TCS rallies 7% on better-than-expected Q4 earnings
Net profit rose 3% to Rs 2,895 cr q-o-q
Tata Consultancy Services (TCS) has rallied 7% to Rs 1,136 after reporting better-than-expected a 3.28% quarter-on-quarter (q-o-q) rise in net profit at Rs 2,895 crore for the quarter ended March 31, 2012. Analysts expected the company to report a net profit of Rs 2,861 crore in the recently concluded quarter. TCS had reported a net profit of Rs 2,803 crore in the previous quarter.
The company's q-o-q revenue rose marginally at Rs 13,259 crore from Rs 13,204 crore during the recently concluded quarter.
Meanwhile, TCS became the first IT services company in the country to cross the $10-billion mark (according to IFRS) in revenues for the year ended March 31. The board of directors of the company has recommended a final dividend of Rs 8 and a special dividend of Rs 8 per equity share of Re1 each of the company.
A combined 585,000 shares have changed hands on the counter in opening deals on both the exchanges.