India's TCS misses Q4 revenue estimates [Reuters]
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Source: Reuters
, opens new tab , India's top IT services provider, reported a smaller-than-expected fourth-quarter revenue on Friday as cautious spending by clients amid macroeconomic uncertainty remains an overhang. TCS, the first of the country's IT firms to report results, said consolidated revenue rose 3.5% to 612.37 billion rupees ($7.34 billion) in the January-March quarter, missing analysts' expectation of 615.63 billion rupees, as per LSEG data. The industry has been accepting tougher contract terms to win large deals as they compete for fewer orders and also grappling with clients renegotiating, delaying or cancelling contracts, resulting in a sharp slowdown in the industry's growth from the pandemic-fuelled boom a few years back. Industry body Nasscom expects the sector's overall revenue growth to more than halve to 3.8% from 8.4%. However, like its peers, TCS has been managing expenses to compensate for the slowing revenue growth. That helped its net profit increase 9.2% to 124.3
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