(Reuters) - Tata Consultancy Services (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, TCS 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 Reuters data.
The appreciation of the rupee resulted in a loss of 6.50 billion rupees in reported revenue, TCS added.
($1 = 64.4500 Indian rupees)
(Reporting by Tanvi Mehta in Bengaluru; Editing by Mark Potter)
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app