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Monday, May 17, 2021

TCS shares decline over 4% after Q4 earnings

The company, a cash-cow for the over $100 billion Tata Group, said it is optimistic from a demand perspective and is targeting to grow the topline in double-digits in the next few years.

By: PTI | New Delhi |
Updated: April 13, 2021 11:58:05 am
TCS posted a marginal increase in reported post-tax profit at Rs 32,430 crore for FY21, despite a 4.6 per cent jump in revenue to Rs 1.64 lakh crore in the last fiscal.

Shares of Tata Consultancy Services declined over 4 per cent in morning trade on Tuesday as the company’s March quarter earnings failed to cheer investors.

The stock tumbled 4.36 per cent to Rs 3,100.05 on the BSE.

At the NSE, it dipped 4.51 per cent to Rs 3,100.

The country’s largest tech exporter TCS on Monday reported a 14.9 per cent jump in its consolidated net profit for the March quarter to Rs 9,246 crore on higher profit margins and revenue growth.

It posted a marginal increase in reported post-tax profit at Rs 32,430 crore for FY21, despite a 4.6 per cent jump in revenue to Rs 1.64 lakh crore in the last fiscal.

The company, a cash-cow for the over $100 billion Tata Group, said it is optimistic from a demand perspective and is targeting to grow the topline in double-digits in the next few years.

TCS chief executive and managing director Rajesh Gopinathan on an analyst call said that FY22 will be an “aberration” from a revenue growth perspective, hinting at the low base throwing up a higher growth number.

Its overall revenues in Q4 FY21 stood at Rs 43,705 crore, 9.4 per cent higher when compared to the year-ago quarter’s 39,946 crore, and the operating profit margin widened by 0.2 per cent to 26.8 per cent.

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