TCS net profit rises 51.5 percent, beats estimates

MUMBAI (Reuters) - Tata Consultancy Services Ltd, India's largest IT services exporter, posted a 51.5 percent rise in quarterly net profit, beating expectations, as it won more contracts in Europe and some emerging markets.

Net profit for the fourth quarter ended March 31 rose to 52.97 billion rupees ($879 million) from 34.97 billion rupees a year earlier, TCS said in a statement on Wednesday. The company is part of the salt-to-software Tata conglomerate.

That compares with the 51.98 billion rupee average of 23 analyst estimates, according to Thomson Reuters I/B/E/S.

Shares of TCS closed 2.5 percent lower at 2,196.30 rupees on Wednesday. The results were released after market close.

 

($1 = 60.2400 rupees)

(Reporting by Aradhana Aravindan and Nivedita Bhattacharjee; Editing by Miral Fahmy and Prateek Chatterjee)