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TCS stock closes lower after Q4 earnings miss estimates
BT Online
Wednesday, April 19, 2017 | 16:15 IST
TCS stock trading lower after Q4 earnings miss estimates

The TCS stock opened 1 per cent lower a day after the firm reported 2.51 per cent quarter-on-quarter (QoQ) drop in bottom line at Rs 6,608 crore for the quarter ended March 31, 2017.

The company had posted a net profit of Rs 6,778 crore for the sequential quarter ended December 31, 2016. Net profit of the company jumped 4.23 per cent on a year-on-year basis. At 9:28 am, the stock was trading 0.22 percent or 5 points lower at Rs 2303.55 on the BSE. It closed 0.30 percent or 7 points lower at 2,301 level on  Wednesday.

The stock closed 0.53 per cent down at Rs 2,308 on Tuesday. The earnings were announced after market hours.

The Tata Group company, which accounts for more than 60 per cent of the group's overall profit, reported a revenue growth of 4.2 per cent at Rs 29,642 crore for the said quarter, up from Rs 28,449 crore a year earlier.

"2016-17 was a year of broad-based growth amid economic and political turbulence in our key markets. We added $1.4 billion in constant currency revenues during the year," TCS CEO and MD Rajesh Gopinathan said.

He added the company's digital business grew 29 per cent annually to $3 billion, with most industries showing double-digit growth. At the end of the fourth quarter, digital revenues were at 17.9 per cent, with a sequential growth of 7.6 per cent.

For the entire 2016-17, TCS saw its net profit growing 8.3 per cent to Rs 26,289 crore while revenue was up 8.6 per cent at Rs 1,17,966 crore.

During the January-March 2017 quarter, TCS added 20,093 employees (gross) while on a net basis, the addition was 8,726, taking the overall employee strength to 3,87,223. Attrition rate was at 11.5 per cent on LTM basis.

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