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TCS may drop after reporting weak Q1 earnings

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TCS' consolidated net profit fell 10.13% to Rs 5940 crore on 0.19% decline in net sales to Rs 29584 crore in Q1 June 2017 over Q4 March 2017. The result was announced after market hours yesterday, 13 July 2017.

Commenting on the company's Q1 performance, CEO and MD, Rajesh Gopinathan said that the company has seen steady growth across industries in Q1. Robust volumes from major markets driven by good client additions across revenue bands and accelerating Digital adoption among customers have given it the right start to the year. The company had excellent wins across all markets and has a good deal pipeline across industries that position it well for growth in FY18, Gopinathan said.

V. Ramakrishnan, Chief Financial Officer, TCS, said that during the quarter high currency volatility including sharp rupee appreciation against the dollar resulted in Rs 650 crore loss in reported revenues. focused on generating strong cash flows and invest in its digital business. Despite the impact of wage hikes in Q1, continues to drive profitability to its targeted range, Ramakrishnan added.

TCS' board declared interim dividend of Rs 7 per share for the year ending March 2018.

IT major Infosys is scheduled to announce Q1 June 2017 results today, 14 July 2017.

Yes Bank said it has teamed up with the Overseas Private Investment Corporation (OPIC), the U.S. Government's Development Finance Institution, and Wells Fargo on an agreement to increase lending to small and medium enterprises (SMEs) in India.

Under the agreement, OPIC will provide $75 million in financing and up to $75 million in syndicated financing jointly arranged by Wells Fargo Bank to Yes Bank. Specifically, $50 million of the financing would be used to expand support to women-owned businesses, while another $50 million will be used for financing SME business in low-income states. The announcement was made after market hours yesterday, 13 July 2017.

Infibeam Incorporation said its board at a meeting held yesterday, 13 July 2017, approved 10-for-1 stock split. The announcement was made after market hours yesterday, 13 July 2017.

Housing finance major HDFC turns ex-dividend today, 14 July 2017, for final dividend of Rs 15 per share for the year ended March 2017.

Mahindra & Mahindra Financial Services (MMFSL) turns ex-dividend today, 14 July 2017, for dividend of Rs 2.40 per share for the year ended March 2017.

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

First Published: Fri, July 14 2017. 08:16 IST