Tata Consultancy Services (TCS), India’s largest IT services company, faced a 2.35% decline in its stock price today following disappointing second-quarter results
TCS reported a 1.1% quarter-on-quarter decrease in net profit for the second quarter ended September 2024, amounting to ₹11,909 crore. This was below market expectations, as a Moneycontrol poll of brokerages had predicted a profit of ₹12,420 crore. Additionally, TCS’ revenue for Q2 FY24 stood at ₹64,259 crore, marginally above the forecasted ₹63,938 crore.
The company also highlighted a challenging quarter in its North American business, where revenue fell by 3.5% quarter-on-quarter. Despite the drop in earnings, TCS announced a second interim dividend of ₹10 per share, with the record date set for October 18, 2024.
As of the latest market data, TCS shares were down by 2.35%, trading at ₹4,128.10 on the NSE, making it one of the top losers in the large-cap space today.
