MUMBAI: Tata Consultancy Services (BSE: 532540, NSE: TCS), the leading IT services, consulting and business solutions firm reported its consolidated financial results according to IFRS and Ind AS, as on December 31, 2017.
Financial Highlights for Quarter Ended December 31, 2017
Proposed record date 23/01/18; Payment date 31/01/18
Business Highlights for Quarter Ended December 31, 2017
Commenting on the Q3 performance, Rajesh Gopinathan, CEO and MD, said: “We wrapped 2017 with a strong performance in the December quarter, marked by the signing of industry-defining deals, robust client metrics and broad-based demand across industry verticals. As lagging parts of our portfolio turn around, and areas of softness reduce, we are well placed for stronger growth ahead.”
Mr Gopinathan added: “Progressive organizations looking to take advantage of new opportunities in the Business 4.0 era are ramping up their Digital investments, and TCS has emerged as their preferred transformational partner. We signed our first $50Mn+ deal in Digital this quarter, crossing an important milestone in the mainstreaming of Digital technologies. The investments we have been making over the last few years in Research and Innovation, and in building intellectual property, are giving us a distinct edge in the market in winning such large transformational programs.”
Q3 Segment Highlights
Industries: Most industry verticals grew above company average in Q3. The Retail and CPG vertical showed a strong turn around, growing 6.4% Q-o-Q. Growth was led by Energy & Utilities (+8.5% Q-o-Q), Travel & Hospitality (+2.9% Q-o-Q) and Life Sciences & Healthcare (+2.5% Q-o-Q). On a year on year basis, all industry verticals – with the exception of BFSI and Retail – grew above 9.5%, with four verticals growing in double digits Y-o-Y.
Markets: Growth was led by Latin America (+5% Q-o-Q), Continental Europe (+2.6% Q-o-Q) and North America (+1.5% QoQ). On a Y-o-Y basis, Continental Europe (+22.3%), UK (+8.2%) and India (+4.1%) performed very well. North America grew 2.8% YoY.
Services: Continuing investments by clients in Digital initiatives resulted in over 150+ wins and strong growth across all service practices. Key highlights:
Select Key Wins in Q3
Key Digital Wins
Research and Innovation:
As of December 31, 2017, the company has applied for 3617 patents, including 100 applied during the quarter. Till date the company has been granted 623 patents.
Total employee strength at the end of Q3 stood at 390,880 on a consolidated basis, with gross addition of 12,534 employees and net addition of 1,667 employees during the quarter.
Localization initiatives continue to progress well, with 2,929 employees recruited outside India in Q3, bringing the total to 9,908 in FY 18, year to date.
Employee reskilling initiatives, focused on building digital competencies at scale using anywhere anytime access, are helping employees stay relevant at a time of technology change. The company continues to enjoy best in class employee retention rates. The IT Services attrition rate (LTM) fell by 0.2% in Q3 to 11.1%, while the total attrition rate (including BPS) fell to 11.9%.
The percentage of women in TCS rose further to 35.2% in Q3. The total number of nationalities represented in the workforce stood at 131.
“Our core philosophy of investing in our people and empowering them, and in creating employee-friendly workplaces, is resulting in an engaged, energized and empowered workforce that is central to our continued success,” said Ajoy Mukherjee, Executive Vice President and Global Head, Human Resources.
Awards and Recognition:
IFRS Financial Statements
Unaudited Condensed Consolidated Statements of Comprehensive Income
For the three-month periods ended December 31, 2016, September 30, 2017 and December 31, 2017
(In millions of `, except per share data)
Unaudited Condensed Consolidated Statements of Financial Position
As of March 31, 2017 and December 31, 2017
(In millions of `)
Ind AS Financial Statements
Consolidated Statement of Profit and Loss
For the Quarter ended December 31, 2016, September 30, 2017 and December 31, 2017
(In crores of `, except per share data)
Consolidated Balance Sheet
As at March 31, 2017 and December 31, 2017
(In crores of `)
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