Tata Consultancy Services (TCS) reported on Thursday, January 11, a 3.6% decline in its third-quarter net profit to Rs. 6,531 crore due to the exchange-rate volatility and a decline in spending by banking and financial services and insurance (BFSI) clients.
The company’s revenues rose marginally by 1.2% to Rs. 30,904 crore versus Rs. 29,735 crores in the same quarter last fiscal.
This was the company’s strongest volume growth for the December quarter in three years. During the quarter, the company bagged about 11 large deals from Rolls Royce, Nielsen, and Marks & Spencer among others.
While it witnessed better-than-expected volume growth from its digital and retail business, the BFSI sector pulled down its overall volumes.