Mumbai: Tata Consultancy Services, India’s biggest software services exporter, posted a 24.1% rise in third quarter net profit on Thursday, helped by strong gains from its Banking, Financial Services And Insurance segment. The Mumbai-based company posted a record net profit of Rs 8,105 crore ($1.15 billion) in the third quarter ended December 31, versus Rs 6,531 crore it reported a year earlier.
That narrowly missed an average estimate of 82.19 billion from 25 analysts, Refinitiv data shows.
TCS, one of the flagship companies of the salt-to-software behemoth Tata Group, said its income from operations grew 20.8%, while revenue from the BFSI segment surged 23%.
Sequential revenue growth was led by the UK and Europe, which rose 25.1% and 17.6%, respectively, TCS said in a statement to the exchanges.
The Mumbai-based company kicks off the December-quarter corporate earnings period for Indian businesses with rival Infosys Ltd scheduled to report on Friday.
TCS shares ended at Rs 1,888.15 on the BSE on Thursday, recording a marginal rise from Wednesday’s close. results were announced after market hours.
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