scorecardresearchTCS falls over 2% as third quarter profit misses estimates

TCS falls over 2% as third quarter profit misses estimates

Updated: 10 Jan 2023, 10:24 AM IST
TL;DR.
  • TCS reported a consolidated net profit of 10,846 crore, up 4% sequentially, however, was slightly below of the street's expectation.
Shares of TCS fall over 2% on Tuesday trade

Shares of TCS fall over 2% on Tuesday trade

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.

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At 9:40 IST, shares of the company were trading 2.28% down at 3,241.40 rupees per share on the BSE.

 

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First Published: 10 Jan 2023, 10:24 AM IST