Rajesh Gopinathan, chief executive officer and managing director of Tata Consultancy Services (TCS), speaks during a press conference, in Mumbai on January 9, 2023.
| Photo Credit: PTI
Shares of TCS declined nearly 3% in initial trade on January 10 after the company’s December quarter results failed to cheer investors.
The stock fell 2.67% to ₹3,231 apiece on the BSE.
At the NSE, it declined 2.70% to ₹3,230.10 apiece.
It was the biggest laggard among the Sensex and Nifty components.
The 30-share BSE Sensex quoted 437 points or 0.72% lower at 60,310.31 in morning trade.
“TCS has given a muted quarter where despite the growth in revenue from operations, the same is not reflected in the profitability. The last quarter of the fiscal remains a key watch out as the macro-economic environment changes will bring clarity across economies,” said Urmi Shah, Analyst, Samco Securities.
India’s largest IT services company, TCS, reported an 11% rise in December quarter net profit to ₹10,846 crore, restricted by a narrowing of profit margins, but sounded sanguine about the deal pipeline.
Its overall revenue rose 19.1% to ₹58,229 crore for the reporting quarter, but it was a 0.5% narrowing of the operating profit margin to 24.5% that limited the overall profit growth.
“TCS delivered better-than-expected revenue growth in Q3, while margins came a tad below our expectations,” according to a report by Emkay Global Financial Services.
“TCS delivered better-than-expected revenue growth in Q3, while margins came a tad below our expectations,” according to a report by Emkay Global Financial Services.
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