TCS first-quarter profit rises 24 percent, beats estimates

(Reuters) - India's biggest software services exporter, Tata Consultancy Services Ltd, posted a better-than-expected rise of about 24 percent in first-quarter net profit, helped by strong growth in its banking, financial services and insurance division.

The Mumbai-headquartered company posted a net profit of 73.40 billion rupees ($1.07 billion) in the quarter ended June 30, compared with 59.45 billion rupees a year earlier, the company said in a statement on Tuesday.

Analysts, on average, had expected a consolidated net profit of 69.83 billion rupees, according to Thomson Reuters data.

(Reporting by Krishna V Kurup in Bengaluru; Editing by Stephen Coates and Adrian Croft)