M&S to outsource "over half" of IT to TCS

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The country's largest IT services company reported a 3.64 per cent drop in net profit at Rs 6,531 crore compared with Rs 6,778 crore in the year-ago period.

"Key positives for the quarter were: strong digital performance with digital business crossing $1 billion quarterly revenue mark and a large digital deal win, rebound in the retail and CPG (consumer packaged goods) vertical which grew 6.4% quarter-on-quarter, large deal wins and steady client metrics", HDFC Securities noted in its report on TCS earnings.

In spite of good progress made in the past year, the retailer outlined plans to slow its Simply Food store openings in the future, noting that only the highest returning sites will qualify for addition to its store portfolio.

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Fourth-quarter results also compare to the consensus estimates for EPS of $0.88 on revenues of $10.13 billion. Bluecrest Cap Limited invested in 7,204 shares. 6,400 were reported by Highvista Strategies Ltd Liability Co.

The partnership enables Transamerica to rapidly enhance its digital capabilities, simplify the service of more than 10 million policies into a single integrated modern platform, and drive greater sustainable growth opportunities through superior customer experiences. "TCS has partnered with its global insurance clients in their transformation journeys and played an integral role in their growth". Rajesh Gopinathan, CEO and managing director, TCS, said.

"The investments we have been making over the last few years in research and innovation, and in building intellectual property, are giving us a distinct edge.in winning such large transformational programmes", Gopinathan said, adding that the focus on digital has helped TCS bag over 150 deals in this space.

But the numbers are stark.

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Digital revenue, which formed 22.1 per cent of total revenue for the quarter, was up 39.6 per cent year-on-year and up 13.9 per cent quarter-on-quarter. Approximately 250 of M&S's current 430 IT staff will now be employed by TCS, though will continue to work from the retailer's Stockley Park, London offices, according to a company statement; meanwhile, a spokeswoman said that M&S is "not moving any additional services offshore as a result" of the deal.

"We don't see any significant tailwind in cross-currency to support the topline growth and margins for tier-1 companies". Yet, digital business accounts for less than a fourth of overall revenue of the Indian IT-services companies. Nasscom had forecast a 7-8% growth for 2017-18 in constant currency. Analysts at HDFC Securities were expecting profit of Rs. 6,563 crore for the fiscal third quarter.

During the quarter, revenues came in at Rs 30,904 crore, a 1.2 per cent growth sequentially and around a 4 per cent increase over previous year.

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