Saturday, May 8, 2021
Home BUSINESS TCS quarter 1 profit falls 14%, misses estimates on Covid-19 hit

TCS quarter 1 profit falls 14%, misses estimates on Covid-19 hit

Indian software behemoth Tata Consultancy Services Ltd (TCS) reported a lower first-quarter profit on Thursday, missing estimates, as the Covid-19 pandemic forced its clients to cut spending on IT services.

TCS said net profit for the three months ended June 30 fell 13.8% year-on-year to 70.08 billion rupees ($934.94 million). Analysts’ on average had expected a profit of 77.05 billion rupees, according to Refinitiv data.

Revenue rose marginally to 383.22 billion rupees from 381.72 billion rupees a year ago.

TCS, the country’s largest IT exporter, is the first among its peers to report earnings in what is expected to be one of the worst quarters for the sector due to the pandemic. ($1 = 74.9563 Indian rupees) (Reporting by Derek Francis in Bengaluru; Editing by Rashmi Aich)

Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Indian Staffing Market will be the largest market in the world, today the industry is an over 6 billion dollar industry, says Mr Sultan...

Mumbai: According to Mr Sultan Khan, Founder & Director of EaseConnect HR Services Pvt. Ltd. Indian Staffing Market will be the largest market in...

HSE Interview Questions & Answers

What is Safety? The condition of being protected from or unlikely to cause danger, risk, or injury is Called Safety. What is the accident? It is an...

Putham Pudhu Kaalai trailer: Five Tamil filmmakers bring five stories of love in the time of Covid-19

The trailer of Amazon Prime’s upcoming Tamil film Putham Pudhu Kaalai was unveiled on Monday by filmmaker Mani Ratnam and composer A.R Rahman. Tamil...