Tata Consultancy Services share falls over 2% after muted growth in net profit in Q3

New Delhi: The scrip of Tata Consultancy Services (TCS) on Monday fell over 2 percent after the company reported a muted growth in consolidated net profit for the third quarter ended December 2019. On the BSE, the stock declined 2.14 percent to Rs 2,170.50. On the NSE, the scrip dropped 2.34 percent to Rs 2,167. The country’s largest software services major, after market hours on Friday, reported a muted 0.2 percent growth in consolidated net profit at Rs 8,118 crore for the third quarter ended December 2019. [caption id=“attachment_4748931” align=“alignleft” width=“380”]  Representational image. Reuters.[/caption] This is against a net profit of Rs 8,105 crore in the year-ago period, TCS said in a BSE filing. Revenue of the firm grew 6.7 percent in the quarter under review to Rs 39,854 crore from Rs 37,338 crore in the corresponding period of the last fiscal, it added. “We saw the sectoral trends of the first half of the year continue to play out in the third quarter. Our robust order book during the quarter reflects our ability to pitch innovative technology solutions to address the business needs of different stakeholders in the enterprise, and participate in our customers’ enterprise-wide transformation initiatives,” TCS CEO and managing director Rajesh Gopinathan said in a statement. This is helping deepen and broaden the company’s customer relationships and make the business more resilient, he added. The TCS board has declared a third interim dividend of Rs 5 per equity share of Re 1 each of the company.