TCS posts flat Q3 profit at Rs 8,118 crore

Mumbai: The country's largest software exporter TCS on Friday reported a flat December quarter net profit at Rs 8,118 crore and also made it clear that it will not be able to notch a double-digit revenue growth in 2019-20.

The Tata group company had posted a post-tax net of Rs 8,105 crore in the year-ago period. Performance for the October-December period is better than the previous six months, but it said clients in its largest banking and finance sector are going minimalistic with their tech spends and also blamed dividend payouts for the crimped bottom-line.

Its overall revenues grew by 6.7 per cent to Rs 39,854 crore under the IFRS system in rupee terms, while the operating profit grew 4.3 per cent to Rs 9,564 crore.

For the first nine months of 2019-20, it has achieved a 7.9 per cent revenue growth compared to the same period last fiscal. When asked about the revenue growth for the fiscal, its managing director and chief executive Rajesh Gopinathan said it will not be able to achieve a double-digit growth and blamed sluggish first half for it.