TCS con­tin­ues to strug­gle for growth

Mint ST - - FRONT PAGE -

Tata Con­sul­tancy Ser­vices Ltd (TCS) trailed al­ready low growth es­ti­mates for the Septem­ber quar­ter. Com­pared with the Street es­ti­mate of 2-2.5% se­quen­tial ex­pan­sion in rev­enues in con­stant cur­rency terms, the firm de­liv­ered growth of 1.7% last quar­ter. On the pos­i­tive side, op­er­at­ing mar­gin ex­panded 1.7 per­cent­age points se­quen­tially, ex­ceed­ing an­a­lysts’ es­ti­mates. But a sig­nif­i­cant part of the gain in op­er­at­ing mar­gin is driven by cross-cur­rency ben­e­fits. Vol­ume growth came in at 3.2%, which was also de­cent. A rev­enue growth of 1.7% on 3.2% vol­ume growth in­di­cates greater-than-ex­pected pric­ing de­cline. See Pages 4, 6


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