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TCS posts lower first-quarter profit, misses estimates

Reuters 

(Reuters) - (TCS), India's biggest software services exporter, posted an almost six percent fall in first-quarter profit, hurt by volatile currencies.

Consolidated net profit dropped to 59.50 billion rupees ($923.20 million) in the three months to June 30, from 63.18 billion rupees, a year earlier, said on Thursday. (http://bit.ly/2tPsBN5)

Analysts on average expected the company to post consolidated profit of 61.81 billion rupees, according to Thomson data.

The appreciation of the rupee resulted in a loss of 6.50 billion rupees in reported revenue, added.

($1 = 64.4500 Indian rupees)

(Reporting by Tanvi Mehta in Bengaluru; Editing by Mark Potter)

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

First Published: Thu, July 13 2017. 16:47 IST
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