Published on 12/01/2018 12:29:41 PM | Source: Dion Global Solutions Ltd

TCS dips 2% on profit booking

Leading IT firm, Tata Consultancy Services (TCS) dipped around 2% in morning trade at Rs 2,741 on the National Stock Exchange (NSE) on profit booking after the software bellwether reported Q3 results in line with the Street expectations. The third quarter net profit of TCS dipped 3.9% year-on-year (Y-o-Y) to Rs 65.45 billion, while its revenues grew 2.7% to Rs 317.7 billion.

On a constant currency basis, the company posted a sequential growth of 1.3%, largely driven by volumes (up 1.6%), even as it continues to face pricing pressures. It added 94 customers in the December-ended period. Shares of the firm were trading 1.39 per cent lower at Rs 2751.85 apiece on the National Stock Exchange. Meanwhile, shares of the company were trading at Rs 2751 apiece, down 1.32 per cent from the previous close at 11:37 hours on BSE.