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INDIA-IT-EARNINGS-COMPANY-INFOSYS-TCS
Indian IT giants Infosys, TCS see profits soar
MUMBAI, April 13, 2019 (BSS/AFP) – India’s biggest software exporters
reported a surge in net profits on Friday thanks to strong revenue growth and
a slew of big new deals.
Tata Consultancy Services (TCS), India’s largest IT outsourcing firm, said
profits for the quarter ending March 2019 rose 17.7 percent from the same
period a year ago.
The Mumbai-based company notched 81.26 billion rupees ($1.18 billion) in
consolidated net profits for Q4 of financial year 2018-19, up from 69.04
billion rupees on-year.
TCS said its revenues has grown 18.5 percent for the quarter year-on-year.
“This is the strongest revenue growth that we have had in the last fifteen
quarters,” said CEO Rajesh Gopinathan in a statement.
“Our order book is bigger than in the prior three quarters, and the deal
pipeline is also robust,” he added.
TCS’s rival Infosys, India’s second-largest IT outsourcing firm, reported
a more than ten percent rise in its quarterly profits.
The Bangalore-headquartered company said consolidated net profit for the
quarter ended March 2019 notched 40.78 billion rupees ($589.1 million).
That was up from the 36.90 billion rupees recorded in the same period the
previous year, a rise of 10.5 percent.
Infosys said revenues soared 19.1 percent to 215.54 billion rupees.
It added that 101 new clients were added during the quarter, bringing
their total client count to 1,279.
“We have completed the first year of our transformation journey with
strong results on multiple dimensions including revenue growth, performance
of our digital portfolio, large deal wins, and client metrics,” chief
executive Salil Parekh said in a statement.
“This is a reflection of our increased client relevance stemming from our
focus on digital, positioning, and longstanding client relationships,” he
added.
India’s $150 billion IT sector has long been one of the country’s flagship
industries as companies around the world take advantage of its skilled
English-speaking workforce.
Indian IT firms are undergoing a period of change in the face of
automation and new technologies but continue to boast healthy balance sheets.
BSS/AFP/HR/1028