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TCS gains after good Q1 results

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rose 2.40% to Rs 1,922 at 9:24 IST on after consolidated net income rose 6.3% to Rs 7340 crore on 6.8% increase in revenue to Rs 34261 crore in Q1 June 2018 over Q4 March 2018.

The result was announced after market hours yesterday, 10 July 2018.

Meanwhile, the Sensex was down 5.67 points, or 0.02% to 36,233.95.

On the BSE, 1.26 lakh shares were traded in the counter so far compared with average daily volumes of 2.62 lakh shares in the past two weeks. The stock had hit a high of Rs 1,928.30 and a low of Rs 1,894 so far during the day. The stock hit a record high of Rs 1,930 on 9 July 2018. The stock hit a 52-week low of Rs 1,188.05 on 14 July 2017.

Commenting on the Q1 performance, and MD, said the company is starting the new fiscal year on a strong note, with the growth engine firing on all cylinders. The firm's vertical recovered very nicely this quarter, while other industry verticals maintained their momentum. With a good set of wins during the quarter, a robust deal pipeline and accelerating digital demand, is positioned well for the future.

Gopinathan added that customers across verticals and markets are embracing the company's Business 4.0 thought leadership framework and accelerating their digital transformation journeys.

N. Ganapathy Subramaniam, chief operating officer & executive director, said that it has been an excellent quarter, with broad-based growth across all segments and good client additions. The company is seeing strong demand in areas like cloud transformation, cyber-security and data privacy, and automation. TCS' investments in forward-thinking doctrines like the Machine First Delivery Model (MFDM) and Location-independent Agile are giving customers immediate, measurable business benefits and speed to market.

V. Ramakrishnan, chief financial officer, said that disciplined execution, accelerating growth and currency support helped the company mitigate the impact of wage increases during the quarter. This strong start gives the firm greater confidence in its ability to get its operating margin to its preferred range, while continuing to fund the digital investments that are differentiating the company in the marketplace.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, July 11 2018. 09:27 IST