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M&S outsources 250 technology roles to Tata

12 January 2018

The company is expected to report profit for the quarter at Rs 3,609 crore, down 3.14 percent compared to Rs 3,726 crore in previous quarter, according to average of estimates of analysts polled by CNBC-TV18.

A Bloomberg poll of experts predicted consolidated net profit and revenue to be at Rs 6,532 crore and Rs 31,000 crore in Q3FY18.

"The multi-year agreement (with Transamerica) is worth more than United States dollars 2 billion in revenues, the largest contract signed by TCS to date", TCS said in a statement. The majority of these charges are expected to be recorded over the first three years of the agreement, with approximately Dollars 100 million of transition and conversion charges reflected in the first half of 2018.

United Kingdom retail group Marks & Spencer has announced a new technology transformation initiative that will enable it to become a digital first business and deliver an improvement in customer experience - but will also lead to the consolidation of its technology supplier base. We signed our first $50M+ deal in digital this quarter, crossing an important milestone in the mainstreaming of digital technologies. Nasscom had forecast a 7-8% growth for 2017-18 in constant currency.

Net income in dollar terms were at $1,012 million higher by 1.2% yoy and 1.1% qoq.

Margins were also steady at 25.2 per cent, while volume growth (increase in man hours billed) rose 1.6 per cent on a sequential basis.

A spokesman confirmed that Tata will replace M&S's existing technology contracts with eight large suppliers, including Fujitsu, Sapient and Daisy, and will also manage the retailer's contracts with small technology firms.

Gopinath said continental Europe, which grew 2.6% in CC, was poised to become the second largest market after the U.S. next year.

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To be sure, India's software industry is set to face additional challenges in the US this year, with a new tax being imposed on payments made by USA companies to its foreign affiliates.

Posted 1.3% rise in net profit Quarter on quarter.

TCS in it's financial audit, mentioned that localisation initiatives continue to progress well, with 2,929 employees recruited outside India in Q3, bringing the total to 9,908 in FY18, year to date.

Our focus has been on talent management, skill building and on digital side.

NB: What has been the employee addition for the quarter and attrition rate? When contacted, Nasscom president R Chandrashekhar said, "We have ourselves been saying this single number no longer represents the totality of what's happening in the industry".

"We have invested heavily in our insurance digital platform, TCS BaNCS, and our extensive United States capabilities, and are proud to partner with Transamerica in its ongoing transformation and welcome the transitioning employees to promising new careers at TCS", TCS CEO and MD Rajesh Gopinathan said.

Shares of TCS were trading 1.13 per cent lower at Rs 2,757 apiece on BSE.

M&S outsources 250 technology roles to Tata