Shares of Tata Consultancy Services (TCS) on Friday dropped over 1 per cent after the company reported a 13.8 per cent decline in June quarter consolidated net profit.
On the BSE, the stock fell 1.22 per cent to Rs 2,177.25. It dipped 1.28 per cent to Rs 2,176 on the NSE.
The country’s largest software services firm on Thursday reported a 13.8 per cent decline in June quarter consolidated net profit at Rs 7,008 crore on revenues being impacted by the coronavirus crisis.
It expects revenues to touch pre-COVID-19 levels only by the January-March quarter of this fiscal.
TCS had posted a consolidated net profit of Rs 8,131 crore in the year-ago period.
The company’s Q1 revenue was almost flat in rupee terms at Rs 38,322 crore but was down 6.3 per cent on constant currency basis. Revenues were lower by 4.06 per cent when compared with the previous quarter’s figure of Rs 39,946 crore.
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