Discover India Business Stories: TCS Q1 net up 5 per cent, lags forecast

TCS Q1 net up 5 per cent, lags forecast

Country's top software exporter, Tata Consultancy Services (TCS), narrowly missed forecasts with a 5 per cent rise in quarterly profit, as a global credit turmoil crimped outsourcing deals from its big financial clients.

Tata Consultancy, which provides services such as consulting, system integration and back-office outsourcing, said on Wednesday net profit rose to Rs 1,244 crore ($289 million) in its first quarter ended June from Rs 1,186 crore reported a year ago under US accounting rules.

A poll had forecast a net profit of Rs 1,251 crore for Tata Consultancy, whose clients include General Electric, Lloyds TSB Group, French insurer AXA SA and Qantas Airways. Ahead of the result, shares in Tata Consultancy, which the market values at about $17 billion, ended nearly 3 per cent down at Rs 727.35 in BSE that fell 0.79 per cent.

-------------------------------------------------

Other Qtr Results:

Container Corporation Of India net profit rises 7.88% in the June 2008 quarterSales rise 5.71% to Rs 822.84 crore

Mindtree reports net loss of Rs 12.96 crore in the June 2008 quarter

ABC Bearings net profit rises 33.01% in the June 2008 quarter

Chambal Fertilisers & Chemicals net profit declines 61.43% in the June 2008 quarter

State Bank of Mysore net profit declines 80.34% in the June 2008 quarter

Mysore Paper Mills net profit rises 9284.62% in the June 2008 quarter

SKF India net profit declines 10.04% in the June 2008 quarter

Timken India net profit rises 44.16% in the June 2008 quarter

Housing Development Finance Corporation net profit rises 25.56% in the June 2008 quarter

Power Finance Corporation net profit declines 4.00% in the June 2008 quarter