TCS announces 1:1 bonus issue
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Tata Consultancy Services, India’s largest software exporter, on Monday announced a 4.6 per cent rise in consolidated net profit at Rs 5,256.42 crore for the financial year ended March 31, 2009, registering a less-than-expected growth mainly on account of the global economic downturn.The firm had a net profit of Rs 5,026.02 crore in the previous financial year.The company’s income from operations was up 21.6 per cent during the year, which stood at Rs 27,812.88 crore."The 4.6 per cent rise in profit in dollar terms is disappointing,” said Diviya Nagarajan, IT analyst at JM Financials. "This lags expectations as global economic turbulence seems to have hurt technology spending and squeezed billing rates,” she added. Closest rival of TCS, Infosys Technologies, had last week beaten market expectations with a 29 per cent jump in profit.
The company also announced a bonus issue of shares, at 1:1 ratio, which according to S Ramadorai, CEO and MD of TCS, “is the biggest bonus share issue since the company’s initial public offering in 2004.” A Motilal Oswal analyst, who is not authorised to speak, said that the performance of TCS was more or less on expected lines in rupee terms. “Though not on par with the Infosys’ performance, this was a good enough show considering the market environment,” he said.Tata Consultancy Services (TCS), India’s top software service company, on Monday reported a fourth quarterly profit of Rs 1,333 crore for FY09, up 7% year-on-year in a challenging economic environment that has seen IT spends being cut, putting pressure on billing rates.
Revenues during the fourth quarter of FY09 increased to Rs 7,172 crore, up 18.5%. However, on a sequential basis (quarter-on-quarter) profit declined 2%, lagging expectations. TCS, part of the $62 billion Tata group, announced its second bonus issue after it went public in 2004.
Source : blog ,mydigitalfc
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