TCS shares decline 3.8% as company misses Q2 earnings estimate
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Mumbai, Oct. 11 -- Shares of Tata Consultancy Services Ltd fell 3.8% on Friday after the company reported lower-than-estimated earnings for its September quarter.
The IT major reported a profit of Rs.8,040 crore for the September quarter compared with an estimated Rs.8,300 crore by 22 Bloomberg analysts. TCS reported a revenue growth of 0.6% quarter-on-quarter in dollar terms to $5,517 million. This is the weakest second-quarter growth (seasonally the strongest quarter) since the July-September quarter of FY17. Earnings before interest and taxes (EBIT) margin was also lower than expectation by 114 basis points on the back of higher employee costs, leading to a 6% miss on EBIT.
At 10am, the stock was trading at Rs.1,958.95 on the BSE, do...
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