The country's largest IT services company reported a 3.64 per cent drop in net profit at Rs 6,531 crore compared with Rs 6,778 crore in the year-ago period.
The company signed its first $50 million plus digital deal in this quarter, which is an important milestone in the mainstreaming of digital technologies for the company. "This agreement marks TCS' entry into a highly specialized U.S. Insurance Third Party Administration marketplace and will establish TCS BaNCS as a formidable digital platform for the U.S. insurance industry, following its stellar global track record over the past decade", said Suresh Muthuswami, President and Global Head, Banking, Financial Services and Insurance Platforms, at TCS.
BFSI revenue dipped 0.4 percent as the company reported a 3.6 percent fall in net profit to 65.31 billion rupees ($1.03 billion) in the quarter to December 31. The majority of these charges are expected to be recorded over the first three years of the agreement, with approximately Dollars 100 million of transition and conversion charges reflected in the first half of 2018.
In this regard, Gopinathan said, "Progressive organisation looking to take advantage of new opportunities in the Business 4.0 era are up their digital investment, and TCS has emerged as thier preferred transformational partner".
"We don't see any significant tailwind in cross-currency to support the topline growth and margins for tier-1 companies".
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It expects HCL Technologies and Tech Mahindra to lead the pack with 2.7 percent and 1.7 percent QoQ USD revenue growth, respectively, Infosys, Wipro and TCS are estimated to grow at a slower pace of 1.4 percent, 1.4 percent and 0.7 percent, respectively. "As lagging parts of our portfolio turn around, and areas of softness reduce, we are well placed for stronger growth ahead", said Rajesh Gopinathan, CEO and MD.
The company saw a 0.2 per cent decline in its attrition rate at 11 per cent and added about 1,600 employees during the quarter.
The investment will create a more "agile, faster and commercial technology function" and is expected to save the company £30m a year by 2021-22, said M&S. "We welcome the transitioning employees to promising new careers at TCS".
TCS announced an interim dividend of ₹7 per share and this, third interim dividend, would be paid to equity shareholders on January 31.
The contract, which entails transforming Transamerica's United States insurance and annuity business lines, comes close on the heels of a mega deal TCS had clinched from television rating measurement firm Nielsen.