MUMBAI, July 11, 2018 (BSS/AFP) – India’s largest IT services firm Tata
Consultancy Services (TCS) reported on Tuesday a 24 percent rise in quarterly
earnings thanks to strong growth in its banking and financial services
division.
TCS, a subsidiary of the Tata Group conglomerate, gets more than 80
percent of its revenue from the United States and Europe.
Net profit for the three months ending June rose to 73.40 billion rupees
($1.07 billion) from 59.5 billion rupees for the same period last year, the
software giant said in its statement.
“We are starting the new financial year on a strong note, with the growth
engine firing on all cylinders,” chief executive Rajesh Gopinathan said.
“With a good set of wins during the quarter, a robust deal pipeline and
accelerating digital demand, we are positioned well for the future.”
Net profit, helped by a weaker rupee, narrowly beat estimates by analysts
polled by Bloomberg News.
In January, TCS had announced securing its biggest deal yet valued at more
than $2 billion from a US-based insurance company.
India’s $150 billion IT sector has long been one of its flagship
industries but is facing upheaval in the face of automation, a failure to
keep up with new technologies and visa restrictions.
Rival Infosys was due to release its quarterly results on Friday.