Shares of TCS slipped over 4 per cent on Bombay Stock Exchange (BSE) in trade on Tuesday after the IT firm missed forecasts in terms of revenue growth in the September quarter of financial year 2015-16.
The company reported a 3.9 per cent sequential revenue growth in the constant currency terms quarter-on-quarter, missing analysts' expectations and lagging behind rival Infosys, which reported six per cent sequential growth. Revenues grew 5.8 per cent q-o-q to Rs 27,165 crore, and 14.1 per cent on a year-on-year basis.
The stock of TCS tumbled as much as 4.40 per cent to Rs 2483.05 on BSE.
"We have delivered accelerated growth in constant currency terms for Q2. Driven by great execution on the ground, our broad-based performance has been led by strong sequential growth in BFS, retail and lifesciences verticals with the UK and North America leading the markets," TCS CEO and MD N Chandrasekaran said.
TCS also announced a dividend of Rs 5.50 per share. Its operating margin for the quarter stood at 27.1 per cent.
(Courtesy: Business Today)