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TCS Posts Lower First-quarter Profit, Misses Estimates

Consolidated net profit dropped to Rs 5,950 crore in the three months to June 30, down from Rs 6,318 crore a year earlier

Reuters

Updated:July 13, 2017, 5:25 PM IST
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TCS Posts Lower First-quarter Profit, Misses Estimates
Employees of Tata Consultancy Services (TCS) work inside the company headquarters in Mumbai (REUTERS)
Bengaluru: Tata Consultancy Services (TCS), India's biggest software services exporter, posted an almost six percent fall in first-quarter profit, hurt by volatile currencies.

Consolidated net profit dropped to Rs 5,950 crore in the three months to June 30, down from Rs 6,318 crore a year earlier, TCS said on Thursday.

Analysts on average expected the company to post consolidated profit of Rs 6,181 crore, according to Thomson Reuters data. The appreciation of the rupee resulted in a loss of Rs 650 crore in reported revenue, TCS added.

India's more than $150 billion software services sector faces headwinds in its biggest market, the United States, as clients hold back technology spending due to US President Donald Trump's order for a review of a visa programme for highly-skilled workers.

Indian IT firms use the H-1B visa programme to fly engineers and developers to service US clients. Mumbai-headquartered Tata added 11,202 employees in the quarter. It has said it will increase hiring in the United States and does not plan to cut its investment there.

TCS rival Infosys Ltd is due to report quarterly results on Friday.

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