TCS net dips 14% in Covid-hit first quarter

Tata Consultancy Services (TCS) on Thursday reported a sharp 13.8 per cent fall in net profit in the Covid-ravaged first quarter of the current fiscal (April-June) which was way off analyst estimates but the company was hopeful of a gradual recovery from the second quarter.

TCS, which is the first among the top tier companies to declare its numbers, was broadly expected to report a decline in both topline and bottomline as the pandemic led to clients cutting down their spending and IT services companies had to make significant changes in their delivery model with an overwhelming number of their employees working from home.