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TCS Reports Robust Order Book Amid Pandemic

 
Shares of Tata Consultancy Services Ltd (TCS) jumped nearly 8 per cent in early deals on Friday despite reporting a dip in its January-March net profit. The company though reported a robust order book,  its largest ever during the quarter.
At 12:30 pm, the stock traded at Rs 1812.90, up 5.7 per cent from its previous close, while the benchmark Sensex was up 1.7 per cent. The BSE IT index was also higher at 1.98 per cent.
The software behemoth reported a net profit of Rs 8,093 crore for the quarter ended March, down 0.8 per cent sequentially and missing analyst estimates. Revenue also missed analyst estimates but rose 5.1 per cent year-on-year to Rs 39,946 crore.
Analysts had expected TCS to report revenues of Rs 40,317.3 crore and a net profit of Rs 8,159 crore in the reporting quarter, factoring in weakness in March operations globally due to the covid-19 pandemic.
Rajesh Gopinathan, Chief Executive officer and managing director, said, ‘The pandemic completely reversed the positive momentum that we had started seeing in some of our biggest verticals in the first half of the quarter. On the positive side, we had very strong deal closures during the quarter. In fact, our order book this quarter is the largest ever, from the time we started reporting the metric.’
Read EquityPandit’s TCS Outlook for the Week
The company management noted that impact of the lockdown was limited to last two weeks of March.

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