TCS rose 3.94% to Rs 2,474.90 at 9:27 IST on BSE after the company reported 3.9% growth in consolidated net profit to Rs 5568 crore on 2.6% growth in revenue to Rs 22111 crore in Q1 June 2014 over Q4 March 2014.
The result was announced after trading hours on Thursday, 17 July 2014
Meanwhile, the BSE Sensex was down 32.42 points, or 0.13%, to 25,528.74.
On BSE, so far 92,000 shares were traded in the counter, compared with an average volume of 1 lakh shares in the past one quarter.
The stock hit a high of Rs 2,486 and a low of Rs 2,442.15 so far during the day. The stock hit a record high of Rs 2,492.50 on 7 July 2014. The stock hit a 52-week low of Rs 1,644.90 on 18 July 2013.
The stock had outperformed the market over the past one month till 17 July 2014, rising 4.52% compared with 0.16% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, rising 7.38% as against Sensex's 12.96% rise.
The large-cap IT company has an equity capital of Rs 195.87 crore. Face value per share is Re 1.
The bottom line was boosted by an exceptional item viz. a write back of depreciation charge of Rs 489.75 crore (net) due to a change in deprecation policy. Operating profit dropped 6% to Rs 5935 crore in Q1 June 2014 over Q4 March 2014.
TCS said that the company added five new $50 million plus clients during the quarter. TCS Chief Executive Officer and Managing Director N Chandrasekaran said that the company has a strong demand pipeline in place. TCS Chief Financial Officer Rajesh Gopinathan said that the company's disciplined stance in operations helped it mitigate the impact of multiple headwinds like currency movements, accelerated depreciation norms and wage hikes during the quarter. He said that the company will continue to maintain operating margins in the desired band by operating efficiently.
In Q1 June 2014, TCS posted the highest incremental revenue of $191 million in the last 15 quarters driven by holistic growth across markets led by North America, the company said in a statement. Growth was seen across all industry segments led by Media & Information Services, Life Sciences, Retail and Telecom, with all non-BFS verticals growing in excess of five percent sequentially, TCS said.
TCS is an IT services, consulting and business solutions organization.
Powered by Capital Market - Live News
