Shares of Tata Consultancy Services Ltd fell over 2% on Tuesday's early trade after the information technology (IT) major's Q3FY23 (October-December) net profit missed the street's estimate on Monday.
The IT major reported a consolidated net profit of ₹10,846 crore, up 4% sequentially, however, was slightly below of the street's expectation of ₹11,046 crore, as per Refinitiv data.
The company's consolidated revenue for the December ended quarter was up 5.8% sequential to ₹58,229 crore.
Additionally, the company announced a special dividend of ₹67 per share and an interim dividend of ₹8 per share.
"The company’s Q3 performance was a tad better than our expectations both in revenues and margins. Order book (continue to be in the guided range of US$7-9 bn quarterly) though has come down QoQ by 4% but was up 3% YoY, which is commendable, in our view, considering significant demand change in the last one year," said brokerage ICICI Direct Research.
At 9:40 IST, shares of the company were trading 2.28% down at ₹3,241.40 rupees per share on the BSE.
