- Wealth PMS (50L+)
The Indian IT giant, TCS, has reported weak growth numbers. The company reported revenue growth at 7.80% and profit growth of 8.37% YoY. The Indian IT sector has been slowing down and TCS is falling in line with that. The management had already given a thumbs up and has warned to expect a low growth from the company for the current quarter.
Key Take Aways:
The CEO said:
It has been an unusual Q2 for TCS. Growing uncertainties in the environment is creating caution among customers, and resulted in holdbacks in discretionary spending in this quarter. In addition, volatility in markets like India and Latin America also muted revenue growth.
It’s not apparent what market volatility we saw in Q2 in India, but the statements about lower discretionary spends and caution are noted by other IT giants like Cognizant as well. Infy comes out with results on Friday and we must see what they offer as well.
TCS shares closed at Rs 2328.50, having dropped by 2%.. Results were declared post market hours.