Tata Consultancy Services (TCS) Ltd grew faster than its closest rival Infosys Ltd in the December quarter and beat profit estimates, even as both IT industry heavyweights remain at risk of clocking some of their weakest growth numbers in 2023-24.
At least a third of TCS's incremental growth in the third quarter was driven by the large contract it secured from state-owned telecom firm Bharat Sanchar Nigam Ltd (BSNL). Excluding that, its performance was only a tad better than that of Infosys, which posted a third straight quarter of muted performance with both revenue and profit falling short of Street expectations.
Also, TCS, the country's largest technology services company, and Infosys, saw their combined workforce decline sequentially by 11,781 in the December quarter. The two companies together accounted for about a fifth of the IT industry's $245 billion revenue in 2022-23.
On Thursday, TCS reported revenue of $7.28 billion for the third quarter, representing a 1% sequential increase and a 2.9% increase from the same period a year earlier. It added $206 million in incremental revenue, of which $84 million came from its India business, a bulk of it from the BSNL contract.
Net profit improved 2.7% sequentially from the September quarter, and by 7% from a year earlier, to $1.41 billion.
Denne historien er fra January 12, 2024-utgaven av Mint Mumbai.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra January 12, 2024-utgaven av Mint Mumbai.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
Small loans can spell big trouble for Indian banks
Watch out for signs of stress in India's micro-finance sector. Bad loans, even if small, extract a cost by way of reduced profits as well as higher interest charges on credit across the board
India should redesign its public safety signs to save lives
Mind studies suggest that the use of photographs depicting fear could trigger safe behaviour
Burberry is looking like a fine acquisition target this winter
This brand known for its chequered story can surely perform better
The Washington Consensus has collapsed and it won't be missed
The combination of free-market capitalism and electoral democracy that it promoted has failed to serve everyone equitably
India's statistics ministry has a new sense of purpose
The flurry of activity to get India's statistics right is laudable but we await regulatory design clarity
The rupee could suffer collateral damage if a currency war ensues
The US election is a game-changer for foreign-exchange markets that will test the rupee and RBI
PASSIVE INCOME STRATEGIES FOR MSMEs: SECURE GROWTH, STABILITY IN UNCERTAIN TIMES
I Forging diverse passive income streams takes time, but steady approach builds a strong base
Securing financial future of a child with special needs: A parent's guide
If you have a special needs child, especially with communication disability, how can you best secure his or her financial future?
A simple guide for NRIs to invest in Indian MFs online
Unlock a wide range of investment options from anywhere with just a few simple clicks
HOW FOUR INDIAN STATES ARE WOOING FOXCONN
The Taiwanese manufacturing powerhouse has already invested $10 billion. Now, it wants to expand
