Tata Consultancy Services, TCS announced Q1 results sometime back and as estimated, the company has shown a steep decline in profit. The biggest IT company of the country registered a drop of 10% in its profit in the quarter ended June 2017. Last year, in the same time period, TCS had registered a profit of ₹6622 crores, which has fallen to ₹5945 crores this quarter.
The company was hoping for better numbers in terms of profit, however, the result did not meet the expectations. The revenue, however, remained at the expected level and overall, the numbers announced were seen to be a mix of the positive and negative trend of the company. The total reported revenue in the given quarter stood at ₹29,584 crores.
Earlier in the day, the company had also reported the closing of its Lucknow operations.
Speaking to the reporters at the announcement of Q1 results, Rajesh Gopinathan, head of TCS termed it the right start of the year. He added that the growth across industries has been steady and TCS has got some good clients in the kitty. He also added that the right start of year will further boost the performance of the company in the coming quarters.
A recent report by CNBC has estimated the revenue of TCS at ₹29,580 crores with an operational profit of ₹6195 crores. With this announcement, the company has also announced an interim dividend for the shareholders. The dividend will be ₹7 per share and will be recorded on July 25.