M&S to invest £25m in 'digital-first' tech programme changes

Rajesh Gopinathan chief executive of Tata Consultancy Services

Rajesh Gopinathan chief executive of Tata Consultancy Services

Tata Consultancy Services reported fiscal third-quarter numbers roughly in line with street expectations for the three months ending Dececember 31, 2017, helped not only by a pickup in the United States, its largest market, but strong traction in Europe and the company's growing ability to land larger contracts in digital services. We signed our first $50mn+ deal in Digital this quarter, crossing an important milestone in the mainstreaming of Digital technologies.

"The multi-year agreement is worth more than $2 billion in revenues, and is expected to be completed by the second quarter of 2018", the Indian company said.

Around 250 M&S technology roles will transfer to the new IT services company, while the retailer says that it is having "individual conversations" with around 30 staff members whose functions will be carried out differently in future.

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"Digital solutions contributed 22 per cent to the overall revenue, registering 39.6 per cent growth annually and 13.9 per cent quarterly in constant currency", said the company in a statement. I'm very excited to embark on this partnership with TCS, whose transformation and technology innovation capabilities will supplement our focus on improving our customers' experience in a digitally enabled way. Operating margin was at 25.2% in Q3FY8.

It expects HCL Technologies and Tech Mahindra to lead the pack with 2.7 percent and 1.7 percent QoQ USD revenue growth, respectively, Infosys, Wipro and TCS are estimated to grow at a slower pace of 1.4 percent, 1.4 percent and 0.7 percent, respectively.

Total employee strength of TCS at end of Q3FY18, stood at 390,880 on consolidated basis, with gross addition of 12,534 employees and net addition of 1,667 employees. He said Nasscom is an aggregation of a large spectrum of companies and there is a large dispersion in the business models and business strategies of these companies. The company generated consolidated revenues of USA $17.58 billion for year ended March 31, 2017 and is listed on the BSE (formerly Bombay Stock Exchange) and the NSE (National Stock Exchange) in India.

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Gopinathan added, "As lagging parts of our portfolio turn around, and areas of softness reduce, we are well placed for stronger growth". "We have invested heavily in our insurance digital platform, TCS BaNCS, and our extensive USA capabilities, and are proud to partner with Transamerica in its ongoing transformation and welcome the transitioning employees to promising new careers at TCS".

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

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