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TCS Revenue Did Not Go as Expected, Posts 10% Fall in Q1 Earnings

TCS, the leading domestic IT firm, on Thursday reported a 10 per cent QoQ drop in net profit at Rs5,945 crore for the June quarter. Revenue for the quarter fell 0.2 per cent QoQ to Rs29,584 crore.

CFO V Ramakrishnan said during the quarter a sharp appreciation in the rupee against the US dollar resulted in Rs650 crore loss in the reported revenue.

CEO and MD Rajesh Gopinathan said that holistic growth across all industry segments in Q1, a strong order pipeline and the closure of large platform-based transformation opportunities gives his company the confidence that overall growth momentum will increase in the coming quarters.

Revenue growth in constant currency terms stood at 2 per cent for the quarter. Analysts were expecting 1.5-2.9 per cent constant currency growth in revenue.

The company said that it added 8 clients in the $1 million band and 12 in above $10 million band. The IT major declared an interim dividend of Rs7 per share.

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