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PRESS RELEASE
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MUMBAI, July 9, 2019: Tata Consultancy Services (BSE: 532540, NSE: TCS), the leading global IT services, consulting and business solutions organization, reported its consolidated financial results according to Ind AS and IFRS, for the quarter ending June 30, 2019.
Financial Highlights for Quarter Ended June 30, 2019
Record date 17/07/2019; Payment date 23/07/2019
Business Highlights for Quarter Ended June 30, 2019
Commenting on the Q1 performance, Rajesh Gopinathan, Chief Executive Officer and Managing Director, said:“We have had a steady start to the new fiscal year. We see customers continuing to spend on their growth and transformation initiatives, and that is showing in our strong order book and deal pipeline this quarter.”
He added:“We are benefiting significantly from enterprises investing in Customer Experience to differentiate themselves in a Business 4.0™ world. Our lean forward strategy is working well and our customers are benefiting from the TCS innovation ecosystem. Customers appreciate our end-to-end capabilities, and our holistic approach to transforming customer journeys that enable rapid product innovation and speed to value.”
N Ganapathy Subramaniam, Chief Operating Officer & Executive Director, said:“We continue to execute well and delivered some significant transformation programs to our customers during the quarter. Our platforms for the financial industry are doing well. I’m particularly pleased that our TCS BaNCS Global Securities Processing platform is the choice of two large global financial institutions during the quarter.”
He added:“Our diversified industry presence, comprehensive digital offerings, and agile way of working, coupled with our Business 4.0 framework, enable us to stay relevant to our customers. We are confident of the future as we embrace deeply the Machine First™ philosophy in delivering experiential and modern solutions to our clients.”
V Ramakrishnan, Chief Financial Officer, said: “We continue to invest in deepening our capabilities to help our customers in their transformation journeys. Additionally, our margins this quarter fully reflect the annual increments that we effected across the board in April. Sustained rigor in operations helped deliver strong cash conversion and EPS expansion.”
IFRS Financial Statements
Unaudited Condensed Consolidated Statements of Comprehensive Income For the three-month periods ended June 30, 2018, and June 30, 2019
($ Million, except per share data)
|
Three-month period ended |
Three-month period ended |
Revenue |
5,051 |
5,485 |
Cost of revenue |
2,961 |
3,265 |
Gross margin |
2,090 |
2,220 |
SG & A expenses |
826 |
895 |
Operating income |
1,264 |
1,325 |
Other income (expense), net |
178 |
203 |
Income before income taxes |
1,442 |
1,528 |
Income taxes |
357 |
357 |
Income after income taxes |
1,085 |
1,171 |
Minority interest |
3 |
3 |
Net income |
1,082 |
1,168 |
Earnings per share in $ |
0.28 |
0.31 |
Unaudited Condensed Consolidated Statements of Financial Position As of March 31, 2019 and June 30, 2019
($ Million)
|
As of March 31, 2019 |
As of June 30, 2019 |
Assets |
||
Property and equipment |
1,685 |
1,663 |
Right-of-use Assets |
0 |
911 |
Intangible assets and Goodwill |
581 |
588 |
Accounts Receivable |
3,969 |
4,075 |
Unbilled Revenues |
1,298 |
1,433 |
Investments |
4,243 |
4,438 |
Cash and Cash equivalents |
1,045 |
821 |
Other current assets |
2,908 |
2,809 |
Other non-current assets |
1,207 |
1,260 |
Total Assets |
16,936 |
17,998 |
|
||
Shareholders' Funds |
13,243 |
13,246 |
Long term borrowings |
6 |
0 |
Short term borrowings |
3 |
0 |
Other current liabilities |
3,192 |
3,536 |
Other non-current liabilities |
423 |
1,142 |
Minority Interest |
69 |
74 |
Total Liabilities |
16,936 |
17,998 |
About Tata Consultancy Services Ltd (TCS)
Tata Consultancy Services is an IT services, consulting and business solutions organization that has been partnering with many of the world’s largest businesses in their transformation journeys for the last fifty years. TCS offers a consulting-led, cognitive powered, integrated portfolio of business, technology and engineering services and solutions. This is delivered through its unique Location Independent Agile delivery model, recognized as a benchmark of excellence in software development.
A part of the Tata group, India's largest multinational business group, TCS has over 436,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $20.9 billion in the fiscal year ended March 31, 2019, and is listed on the BSE (formerly Bombay Stock Exchange) and the NSE (National Stock Exchange) in India. TCS' proactive stance on climate change and award winning work with communities across the world have earned it a place in leading sustainability indices such as the Dow Jones Sustainability Index (DJSI), MSCI Global Sustainability Index and the FTSE4Good Emerging Index. For more information, visit us at www.tcs.com.
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Phone: +91 22 6778 9999