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TCS slips after declaring Q3 result

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TCS fell 1.41% to Rs 2,509.05 at 09:18 IST on BSE after consolidated net profit rose 1.6% to Rs 5328 crore on 2.9% growth in revenue to Rs 24501 crore in Q3 December 2014 over Q2 September 2014.

The result hit the market after market hours yesterday, 15 January 2015.

Meanwhile, the BSE Sensex was down 59.24 points, or 0.21%, to 28,016.31

On BSE, so far 30,167 shares were traded in the counter, compared with an average volume of 92,429 shares in the past one quarter.

The stock hit a high of Rs 2,545 and a low of Rs 2,487.60 so far during the day. The stock hit a record high of Rs 2,834 on 7 October 2014. The stock hit a 52-week low of Rs 2,000.50 on 19 May 2013.

India's largest IT services provider by sales has an equity capital of Rs 195.87 crore. Face value per share is Re 1.

TCS' consolidated operating profit rose 3.7% to Rs 6586 crore in Q3 December 2014 over Q2 September 2014.

TCS said that growth in Q3 December 2014 was driven by industries like Telecom, Hi Tech and Life Sciences. Europe led growth, driven by the investments made in that market, while North America also grew during the quarter, TCS said. Among emerging markets, Latin America and MEA registered strong growth, it added. Among service lines, Global Consulting, Asset Leveraged Solutions, Infrastructure Services and Assurance Services were the leaders, TCS said in a statement.

Commenting on the company's Q3 performance, CEO and MD of TCS, N Chandrasekaran said, We have maintained our momentum in a traditionally weak quarter for the IT industry. In constant currency terms, we have seen significant growth in USA, Europe as well as emerging markets like Latin America and Middle-East Africa. Our diversified industry portfolio and presence across key markets have helped us overcome soft seasonal demand in some sectors.

Mr Chandrasekaran added, Based on our progress this quarter, we are well on our way to post industry-leading growth for FY 2015. In areas like Digital, Simplification and Governance, we continue to partner closely with customers to help them prepare their businesses to succeed in an economy where the default is digital.

Rajesh Gopinathan, CFO, TCS said, Sharp cross currency movements have impacted dollar revenues, but we continue to manage operations with discipline and rigour while investing in people, capabilities and infrastructure on an ongoing basis.

As of 31 December 2014, the company has applied for 2,081 patents including 121 applied during the quarter. Till date, the company has been granted 175 patents, TCS said in a statement.

TCS is an IT services, consulting and business solutions organization that delivers real results to global business, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integrated portfolio of IT, BPS, infrastructure, engineering and assurance services.

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First Published: Fri, January 16 2015. 09:18 IST