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New Delhi: IT services major Tata Consultancy Services (TCS) on Thursday reported a 13.81 percent drop in its consolidated net profit for the first quarter (Q1) ended June 30, 2020.
The company posted a net profit of Rs 7,008 crore for the period under consideration, compared to a profit of Rs 8,131 crore in the same quarter last year.
In terms of quarter-on-quarter growth, TCS reported a 12.93 percent drop in its net profit in the first quarter, with a profit of Rs 8,049 crore posted in the March quarter.
Commenting on Q1 performance, TCS Chief Executive Officer and Managing Director, Rajesh Gopinathan said: “The revenue impact of the epidemic is broadly played along the lines we anticipated at the beginning of the quarter. It is with vertical Affected. The exception of Life Sciences and Healthcare, with varying levels of impact. We believe it has reached the bottom, and we should now begin to explore our path to growth. ”
“After the initial period of disruption, customers have now stabilized their operations and are now beginning to adapt and develop in an epidemic world. We signed several major core transformation programs, including operations, Applications, cloud and cyberspace are included. Very enthusiastically. We saw customers starting new business transformation programs or rescheduling programs postponed during the quarter. This signals business confidence to return to the pocket, “They said.
The company’s revenue from operations for Q1 came in at Rs 38,322 crore, up 0.39 percent from Rs 38,172 crore posted in the same quarter last year.
The board of directors of the company has announced an interim dividend of Rs 5 per share of Rs 1 of the company.
TCS Chief Operating Officer and Executive Director N Ganapathi Subramanian said: “The flexibility and adaptability we have shown in supporting all our customers over the last three months bodes well for our relative competitiveness. All in all. Despite continued uncertainty and weakness. Major economies, we have a very healthy deal closing and strong pipeline. We will focus on helping our customers overcome the current challenges and prepare them for further growth. ”
At the beginning of the first quarter, TCS said it expects recovery from the third quarter of FY15.
TCS shares closed down 13.30 points or 0.60 per cent at Rs 2,204 on the BSE. On the NSE, it closed at Rs 2,212, down 6.40 points or 0.29 per cent.
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