An uncertain macro environment and slow discretionary spending by its clients in major markets, coupled with seasonal weaknesses owing to furloughs, affected the third-quarter (October-December 2024) FY25 performance of India's largest information-technology services player, Tata Consultancy Services (TCS).
TCS' net profit for the third quarter, at ₹12,380 crore, was up 11.9 per cent over ₹11,058 crore in the same quarter of FY24. In Q3FY24 TCS had a one-time settlement of legal claims of ₹958 crore. Taking this into consideration, net profit growth year-on-year (Y-o-Y) was 5.5 per cent.
Revenue grew 5.6 per cent to ₹63,973 crore in the quarter concerned. Sequentially it was down 0.4 per cent. In dollars, revenue was down 1.7 per cent and went up 3.6 per cent Y-o-Y.
The company missed meeting Bloomberg estimates. According to the estimates, revenue was expected at ₹64,748 crore and net profit at ₹12,534 crore. The surprise, and a positive point, was the order books. The total contract value (TCV) came in strong at $10.2 billion in the quarter. In Q1 and Q2 it was $8.3 billion and $8.6 billion, respectively.
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