Market LIVE: TCS net profit at Rs 8,118 crore; misses estimates

FE Online

Market LIVE: TCS on Friday posted 0.2 per cent year-on-year growth in net profit at Rs 8,118 crore for Q3FY20. The revenue grew 6.7 per cent year on year to Rs 39,854 crore. The revenue jumped 6.8 per cent year on year with an operating margin of 25 per cent in terms of current prices. A CNBC TV18 poll had estimated the profit at Rs 8,224 crore. Rajesh Gopinathan; Chief Executive Officer and Managing Director, said: "We saw the sectoral trends of the first half of the year continue to play out in the third quarter. Our robust order book during the quarter reflects our ability to pitch innovative technology solutions to address the business needs of different stakeholders in the enterprise, and participate in our customers’ enterprise-wide transformation initiatives. This is also helping deepen and broaden our customer relationships, and make the business more resilient." Equity benchmarks Sensex, Nifty traded flat on Friday. Sensex finished the day trading at 41,945.37, with a jump of 12 points from the last closing value while Nifty 50 lost 3 points and was trading, at 12,352.35 on the closing bell. Bharti Airtel consolidated on its top position on the Sensex pack with 5.42 per cent growth while Indusind Bank plummeted to the bottom with a loss of 2.57 per cent. Vodafone Idea nosedived by 39.03 per cent for a brief period of time but recovered slightly and finished trading on Friday at 25.21 per cent loss as the Supreme Court rejected their plea against AGR dues. The Indian rupee on Friday opened 5 paise lower at 70.99 against US dollar after the signing of an initial trade deal between US and China. At the interbank foreign exchange, around 10.30 AM, the rupee was trading at 70.96 a dollar, down 0.03 per cent against the previous close of 70.94 a dollar.