TCS shares tank 7 per cent after earnings announcement

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Shares of Tata Consultancy Services on Monday tumbled 7 per cent after the company’s September quarter earnings missed market expectations.

The stock tanked 6.99 per cent to Rs 3,660 on the BSE.

On the NSE, the stock tumbled 7 per cent to Rs 3,660.

TCS was the top loser in the Sensex and Nifty pack.

“TCS Q2 operating performance missed expectations, reporting lower-than-expected revenue and EBITM (earnings before interest, taxes and corporate overhead or management),” according to a report by Emkay Global Financial Services Ltd.

Tata Consultancy Services (TCS) on Friday reported a 14.1 per cent rise in consolidated net profit at Rs 9,624 crore in the September 2021 quarter, aided by broad-based growth across geographies and verticals.

The Mumbai-based company had logged a net profit of Rs 8,433 crore (excluding adjustment towards a legal claim) in the year-ago period.

Its revenue grew 16.7 per cent to Rs 46,867 crore for the September 2021 quarter, from Rs 40,135 crore in the year-ago period.

The earnings were announced after market hours on Friday.

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