MUMBAI: TCS, the largest Indian IT software company, has reported record quarterly profit for Q4 that ended March 31, 2019, with Rs8126 crore ($1.17 billion), representing 17.7 per cent growth over Rs6904 crore the company generated a year ago.
The performance, according to media reports, exceeded the analysts’ expectation. The company said it had achieved healthy order flows across multiple segments and from all major markets including Europe, the United Kingdom, India and the Middle East.
“That’s one of the big things that give us the confidence about the momentum we see,” TCS chief executive Rajesh Gopinathan said at a press briefing in Mumbai on Friday.
TCS closed the fiscal 2019 with double digit revenue growth as the company reported 11.4 per cent growth in constant currency terms, the company said in a statement.
For the March quarter, TCS reported a revenue growth of 2.4 per cent from the preceding three months in constant currency terms whereas the revenue grew 12.7 per cent compared with the same period a year ago.
Gopinathan said the company’s most important market – the banking, financial services and insurance segment (BFSI) – has a “fairly strong” outlook.
“This is the strongest revenue growth that we have had in the last fifteen quarters. Our order book is bigger than in the prior three quarters, and the deal pipeline is also robust. Despite macro uncertainties ahead, our strong exit positions us very well for the new fiscal,” said Gopinathan.
V Ramakrishnan, chief financial officer at TCS, said double digit growth, higher quality of the incremental business, and best-in-class execution capabilities have helped the company expand its operating margin year on year. “Our foresight in investing very early on in building digital skills and transformational capabilities has not only gained us market share, but has also resulted in our very resilient, industry-leading margin today,” said Ramakrishnan