Categories: Business

TCS Q1 profit fall 14 percent to Rs 7008 crore

Photo: FILE

TCS Q1 Profit fall

new Delhi. The first quarter results of the country's largest IT company Tata Consultancy Services have seen the impact of the Corona crisis. The company's profit in the quarter ended June was down 13.81 percent over the previous year to Rs 7008 crore. This figure has been lower than market estimates. There has been a slight increase in the consolidated revenue of the company during this period. Earnings grew by 0.4 per cent to Rs 38322 crore as compared to the previous year. However, during this period, the company's healthcare and lifescience segment has registered an increase.

According to the company, during the period Lifescience and Healthcare segment has witnessed a faster growth of 13.8% over the previous year. There is a sharp decline in the other segments. Of this, the BFSI segment saw a decline of 4.9 per cent, Retail Segment 12.9 per cent, Communications and Media 3.6 per cent, Manufacturing Segment 7.1 per cent and Technology and Service Segment 4 per cent.

Along with this, the company has announced a dividend of Rs 5 per share for its investors. After the results, the company's CEO Rajesh Gopinathan said that the impact of the epidemic has been on the estimates. According to him, Corona has seen maximum impact on the business and the company can move forward. According to the CEO, customers are now looking at new technologies for the post-epidemic society, they expect the demand for the company's products and services to increase with the demand for technological changes.

The company saw a sharp decline in all markets except Europe and Latin American markets during the quarter. The biggest loss was in domestic business where it fell more than 27 percent during the quarter. According to the company, currently only 1 percent of the employees are working from the office, their number is expected to increase in the coming time.

This post was published on July 9, 2020 8:34 pm

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