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Tata Consultancy Services posts record quarterly profit


(Reuters) - Ltd, India's biggest listed company by market capitalisation, reported a record quarterly net profit, helped by gains in Banking, Financial services and Insurance (BFSI) segment.

In a seasonally weak quarter for Indian IT firms due to year-end holidays, posted a profit of 81.05 billion rupees ($1.15 billion) for the Oct-Dec period, up from 65.31 billion rupees a year earlier.

That missed an average estimate of 82.19 billion rupees from 25 analysts, Refinitiv data shows.

TCS, one of the flagship companies of the Tata Group, said its income from operations grew 20.8 percent while revenue from the segment surged 23 percent.

Sequential revenue growth was led by the U.K. and Europe, which rose 25.1 percent and 17.6 percent, respectively, said in a statement.

The Mumbai-based company kicks off the December-quarter corporate earnings period for Indian businesses with rival scheduled to report on Friday.

shares closed fractionally higher compared with the broader market which ended down 0.31 percent.

($1 = 70.3940 Indian rupees)

(Reporting By Arnab Paul in Bengaluru; Editing by Himani Sarkar/Keith Weir)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Thu, January 10 2019. 17:32 IST