India's largest IT company, Tata Consultancy Services reported a drop in net profits to Rs 5,945 crores for the quarter ending June 30, 2017, as against analysts estimates of nearly Rs 6,300 crores. The sharper than expected decline in net profits was on revenues of Rs 29,584 crores, which was largely in line with estimates.
The company reported an EPS of Rs 30.4 for the quarter and assuming it does Rs 120 for the full year, the stock seems expensive at a 20 times price to earnings multiple. The Board of the company has declared a dividend of Rs 7 per share. The stock may react negatively in trade on Friday.
The stock ended trade at Rs 2,444. Check stock quote here