TCS net dips 4 per cent in Q3

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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.

The agreement is expected to lead to annual run-rate savings of about Dollars 70 million initially growing to USD 100 million over time for Transamerica, the statement said. The majority is expected to benefit underlying earnings. Total transition and conversion charges are estimated to amount to approximately United States dollars 280 million, and these amounts will be recorded in non-underlying earnings.

India's second-most valued firm by market capitalisation added three clients in $50 million-plus band, 7 in the $20 million-plus range, 9 in the $10 million-plus category and 15 in the $5 million-plus bucket.

The partnership will enable the transformation of the administration of Transamerica's life insurance, annuity, supplemental health insurance, and workplace voluntary benefits products, the statement said.

In this regard, Gopinathan said, "Progressive organisation looking to take advantage of new opportunities in the Business 4.0 era are up their digital investment, and TCS has emerged as thier preferred transformational partner". This supports meaningful growth in all business lines, including insurance and annuities, and advances our competitive positioning. TCS said the contract was the largest signed by it to date. "TCS' core competencies complement ours".

While the company still gets the bulk of its revenues from traditional services, which are facing pricing pressures, the pace of growth in digital has been impressive.

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TCS will make job offers to all of the applicable Transamerica employees now supporting the life insurance, annuity, supplemental health insurance and workplace voluntary benefits business lines. The transition will affect approximately 2,200 current Transamerica employees. Employees transitioning to TCS will be given the opportunity to remain in the same US cities where they are now based. Continuing investments by clients in digital initiatives saw more than 150 wins for TCS.

TCS will also expand its existing relationship with Transamerica under this transaction, and locate its operations and staff in Transamerica's offices in various USA cities.

TCS said it will make job offers to all of the applicable Transamerica employees now supporting the life insurance, annuity, supplemental health insurance, and workplace voluntary benefits business lines.

The research house expects demand to continue to remain soft in Q3 results for IT companies.

TCS beat the headwinds through a better performance in customer segments such as retail, energy and utilities with a strong show in digital services.

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