Mumbai-based TEch Major Tata Consultancy Service reported a 16.8% YoY rise in consolidated net profit for the first quarter to Rs 11,074 crore. Revenue increased by 12.5% to Rs 59,381 crore from Rs 52,758 crore the previous year.

The top line rose by a mere 0.4%, making it the slowest growth in 12 quarters for the country’s largest software exporter.

The net profit was down by 2.7% from Rs 11,392 crore compared to the previous quarter.

The board has approved an interim dividend payout of Rs 9 per share.

In constant currency terms, Tata Consultancy Service revenue grew about 7% YoY. The company’s order book stood at $10.2 billion, with a book-to-bill ratio 1.4.

For the current quarter, the operating margin came in at 23.2%, down by a sharp 130 basis points against the previous quarter.

K Krithivasan, Chief Executive Officer and Managing Director said: “It is very satisfying to start the new fiscal year with a string of marquee deal wins. We remain confident in the longer-term demand for our services, driven by the emergence of newer technologies. We are investing early in building capabilities at scale on these new technologies and in research and innovation to maximise our participation in these opportunities.”