TCS skids over 2% after Q4 misses estimates
Shares of IT major TCS on Wednesday fell by over 2 percent after the company's March quarter numbers came in lower than estimates.
New Delhi: Shares of IT major TCS on Wednesday fell by over 2 percent after the company's March quarter numbers came in lower than estimates.
After making a weak opening, the stock of the country's largest software firm further fell by 2.32 percent to Rs 2,255 on the BSE.
On the NSE, it slumped 2.42 percent to Rs 2,252.80.
"TCS' March quarter results are a tad short on the revenue front," Emkay Global Financial Services said in a report.
TCS yesterday reported 4.2 percent growth in net profit at Rs 6,608 crore for the quarter ended March 2017.
The company had logged a net profit of Rs 6,340 crore in the same period last fiscal as per Indian accounting norms.
The Tata Group company, which accounts for more than 60 percent of the group's overall profit, reported a revenue growth of 4.2 percent at Rs 29,642 crore for the said quarter, up from Rs 28,449 crore a year earlier.
For the entire 2016-17, TCS saw its net profit growing 8.3 percent to Rs 26,289 crore while revenue was up 8.6 percent at Rs 1,17,966 crore.