TCS drops after muted Q1 result

Tata Consultancy Services was down 1.66% to Rs 2,096.10 at 09:22 IST on the BSE after the company announced muted Q1 result after market hours yesterday, 9 July 2019.

Meanwhile, the S&P BSE Sensex was up by 30.69 points, or 0.08% to 38,761.51.

On the BSE, 51,000 shares were traded in the counter so far compared with average daily volumes of 3.02 lakh shares in the past two weeks. The stock had hit a high of Rs 2,108 and a low of Rs 2,070.10 so far during the day. It hit a 52-week high of Rs 2,290.65 on 21 June 2019 and a 52-week low of Rs 1,784 on 29 October 2018.

On a consolidated basis, Tata Consultancy Services' net profit rose 0.06% to Rs 8131 crore on a 0.42% rise in the total income to Rs 38172 crore in Q1 June 2019 over Q4 March 2019.

Tata Consultancy Services said that the growth was lead by UK (16%), India (15.9%) and Europe (15%). Other markets showed good momentum: North America (7.7%), Asia Pacific (9.5%), MEA (6.4%) and Latin America (6.4%).

The company further added that revenue growth was broad-based across verticals. Life Sciences & Healthcare led the pack, growing 18.1%. The other verticals - BFSI (9.2%), Retail & CPG (7.9%), Communications & Media (8.4%), Technology & Services (7.8%) and Manufacturing (5.5%) - all showed industry-leading growth rates.

Tata Consultancy Services has declared an interim dividend of Rs 5 per share for the year ending 31 March 2020.

Rajesh Gopinathan, Chief Executive Officer and Managing Director, TCS, said that the company expects its customers to continue spending on their growth and transformation initiatives, and that showed in strong order book and deal pipeline this quarter.

Tata Consultancy Services is an IT services, consulting and business solutions organization that has been partnering with many of the world's largest businesses in their transformation Journeys for the last fifty years.

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