TCS shares fall marginally after Q4 earnings miss estimates
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New Delhi: Shares of IT major TCS on Wednesday fell by over 2% after the company’s March quarter numbers came in lower than estimates.
After making a weak opening, the stock of the country’s largest software firm further fell by 2.32% to Rs2,255 on the BSE. The scrip, however, erased most of the early losses and closed down 0.30% at Rs2,301.75.
On the NSE, it slumped 0.29% to Rs2,302 on Wednesday. “TCS’s March quarter results are a tad short on the revenue front,” Emkay Global Financial Services said in a report.
The Tata Group company, which accounts for more than 60% of the group’s overall profit, reported a revenue growth of 4.2% at Rs29,642 crore for the said quarter, up from Rs28,449 crore a year ago.
For the entire 2016-17, TCS saw net profit growing 8.3% to Rs26,289 crore, while revenue was up 8.6% at Rs1,17,966 crore.