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Tata Consultancy Services reports slip in second-quarter profit

Income from operations rose 4.3 percent to 305.41 billion rupees.

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Now, over 40 million consumers of Tata will join the Airtel network.
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India’s biggest software services exporter, Tata Consultancy Services Ltd (TCS), reported a two percent decline in second-quarter profit on Thursday hurt by higher expenses.

Net profit attributable to shareholders was 64.46 billion rupees ($990 million) in the three months to Sept. 30, TCS said in a stock exchange filing. bit.ly/2geOtPJ

Analysts on average had expected a profit of 63.06 billion rupees, Thomson Reuters data showed.

Income from operations rose 4.3 percent to 305.41 billion rupees. 

Meanwhile, the firm also announced that debt laden Tata teleservices and Tata Teleservices Maharashtra together referred as Tata to combine their Consumer Mobile Business with Bharti Airtel, Tata group announced on Thursday.

Now, over 40 million consumers of Tata will join the Airtel network.

The merger between the two will on a debt-free cash-free basis. All the past liabilities and debts will be settled by the Tata group before Airtel will take over.

Bharti Airtel will take a small portion of the unpaid spectrum liability of Tata.

(With inputs from Reuters)

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