TCS posts lower first-quarter profit, misses estimates
Tata Consultancy Services (TCS), India`s biggest software services exporter, posted an almost six percent fall in first-quarter profit, hurt by volatile currencies.
Consolidated net profit dropped to 59.50 billion rupees ($923.20 million) in the three months to June 30, from 63.18 billion rupees, a year earlier, TCS said on Thursday. (http://bit.ly/2tPsBN5)
Analysts on average expected the company to post consolidated profit of 61.81 billion rupees, according to Thomson Reuters data.
The appreciation of the rupee resulted in a loss of 6.50 billion rupees in reported revenue, TCS added.
($1 = 64.4500 Indian rupees)
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.