TCS Q1 net down 5.8% to Rs 5,950 cr on sharp rise in rupee

Firm's revenue up 1% to Rs 30,543 cr, operating margin drops to 23.4% from 25.1%

Tata Consultancy Services (TCS) saw its first quarter profit drop 5.8 per cent to Rs 5,950 crore due to currency fluctuations and wage hikes as the banking and financial services and retail businesses slowed.

Revenue grew 1 per cent to Rs 29,584 crore in the quarter to June on the back of volume growth of 3.5 per cent, the highest in four quarters. 

TCS had reported profit of Rs 6,318 crore on revenue of Rs 29,305 crore in the April to June period a year ago. 

A Bloomberg consensus estimate had pegged revenue at Rs 29,570 crore and net profit