TCS reports higher revenues
But disappoints investors
INDIA BASED Tata Consultancy Services (TCS) announced higher revenue and earnings for its fiscal first quarter on Wednesday, but investors on the Mumbai exchange registered disappointment ahead of its report.
TCS, the information technology services component of the big Indian conglomerate Tata Group, reported revenues in the three months ended June 30 of over $1.525 billion, 20.89 per cent higher than in the same period last year.
The company reported its net income for the quarter was $295.9 million, or 30 cents per share, two per cent higher year over year, under US GAAP financial reporting standards.
TCS first quarter results appeared more positive under India's accounting rules, but that didn't stop investors from beating down its shares on the Mumbai stock exchange. TCS shares fell 22.3 rupees or 2.98 per cent to 727.35 rupees ahead of its earnings statement.
More than 42 per cent of TCS revenues flow from customers in the recently beleaguered banking and financial services sectors. µ
Comments
nice whilst it lasted :O)
"More than 42 per cent of TCS revenues flow from customers in the recently beleaguered banking and financial services sectors."
yup, i hope they've put some of their hard earned 'cobra beer tokens' aside for a 'rainy/monsoony day' cos there sure is one approaching rapidly O_o
extract from BBC business news :-
"Wholesale prices in India grew by 11.89% in the year to the end of June, the fastest rate since the measure began in 1995.
Inflation has tripled over the last six months, driven by the soaring cost of food and fuel."
and :-
"The Reserve Bank of India has been increasing interest rates to try and dampen inflation. Last month, it increased its main lending rate twice in two weeks to 8.5%."
'rainy/monsoony day' ?? hmmmmmmmmm, more like an impending typhoon methinks O_O