cases, the apex court had said it was high time that the trial courts and the high courts should recognise the principle that "bail is rule and jail is exception".
"We find that, on account of a long period of incarceration running for around 17 months and the trial even not having been commenced, the appellant (Sisodia) has been deprived of his right to speedy trial," it had said.
The top court had directed him to furnish a bail bond of Rs 10 lakh with two sureties of the like amount.
It had directed that Sisodia shall surrender his passport with the special court and not make any attempt either to influence the witnesses or to tamper with the evidence.
The apex court had set aside the May 21 verdict of the Delhi High Court, which had dismissed Sisodia's pleas seeking bail in both these cases.
The ED and the CBI had opposed his bail pleas.
