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Tata Consultancy Services profit misses consensus by 18.6% in fiscal Q3

Tata Consultancy Services Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, came to 24.66 Indian rupees per share, compared with the S&P Capital IQ consensus estimate of 30.29 rupees per share.

EPS increased 9.0% year over year from 22.63 rupees.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 48.60 billion rupees, an increase of 9.6% from 44.33 billion rupees in the year-earlier period.

The normalized profit margin fell to 17.9% from 18.1% in the year-earlier period.

Total revenue grew 11.7% on an annual basis to 273.64 billion rupees from 245.01 billion rupees, and total operating expenses increased 12.4% from the prior-year period to 201.29 billion rupees from 179.11 billion rupees.

Reported net income grew 14.2% from the prior-year period to 60.83 billion rupees, or 30.87 rupees per share, from 53.28 billion rupees, or 27.20 rupees per share.

As of Jan. 19, US$1 was equivalent to 67.70 Indian rupees.