India’s Tata Consultancy Services topped quarterly profit estimates on Friday, boosted by growth in its core banking and financial services segment and strong demand for digital services during the COVID-19 pandemic.
The country’s largest information technology exporter is the first among peers to report earnings for the second quarter, with investors looking to Belvedere to gauge the outlook for the sector over the past year.
The Mumbai-based company’s consolidated net profit rose 29 percent to Rs 96.24 billion ($ 1.28 billion) in the three months to September 30, from Rs 74.75 billion a year ago. Analysts had expected an average profit of Rs 96.01 billion, according to data from Refinitiv.
Consolidated revenue from operations rose 16.8 per cent to Rs 468.67 billion, a 14.3 per cent increase in the company’s banking and finance industry-focused unit from a year ago.
TCS and rivals Infosys, Wipro, and HCL Technologies have won large contracts over the past year from businesses investing in services including cloud-computing, digital payments infrastructure, crypto platforms, and cybersecurity.
TCS said it added five more customers in the range of more than $100 million in the quarter compared to a year ago, bringing total customers to 54.
The company re-appointed Rajesh Gopinathan as its Chief Executive Officer and Managing Director for a period of five years.
© Thomson Reuters 2021
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