One of the country's largest tech companies, Tata Consultancy Services or TCS, released its quarterly results on October 10. This came to pass a day after the passing of TCS' parent company, Tata Group's chairman emeritus Ratan Tata. The company broadly reported a 5 per cent jump in profits.
TCS Q2 Results
The markets, however, appear to have welcomed the the Q2 results in a lukewarm guise.
The Mumbai-based company reported a 5 per cent year-on-year (YoY) rise in its net profit for the quarter that started in July and concluded in September.
The company revenue also saw an uptick, as it rose from Rs 64,259 crore, up by 7.7 per cent YoY against the profit of Rs 59,692 crore in the second quarter of the previous fiscal year. | Representative image
In addition, the company reported a consolidated net profit of Rs 11,909 crore for the second quarter of the new fiscal year. This is greater than the numbers achieved in the previous quarter in the corresponding year, when the profits stood at Rs 11,342 crore.
The company revenue also saw an uptick, as it rose from Rs 64,259 crore, up by 7.7 per cent YoY against the profit of Rs 59,692 crore in the second quarter of the previous fiscal year.
TCS Shares Trade With Cuts
When we look at the company's performance at Dalal Street, TCS has not had the best past few trading weeks. The company shares have declined by a mammoth 7.35 per cent or Rs 329.45, just in the trading of the past month alone.
TCS shares in the past week also appear to have faired poorly, as the company shares dropped by 2.93 per cent or Rs 125.40 in value, all in the past 5 trading sessions.
On Friday, October 11, the trend of decline continued, as the company shares that started on a relatively stable note quickly declined, slipping to the red zone by 1.85 per cent or Rs 78.10, taking the overall value of the shares to Rs 4,149.30 per piece.
