India's TCS profits fall by 6 percent

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Meanwhile, TCS today reported a 5.9 per cent decline in its consolidated net profit to Rs 5,945 crore for the April-June quarter, hit by currency volatility. The company said that the profits were significantly affected by the wage hike.

Revenue for the quarter rose 1 percent from a year earlier to 295.84 billion rupees.

"Strong deal closures in the first quarter signal annual momentum", asserted the company in the statement.

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CEO and MD of TCS Rajesh Gopinathan said that the company has witnessed steady growth across various domains and client additions have also been good.

A few TCS employees had approached the Yogi Adityanath-led BJP government, while others had approached the media with complaints that 2,000 individuals working in the Lucknow officer were about to lose their jobs as TCS as the company had made a decision to wind up its operations.

On the employee front, TCS' headcount came down by over 1,400 to 3.85 lakh over the past three months, but human resources head Ajoy Mukherjee asserted that there have not been any layoffs unlike at some of its peers such as Wipro, TechMahindra and others. The total IT attrition was 11.6 percent.

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Asked if the big ticket deals will keep coming down, Gopinathan said there is no "material change" in deal sizes and they are also witnessing an increase in the contract sizes in the digital space.

Demand from major markets led to 3.1 per cent growth in dollar terms, while volume growth was 3.5 per cent.

Mumbai/Bengaluru: Top Indian software services exporter Tata Consultancy Services (TCS) said on Thursday it was optimistic about client spending on technology even as a cautious global environment and a stronger rupee dented first-quarter profit. This has been happening for the last four years.

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The management said the teams are being relocated to its Noida centre and that "there will not be any layoffs because of this exercise". The shares of the company closed at Rs 2444.05 per piece, up 0.20% or Rs 4.95 on BSE.

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