 "TCS Q1 profit rises nearly 11% to Rs 8,131 cr; revenue at Rs 38,172 cr")
Tata Consultancy Services Ltd , India's biggest software services company, said on Tuesday its first-quarter profit beat estimates, helped by a strong performance from its key banking, financial services and insurance (BFSI) segment.
TCS is the country's second-most valuable company and its earnings are seen as a marker of the $150 billion IT services sector's health.
The Mumbai-headquartered company said it earned 11.2% more in revenue from its BFSI clients compared to a year earlier.
That helped boost its net profit for the quarter ended June 30 to Rs 8,131 crore ($1.19 billion) from 7,340 crore a year earlier. Revenue rose 11.4% to Rs 38,172 crore.
Analysts on average had expected the company to post a profit of Rs 7,824 crore, according to Refinitiv data.
"Our margins this quarter fully reflect the annual increments that we effected across the board in April," TCS Chief Financial Officer V Ramakrishnan company said in a statement.
The company's biggest rival, Infosys Ltd, will report its first-quarter earnings on Friday.
TCS shares closed down 1.9% on Tuesday in a flat Mumbai market.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%