MUMBAI, July 9 (Xinhua) -- India's largest software services exporting company, Tata Consultancy Services (TCS), reported 20.8 percent decline in April-June net profit at 925 million U.S. dollar over the corresponding quarter last year due to declining growth in revenues in light of the COVID-19 pandemic, a company statement said Thursday.
Revenue of the leading global information technology (IT) services, consulting and business solutions organization for the first quarter of the fiscal year 2020-21 was down by 7.8 percent to 5.1 billion U.S. dollars.
"The revenue impact of the pandemic played out broadly along the lines we had anticipated at the start of the quarter. It affected all verticals, with the exception of Life Sciences and Healthcare, with varying levels of impact. We believe it has bottomed out, and we should now start tracing our path to growth," said Rajesh Gopinathan, Chief Executive Officer and Managing Director, TCS, which has a headcount of 443,676 people with 36.2 percent women in the workforce.
Reacting to the quarterly performance, DD Mishra, senior research director at Gartner, a global research and advisory firm, said, "TCS results are not surprising, given the impact of pandemic on IT services industry. "
Amid the pandemic crisis, thousands of employees in the IT sector across the globe including India are witnessing right-sizing of work-force due to uncertainty in economic environment. Experts believe that the COVID-19 crisis may throw new challenges to the sector going forward. Enditem
