MUMBAI :Shares of IT major TCS today fell by over 2 per cent despite the company reporting a higher-than- expected 73 per cent growth in its March quarter net profit.
The stock, which opened on a positive note, failed to hold on to the momentum and lost 2.16 per cent to Rs 2,467.70 on BSE.
On NSE, it went down 2.12 per cent to Rs 2,466.10.
"TCS Q4 2015-16 revenues were largely in line with estimates while margins were below expectations," said Govind Agarwal, Research Analyst-Institutional Equities Prabhudas Lilladher.
The country's largest IT exporter, TCS, on Monday reported a higher-than-expected 72.7 per cent growth in March quarter net profit at Rs 6,413 crore and guided towards a stronger 2016-17, saying a majority of its worries are behind now.
The Tata group company had posted a post-tax profit of Rs 3,713 crore in the year-ago period, pulled down by a Rs 2,628 -crore employee bonus.
"We believe that all these (difficult) markets are better than the curve we had in the earlier quarter. I think 2016-17 should be a good year... we can tell you that it would be a strong year," Managing Director and Chief Executive N Chandrasekaran had said.
Industry body Nasscom expects software exports to grow at a slower clip of 10-12 per cent in 2016-17.
For 2015-16, its bottom line grew 22.4 per cent to Rs 24,292 crore while the top line jumped 14.8 per cent to Rs 1.08 trillion, crossing the trillion-rupee mark for the first time.
During the reporting quarter, TCS posted a 17.5 per cent rise in revenue to Rs 28,449 crore under the I-Gaap accounting, while on a sequential basis, it was up at a milder 4 per cent.