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