FILE PHOTO: A private security guard stands at the exit gate of Tata Consultancy Services (TCS) headquarters in Mumbai, India, on October 13, 2016. Reuters / Shailesh Andrade / File photo
8 October 2021
BANGALORE (Reuters) – India’s Tata Consultancy Services Ltd on Friday exceeded its quarterly earnings estimates. This was driven by the growth of key banking and financial services sectors and strong demand for digital services during the COVID-19 pandemic.
The country’s largest telecom exporter is the first of its peers to report second-quarter earnings, and investors are contemplating whether to assess the outlook for sectors that have performed well over the past year. ..
The Mumbai-based company’s consolidated net income rose 29 percent to Rs 96.24 billion ($1.28 billion) in the three months to September 30, from Rs 74.75 billion last year. Analysts expect an average profit of Rs 96,010 million, data according to Refinitiv.
Consolidated net sales from sales increased 16.8% to Rs. 468.67 billion, and the company’s banking and financial industry-focused division posted 14.3% year-on-year growth.
TCS and its rivals Infosys, Wipro and HCL Technologies have won significant contracts over the past year from companies investing in services such as cloud computing, digital payments infrastructure, encryption platforms and cyber security.
TCS said it added five customers over the past year, bringing its total to 54 customers in the quarter to more than $100 million.
The company has re-appointed Rajesh Gopinasan as the Chief Executive Officer and Managing Director for a period of five years.
($1 = 74.9390 Indian Rupee)
(Reporting by Nallur Sethuraman in Bangalore, edited by Vinay Dwivedi and Rashmi Aich)
India’s TCS beats forecasts of gains in pandemic-led digital demand
Source Link India’s TCS outperforms forecasts of gains in pandemic-led digital demand