Mumbai: Shares of Tata Consultancy Services Ltd fell 3.8% on Friday after the company reported lower-than-estimated earnings for its September quarter.
The IT major reported a profit of ₹8,040 crores for the September quarter compared with an estimated ₹8,300 crore by 22 Bloomberg analysts. TCS reported revenue growth of 0.6% quarter-on-quarter in dollar terms to $5,517 million.
This is the weakest second-quarter growth (seasonally the strongest quarter) since the July-September quarter of FY17. Earnings before interest and taxes (EBIT) margin was also lower than expected by 114 basis points on the back of higher employee costs, leading to a 6% miss on EBIT.
At 10am, the stock was trading at Rs. 1,958.95 on the BSE, down 2.27% from its previous close while the Sensex rose 1.2% to 38,323.78 points.
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