TCS net dips sequentially, annually in Q1

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Mumbai, July 13 (IANS) Tata Consultancy Services (TCS) posted net profit of Rs 5,945 crore for the first quarter of this fiscal, registering a decline of 5.9 per cent sequentially from Rs 6,608 crore in the previous quarter of the last fiscal and 10 per cent from Rs 6,317 crore during the same quarter a year ago, said the IT bellwether on Thursday.

In a regulatory filing on the BSE after trading on the bourses, the software major said revenue for the quarter under review (Q1), however, remained flat sequentially (0.2 per cent) at Rs 29,584 crore as against Rs 29,642 crore in the last quarter but up one per cent year-on-year (YoY) from Rs 29,305 crore in the like period a year ago.

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Under the International Financial Regulatory Standard (IFRS), or in dollar terms too, net income declined 7 per cent sequentially to $924 million in the quarter under review (Q1) from $994 million a quarter ago and 1.8 per cent from $940 million a year ago.

Revenue, however, increased 3.1 per cent sequentially to $4,591 million in Q1 from $4,452 million a quarter ago and 5.2 per cent YoY from $4,362 million in the same period a year ago.

“Operating margin for the quarter was 23.4 per cent, while net cash from operations grew 104 per cent of net profit,” said the city-based IT major in a statement here.

Demand from major markets led to 3.1 per cent growth in dollar terms, while volume growth was 3.5 per cent.

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“Strong deal closures in the first quarter signal annual momentum,” asserted the company in the statement.

Earnings Per Share (EPS) was Rs 30.40 for the quarter under review.

The company declared an interim dividend of Rs 7 per equity share of Re 1 each.

“The interim dividend will be paid to the shareholders on August 1,” said the statement.

The company’s blue chip scrip closed at Rs 2,444.05 per share, gaining Rs 4.95 (0.22 per cent) over Wednesday’s closing price of Rs 2,439.10 after opening at Rs 2,449.90 and trading at a high of Rs 2,471 and a low of Rs 2,427.10 during the intra-day session on the BSE.



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