These much awaited Q1FY17 numbers came in after market hours and they were not as bad as expected. Though net profit came in 0.36% (QoQ) lower at Rs.6318 crore, the relief is that it did not fall as much as anticipated. Thus the “fall” actually beat all expectations! Revenue was up 3% at 29,305 crore and in dollar terms, rose 4% at $4362 crore. TCS gave a new statistics – its incremental revenue was at $155 million and this was the highest over the past seven quarters. Growth was driven mainly by North America, UK and Europe.

EBITDA was flat at Rs.7347 crore, down 1% but what could disappoint is the fall in margins – it fell 95 bps to 25.1%. Of this 95 bps fall, 20 bps fall was on account of currency volatility. The good news is that, like in Q4 and Q3, in current Q1 too, attrition rate fell to 13.6%, down from 15.5% in Q4. Currently the total employee strength of the company is 3.62 lakh; it added 8236 new employees in Q1.  Cash stands at Rs.6295 crore.

In terms of geographical growth, North America, contributing 52.8% to revenue, rose 2.5% (QoQ). UK contributing 16%, grew 4%; Europe contributing 11% showed a growth of 5%. India contributes 6% and grew 8.5%. Overall, there was a 3.1%.

In terms of growth by verticals, biggest contributor, BFSI at over 40% grew 2%, Retail & CPG grew 3%, Communication & Media by 7%, Manufacturing by 3%, Life Sciences & Healthcare by 4%, Hi-Tech showed a de-growth of -0.3%, Energy & Utilities grew 7% and Travel & Hospitality grew 9%.