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Thursday 11 January 2018

Stately progress for TCS

logoTCS continued its stately progress towards becoming the first India-based IT services company to reach the $20b revenue milestone, although that target will likely have to wait at least another year. Headline revenues for FY Q3 (to 31st Dec.) grew 9.1% to $4.79b, though sequential growth slowed to 1%. However, TCS once again demonstrated its operating margin mastery, up 10bps qoq to 25.2%, by turning the screws tighter on SG&A spend, though this was not enough to match the year-ago level of 26.0%.

TCS had some notable successes here in the UK, with deals announced with Marks & Spencer and Rolls Royce, though terms were not disclosed. UK revenues grew by 8.2% yoy, and even if they stayed flat in Q4, TCS would comfortably cross the £2b revenue line for the FY, again the first among peers to do so (see TCS UK makes first £0.5b quarter).

Management also trumpeted its first $50m ‘digital’ deal, though no details were given. Nonetheless, this adds to the body of anecdotal evidence that ‘digital’ deals are starting to move beyond the pilot/proof of concept stage into the mainstream.

We shall see how the other Indian pure-plays have risen to the challenge as they report results over the next few weeks.

Posted by Anthony Miller at '13:29' - Tagged: results   offshore  

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