TCS tops profit estimates on epidemic-led digitization demand

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India’s Tata Consultancy Services topped the quarterly profit estimates on Friday, with growth in its core banking and financial services segment and strong demand for digital services during the Govt-19 epidemic.

One of the first investors to announce earnings in the second quarter from the country’s largest IT exporter, investors are looking at the clock to measure the sector that has had the best flow over the past year.

The Mumbai-based company’s consolidated net profit rose 29 percent to 96.24 billion rupees ($ 1.28 billion) in the three months to September 30, from 74.75 billion rupees a year earlier. Analysts expected an average profit of 96.01 billion rupees, according to Refinitive data.

Operating income rose 16.8 percent to 468.67 billion rupees, while the banking and finance industry-centric division of the company rose 14.3 percent.

TCS and rivals Infosys, Wipro and HCL Technologies have won big deals over the past year from businesses investing in services including cloud computing, digital payment infrastructure, crypto platform and cyber security.

TCS said it added five more customers to the $ 100 million quarter, compared to a year earlier.

The company has reappointed Rajesh Gopinath as its CEO and Managing Director for five years.

© Thomson Reuters 2021


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