Shares of Tata Consultancy Services (TCS), country’s largest information technology services company, dropped over 1 per cent on the indices after the firm reported a 13.8 per cent decline in June quarter consolidated net profit.
Earlier in the day, company’s stock fell 1.22 per cent to Rs 2,177.25. It dipped 1.28 per cent to Rs 2,176 on the NSE.
After hitting day’s low at Rs 2,177.25, company’s stocks bounced back and were trading at 2,229.10, up by 1.12 per cent at 1.16 pm on the BSE.
Similarly, on the NSE it was at Rs 2,229.20, up by 1.13 per cent.
TCS on Thursday reported a 13.8 per cent decline in June quarter consolidated net profit at Rs 7,008 crore on revenues being impacted by the coronavirus crisis, as against Rs 8,049 crore in the quarter ended March 31, 2020.
It expects revenues to touch pre-COVID-19 levels only by the January-March quarter of this fiscal.
TCS had posted a consolidated net profit of Rs 8,131 crore in the year-ago period.
The company’s Q1 revenue was almost flat in rupee terms at Rs 38,322 crore but was down 6.3 per cent on constant currency basis. Revenues were lower by 4.06 per cent when compared with the previous quarter’s figure of Rs 39,946 crore.