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Difficult to meet FY14 growth in FY15: TCS

Discussing the earnings details, N Chandrasekaran, CEO and MD, TCS, said the second quarter has been a “quarter of steady and consistent performance,” with strong volumes and robust utilisation rates driving the growth.

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IT services exporter Tata Consultancy Services  (TCS) slightly missed the Street expectations in its second quarter with consolidated net profit rising 4.55 percent sequentially to Rs 5,288 crore.

The company’s Q2 consolidated revenue grew by 7.7 percent to Rs 23,816 crore while dollar revenue growth was at USD 3,929 million against USD 3,694 million on sequential basis driven by strong volume growth.

Discussing the earnings details, N Chandrasekaran, CEO and MD, TCS, said the second quarter has been a “quarter of steady and consistent performance,” with strong volumes and robust utilisation rates driving the growth.

According to him, the India growth is back on track and customers have been going through a transformation. He expects North America, Europe and UK to continue to do well.

Explaining the slight miss in expectations, Chandrasekaran said the Q2 performance was below estimates on constant currency terms. He expects the growth in insurance business to remain soft and sees it (softness) to continue in select business for two quarters. He feels it would be difficult to meet meeting FY14 growth in FY15.

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