TCS dips 1% as Q2 result misses estimates; announces Rs 17,000 cr buyback

The management maintained that near term demand challenges remain and refrained from giving recovery timelines, implying a slow and gradual recovery ahead.

Shares of Tata Consultancy Services (TCS) dipped 1 per cent to Rs 3,560.05 on the BSE in Thursday’s intra-day trade after the IT major reported net profit of Rs 11,342 crore, up 8.7 per cent year-on-year (YoY) the for September 2023 quarter (Q2FY24). Sequentially net profit grew 2.42 per cent.

Revenue for the quarter came in at Rs 59,692 crore, up 7.9 per cent YoY.

TCS missed the Bloomberg estimates on both revenues and net profit. Bloomberg had estimated revenues at Rs 60,353 crore and net profit at Rs 11,409 crore.

However, the company’s order book remains