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TCS declines after weak Q1 results

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lost 2.46% to Rs 2,384 at 9:16 on after consolidated net profit fell 10.13% to Rs 5940 crore on 0.19% decline in net sales to Rs 29584 crore in Q1 June 2017 over Q4 March 2017.

The result was announced after market hours yesterday, 13 July 2017.

Meanwhile, the S&P Sensex was up 22.54 points or 0.07% at 32,059.92.

On the BSE, 13,000 shares were traded on the counter so far as against the average daily volumes of 1.16 lakh shares in the past two weeks. The stock had hit a high of Rs 2,397.90 and a low of Rs 2,376.10 so far during the day. The stock had hit a 52-week high of Rs 2,740 on 16 August 2016 and a 52-week low of Rs 2,054.70 on 15 November 2016.

The stock had underperformed the market over the past one month till 13 July 2017, sliding 0.38% compared with the Sensex's 3% rise. The stock had also underperformed the market over the past one quarter, gaining 4.99% as against the Sensex's 8.74% rise. The scrip had also underperformed the market over the past one year, sliding 1.9% as against the Sensex's 15.18% rise.

The large-cap company has equity capital of Rs 191.43 crore. Face value per share is Rs 1.

Commenting on the company's Q1 performance, CEO and MD, Rajesh Gopinathan said that the company has seen steady growth across industries in Q1. Robust volumes from major markets driven by good client additions across revenue bands and accelerating Digital adoption among customers have given it the right start to the year. The company had excellent wins across all markets and has a good deal pipeline across industries that position it well for growth in FY18, Gopinathan said.

V. Ramakrishnan, Chief Financial Officer, TCS, said that during the quarter high currency volatility including sharp rupee appreciation against the dollar resulted in Rs 650 crore loss in reported revenues. focused on generating strong cash flows and invest in its digital business. Despite the impact of wage hikes in Q1, continues to drive profitability to its targeted range, Ramakrishnan added.

TCS' board declared interim dividend of Rs 7 per share for the year ending March 2018.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, July 14 2017. 09:15 IST