Tata Consultancy Services (TCS) witnessed a sharp decline in its market capitalization today following the release of its Q2 FY24 results. The company’s stock dropped by 2.35%, leading to a significant market cap loss of approximately ₹35,118 crore. TCS shares fell from ₹4,227.40 to ₹4,128.10, reacting to weaker-than-expected quarterly earnings.
This market cap drop comes in the wake of the company reporting a 1.1% fall in its net profit to ₹11,909 crore for the second quarter, which missed market estimates.
Key Highlights:
- Net Profit: ₹11,909 crore, below the expected ₹12,422 crore
- Revenue: ₹64,219 crore, in line with the estimated ₹64,160 crore
- Operating Margin: 24.3%, reflecting some operational pressures on profitability
- Dividend: Declared a second interim dividend of ₹10 per equity share
- Earnings Per Share (EPS): ₹32.39, down from ₹34.63 year-on-year.
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