Tata Consultancy Services (TCS) is trading lower by over 3% at Rs 2,271 after reporting 42bp quarter-on-quarter (qoq) declined in operating margin to 29.7% for the third quarter ended December 2013 (Q3).
However, the company has reported a better than expected 15% qoq growth in consolidated net profit at Rs 5,333 crore for the quarter mainly on account of forex gain of Rs 299c crore as against loss of Rs 377 crore in previous quarter.
“The company registered volume growth of 1.8% qoq which was a bit disappointing. The company’s performance was impacted due to around 9% sequential decline in Indian business revenues; international business revenues grew modestly by 3.8% qoq in USD terms”, says analyst at Angel Broking in a note.
The stock opened at Rs 2,300 and touched a low of Rs 2,261 on the BSE. A combined around 720,000 shares changed hands on the counter so far on the BSE and NSE.
However, the company has reported a better than expected 15% qoq growth in consolidated net profit at Rs 5,333 crore for the quarter mainly on account of forex gain of Rs 299c crore as against loss of Rs 377 crore in previous quarter.
“The company registered volume growth of 1.8% qoq which was a bit disappointing. The company’s performance was impacted due to around 9% sequential decline in Indian business revenues; international business revenues grew modestly by 3.8% qoq in USD terms”, says analyst at Angel Broking in a note.
The stock opened at Rs 2,300 and touched a low of Rs 2,261 on the BSE. A combined around 720,000 shares changed hands on the counter so far on the BSE and NSE.