Quarterly profits: TCS pips RIL

Tata Consultancy Services (TCS) has overtaken Reliance Industries Ltd (RIL) to become the country's most profitable private company on a quarterly basis, the first time. For the quarter ended December, the information technology firm reported a consolidated net profit of Rs 5,327.60 crore, compared with RIL's Rs 5,256 crore. The numbers include recurring other income but exclude minority interest and exceptional gains or losses.

RIL has been topping the profitability charts since 1992-93, when it went past Tata Steel in the rankings. The company, however, remains ahead of TCS in terms of profits during the first nine months of this financial year. For that period, it reported a net profit of Rs 17,185 crore, higher than TCS' Rs 15,924. Analysts expect TCS to maintain its lead over RIL, given the subdued global outlook for commodities and the oil & gas sector. By comparison, the IT services sector is expected to report steady revenue and profit growth due to a rebound in growth in the US and favourable currency movements.