India's largest software services exporter Tata Consultancy Services (TCS) has reported a revenue growth of 6.3 per cent at Rs10,797 crore in sales in the first quarter against Rs10,157 crore in the previous quarter.
TCS recorded a net profit of Rs 2,380 crore in the first quarter, as against Rs 2,380.9 crore in previous quarter, which was better than analyst expectations. In the first quarter, a 12-14 per cent wage hike didn't make a dent into its net profit which remained flat.
The company reported its results as per international financial reporting standards (IFRS) rules for the first time, moving away from U.S. accounting standards.
In dollar terms, the company reported a 7.5 per cent rise in revenues of $2,412 million versus $2,244 million.
However, earnings before interest and tax (EBIT) fell by 1.7 per cent at Rs2,826 crore from Rs2,875.7 crore on quarter-on-quarter basis.
TCS's operating margins stood at 26.21 per cent against 28.3 per cent in the last quarter, recording a fall on account of wage hikes and currency volatility.