TCS misses forecast, says worst not over

Tata Consultancy Services (TCS) on Thursday missed Street estimates as the Covid-19 pandemic saw the IT services giant posting a 0.95 per cent fall in net profits for the fourth quarter ended March 31, 2019.

However, its CEO Rajesh Gopinathan, who compared the current circumstances to the global financial crisis of 2008, warned that the worst is yet to come and that stability will only return in the third quarter of this financial year.

As many countries began to announce a lockdown to curb the spread of coronavirus from the second week of March, IT services that derive most of their revenues from the overseas markets were expected to report muted numbers.