TCS Q1 PAT up 28.5% YoY; India business down 14.1% due to second wave

The company continued to see robust growth operationally, reporting total contract value of $8.1 billion, deal signing driven by growth across geographies and verticals

Tata Consultancy Services (TCS) missed the Street expectation as its India business pulled down revenue growth during the first quarter of FY22. India business for the country’s largest IT services player was down 14 per cent as the second wave of Covid19 impacted business sentiments.

For the first quarter, net profit of the company at Rs 9,008 crore grew by 28.5 per cent year-on-year basis, but was down 2.5 per cent sequentially. Revenue for the quarter grew 18.5 per cent year-on-year at Rs 45,411 crore, and was up 3.9 per cent sequentially. According to Bloomberg poll, analysts were estimating revenue