(Reuters) - Tata Consultancy Services (TCS), India's biggest software services exporter, posted a higher-than-expected profit in the fourth quarter, helped by the number of contracts the company won.
TCS's strong results echoed those of smaller rival Infosys Ltd, which kicked off the earnings season last week with a higher profit and a healthy revenue forecast for the year even as its margin forecast failed to impress.
Strong demand in digital and large contract wins helped growth in the quarter, Chief Executive Rajesh Gopinathan said in a statement http://bit.ly/2HL7Mcw on Thursday.
Revenue from digital services such as cloud, analytics, big data grew about 43 percent.
TCS said on Thursday, revenue from its banking, financial services and insurance business, the company's biggest revenue stream, rose five percent to 124.30 billion rupees ($1.89 billion).
Net profit attributable to shareholders rose 4.5 percent to 69.04 billion rupees ($1.05 billion) in the quarter, beating analysts' average estimate of 67.98 billion rupees, according to Thomson Reuters data.
TCS, India's most valuable listed company with a market capitalisation of about $92 billion and part of salt-to-software conglomerate Tata group, posted 8.2 percent rise in income from operations.
Shares gained one percent ahead of results in a broader Mumbai market that ended 0.37 percent higher.
($1 = 65.7800 Indian rupees)
(Reporting by Tanvi Mehta in Bengaluru; Editing by Susan Fenton and Jane Merriman)
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)