TCS Falls After September Quarter Earnings Miss Estimates

TCS Falls After September Quarter Earnings Miss Estimates

TCS shares traded 1.26 per cent lower at Rs 1,979.05.

Shares of the country’s largest IT services company – Tata Consultancy Services (TCS) – fell as much as 3.76 per cent to Rs 1,929 on the BSE after company reported its September quarter earnings after market hours on Thursday. On the National Stock Exchange, TCS share price declined as much as 3.96 per cent to hit an intraday low of Rs 1,925. TCS reported net profit of Rs 8,042 crore missing the average analyst estimate of Rs 8,255 crore, according to Refinitiv data.

TCS’ net profit declined 1.09 per cent sequentially from Rs 8,131 crore.

Its revenue came in at Rs. 38,977 crore in the second quarter of current financial year, as against Rs. 38,172 crore in the quarter ended June 30. Its revenue from digital services contributed 33.2 per cent towards the total revenue. Digital revenue grew 27.9 per cent in second quarter compared with the corresponding period a year ago.

Meanwhile, the country’s largest IT company warned of a challenging second half of the financial year as a slowing global economy forced many of its clients to cut back spending.

The company’s board declared an interim dividend of Rs. 5 per equity share and a special dividend of Rs. 40 per equity share.

TCS said it added 14,097 employees during the quarter on a net basis, marking its “highest ever number of employees on-boarded in a quarter”.

As of 1:31 pm, TCS shares traded 1.26 per cent lower at Rs 1,979.05, underperforming the Sensex which was up 0.31 per cent.

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