Tata Consultancy Services Ltd. (TCS), India’s largest IT services company, declared its numbers for Q1 FY22 after market hours on Thursday. the corporate missed its estimates.
Analysts expected income to grow by 5% to Rs 45,580 crore compared to Q4 FY21. net income was expected to punch in at Rs 9,370 crore, up around 1% sequentially. However, sales came in at Rs 45,411 crore and net income for Q1 FY22 was Rs 9,008 crore. For Q1 FY21, revenue and profit were Rs 38,322 crore and Rs 7,008 crore respectively.
The company’s Indian business segment was hit by the second pandemic wave for the quarter. Indian market de-grew 14.1% compared to Q4 FY21 but grew 25.3% compared to Q1 FY21. The Asia Pacific grew 2.4% sequentially. North America grew 4.1% sequentially, and therefore the UK was up 1.5%. Latin America (up 4%), and therefore the Middle East and Africa (up 4.2%) also posted good growth sequentially.
“Our business in North America, BFSI and retail all showed an appreciable growth which underlines the resilience of our operating model, the relevance of our offerings and in particular , the eagerness and dedication of our associates,” said MD and CEO Rajesh Gopinathan, during a press statement. the corporate has declared a dividend of Rs 7 per share. The stock closed at Rs 3,253, down 0.67% on July 8.
