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Indian IT company TCS shares tumble despite earnings growth

Financial sector orders remain strong, but market had hoped for better results

Rajesh Gopinathan, CEO of TCS, said on Monday that the IT services company's investments over the last decade in building newer capabilities, and in research and innovation, positioned it well for multi-year opportunities ahead.   © Reuters

MUMBAI -- Shares in India's largest IT services exporter, Tata Consultancy Services, declined by 4% on Tuesday, despite having announced on Monday that profit edged up in the year ended March, indicating a gap between the high expectations in the stock market for the company and its actual performance.

The company reported a 0.26% rise in annual profit after taxes to 325.62 billion rupees ($4.3 billion), thanks to a strong gain in the January-March quarter. Full-year total revenue grew 3.72% to 1.67 trillion rupees, helped by a strong order book from international clients, especially in banking, financial services and insurance.

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