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India's TCS posts lower Q1 profit, misses estimates
July 13, 2017 / 11:20 AM / 5 months ago

India's TCS posts lower Q1 profit, misses estimates

July 13 (Reuters) - Tata Consultancy Services (TCS) , India’s biggest software services exporter, posted an almost six percent fall in first-quarter profit, hurt by volatile currencies.

Consolidated net profit dropped to 59.50 billion rupees ($923.20 million) in the three months to June 30, from 63.18 billion rupees, a year earlier, TCS said on Thursday. (bit.ly/2tPsBN5)

Analysts on average expected the company to post consolidated profit of 61.81 billion rupees, according to Thomson Reuters data.

The appreciation of the rupee resulted in a loss of 6.50 billion rupees in reported revenue, TCS added.

$1 = 64.4500 Indian rupees Reporting by Tanvi Mehta in Bengaluru; Editing by Mark Potter

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