TCS Q3 earnings: IT main posts lower-than-expected revenue as shoppers tighten spending

(Reuters) – India’s Tata Consultancy Services Ltd on Monday reported a lower-than-expected revenue for the third quarter, as shoppers tightened spending amid a difficult macro-economic atmosphere that prompted the nation’s prime IT exporter to cut back its workforce.

TCS is the primary amongst its friends to report quarterly earnings, setting the tone for the trade, which had been driving a pandemic-led increase in demand.

The firm additionally mentioned it will pay shareholders a particular dividend of 67 rupees a share on prime of an interim dividend of 8 rupees.

Consolidated web revenue for the three months ended Dec. 31 rose to 108.46 billion Indian rupees ($1.32 billion) from 97.69 billion rupees a 12 months earlier, the corporate mentioned in an trade submitting.

Analysts on a mean anticipated a revenue of 110.46 billion rupees, in accordance with Refinitiv knowledge.

The Mumbai-based firm’s order e book for the October-December interval stood at $7.8 billion, down from $8.1 billion within the September quarter.

Market individuals are keenly watching TCS for indicators on the demand outlook for the sector, which is watching the potential of a recession within the U.S. and Europe from the place it attracts a bulk of its income.

The Tata Group flagship mentioned its worker depend diminished by 2,197 on a web foundation to 613,974 as on Dec. 31.

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Job cuts at main tech corporations

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