Connect with us

Business

TCS Q3 net profit up 11 p.c. to Rs. 6,778 crore

Revenue of Tata Consultancy Services was up 8.7 per cent at Rs. 29,735 crore in the third quarter of 2016-17, from Rs. 27,364 crore in the year-ago period

Published

on

TCS

Revenue of Tata Consultancy Services was up 8.7 per cent at Rs. 29,735 crore in the third quarter of 2016-17, from Rs. 27,364 crore in the year-ago period

India’s biggest software services firm Tata Consultancy Services (TCS) on Thursday reported 10.9 per cent jump in profit to Rs. 6,778 crore for the third quarter of the current fiscal.

It had reported net profit of Rs. 6,110 crore in the October-December period of last fiscal. The operating profit was at Rs. 7,733 crore in the reported quarter.

Revenue of Tata Consultancy Services was up 8.7 per cent at Rs. 29,735 crore in the third quarter of 2016-17, from Rs. 27,364 crore in the year-ago period.

On quarter-on-quarter basis, net profit was up 2.9 per cent, while revenue grew 1.5 per cent in the said quarter.

“The resilience of our business model and strength of our operating strategy has been brought to the fore by our performance in Q3, traditionally a quarter of weak demand,” TCS MD and Chief Executive N. Chandrasekaran said.

“Our strengths in Digital, Platforms and Cloud as well as our deep knowledge of the customers’ domain are driving our ability to play a strategic role and make a holistic impact on the business,” he said.

To support and sustain the company’s digital business that is growing at 30 per cent on an annual basis, TCS continues to build new capabilities in digital technologies, empower employees to enhance agility in the workplace and invest more to develop IP-based platforms and products, he added.

“Alongside a good growth performance, we have been able to keep profitability stable in our desired range and deliver over USD 1 billion in free cash flow during the quarter,” TCS Chief Financial Officer Rajesh Gopinathan said.

The company declared a dividend of Rs. 6.5 per share and its earnings per share (EPS) stood at Rs. 34.40.

#Business #TCS #TataConsultancyServices #FinancialResult #TCSfinancialResult

 

Business

GST Council nod for mandatory e-Way Bill for inter-state goods movement

Published

on

GST Bhavan. (File Photo: IANS)
GST Bhawan (File Photo)

New Delhi, Dec 16: The Goods and Services Tax (GST) Council on Saturday approved mandatory compliance of e-Way Bill for inter-state movement of goods from February 1, sources said here.

Some states might roll out both inter-state and intra-state e-Way Bill from February 1 on a voluntary basis. The system for e-Way Bill will be available from January 15.

E-way bill for intra-state will be compulsory from June 1, the source added. However, implementation of e-Way Bill for intra-state movement will done in a staggered manner from February.

IANS

Continue Reading

Business

Cabinet nod to amend Specific Relief Act for ease of business

Published

on

ravishankar prasad
Ravi Shankar Prasad( Law Minister)

New Delhi, Dec 15: In a move to further ease procedures for doing business in the country, the cabinet on Friday approved a bill proposing to amend the Specific Relief Act, 1963, Law Minister Ravi Shankar Prasad announced here.

Briefing reporters here after a cabinet meeting, the Minister said that with the concerned bill slated to be tabled in the winter session of Parliament, he was unable to elaborate any further on the proposed legislation apart that it was for “ease of doing business.”

“Among the significant decisions, the cabinet approved the proposal to introduce amendments to the Specific Relief Act, 1963, as part of ease of doing business,” Prasad said.

“The Specific Relief Act, 1963, is being changed substantially..being modernised for promoting growth and investment,” he added.

The government has been contemplating amendments to the Specific Relief Act to limit the compensation and relief that courts can give in cases involving execution of infrastructure and development projects.

According to official sources here, the proposed changes seek to introduce guidelines for reducing the discretion granted to courts and tribunals while granting performance and injunctive relief.

The government constituted a five-member expert committee last year, to review the Act and suggest changes needed to remove bottlenecks in execution of contract-based infrastructure development, public private partnerships and other public projects.

In its report, the committee recommended changes in the law to limit the powers of courts to award relief.
“Any publi” work must progress without interruption. This requires consideration whether a court’s intervent’on in public works should be minimal. The role of courts in this exercise is to interfere to the minimum extent so that public works projects will not be impeded or stalled,” the committee “aid in its report.

IANS

Continue Reading

Business

CBEC hikes customs duty on mobile phones, TVs and other electronic items

Published

on

Mobile phone-wefornews-min

New Delhi, Dec 15: The Ministry of Finance on Friday increased customs duty on import of mobile phones and other electronic devices such as televisions, mobile projectors, microwave and water heaters.

In a notification issued by Central Board of Excise and Customs (CBEC), the customs duty on certain sections of mobile phones has been raised from 10% to 15%.

While customs duty on television sets has been scaled up to 15 per cent from the existing 10 per cent.

Similarly, the customs duty on monitors, microwave ovens, projectors has been doubled to 20 per cent, as per the notification.

The Custom duty on push button telephones or mobile phones has been raised to 15 per cent from nil.

The changes will impact tech and electronic titans such as Apple, Sony which have been planing to set up manufacturing units in India.

WeForNews 

Continue Reading
Advertisement

Most Popular