TCS Stock Falls As Results Lag Estimates

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    Shares in TCS fell after the company's results disappointed the markets. The stock was down almost 2 per cent in trade at Rs 2595.

    The country's largest software exporter TCS reported a marginal 0.1% slide in its profit at Rs. 5,328 crore for the third quarter of this fiscal, but revenues increased by 15% to Rs. 24,501 crore. The company had reported a net profit of Rs. 5,333 crore in the same period last fiscal.

    TCS Stock Falls As Results Lag Estimates
    Tata Consultancy Services: Quotes, News
    BSE 1987.70BSE Quote5.55 (-0.28%)
    NSE 1987.85NSE Quote6.45 (-0.32%)
    Revenues were Rs. 21,294 crore in the corresponding period. "We have maintained our momentum in a traditionally weak quarter for the industry. Our diversified industry portfolio and presence across key markets have helped us overcome soft seasonal demand in some sectors.
     

    "We are well on our way to post industry leading growth for the fiscal," TCS managing director and chief executive N Chandrasekaran said announcing the numbers in Mumbai Thursday evening.

    The company said its gross employee addition rose to 16,561 during the quarter taking its overall headcount to 3,18,625, while attrition rate stood at 13.4%.

    The company added one USD 100-million client and three above $50 million clients apart from 20 $5 million clients during the quarter.

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