TATA CONSULTANCY SERVICES (TCS), the country's largest IT company, on Thursday reported a 2.5% sequential decline in its consolidated net profit to ₹11,058 crore. The IT firm missed Bloomberg consensus estimates of ₹11,497 crore in a seasonally weak October-December quarter.
Analysts said that companies across the world are yet to revive their IT spending and budgets are not going to pick up going ahead.
Net profit in Q3 was impacted by a one-time payment of $125 million for settlement of a legal suit in the US. Excluding this onetime charge, the IT major posted a 3.8% rise in net profit on a quarter-on-quarter basis.
Consolidated revenue in the reporting quarter was up 1.5% q-o-q at ₹60,583 crore, above the Bloomberg consensus estimates of ₹60,104 crore.
Operating profit at ₹14,197 crore was down 2% sequentially. Operating margin was at 23.4% against 24.3% in the preceding quarter.
TCS'board also declared a third interim dividend of ₹9 and a special dividend of 18 per share, with a record date of January 1 and payment date of February 5.
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