- TCS profit boosted by strong revenue growth across its business
- Income from operations rose 20.7% year-on-year to Rs 36,854 crore
- TCS is country's only tech company with market value of over $100 billion
The country's top software services exporter Tata Consultancy Services Ltd posted a record profit for the quarter ended September 30, boosted by strong revenue growth across its business and setting the tone for India's IT sector results. TCS, India's only technology company with a market capitalisation of more than $100 billion and the flagship company of salt-to-software conglomerate Tata group, is the first software services exporter to report for the quarter.
Net profit came in at Rs 7,901 crore in the quarter, compared with Rs 6,446 crore a year earlier, largely in line with analysts average estimate of a consolidated net profit of Rs 7,902 crore, according to Refinitiv Eikon data.
Strong revenue growth was seen in its Banking, Financial services and Insurance (BFSI) and retail segments.
Revenue from the company's biggest revenue stream BFSI, rose 19.8 per cent to Rs 14,648 crore, the Mumbai-headquartered company said in a statement on Thursday.
"Revenue growth was driven by expanding demand for digital transformation across verticals, and continued acceleration in BFSI and retail," chief executive Rajesh Gopinathan said.
Revenue from its retail and consumer business grew about 24 per cent, while income from operations rose 20.7 per cent to Rs 36,854 crore. Shares of TCS ended 3.1 per cent lower ahead of the results in a broader Mumbai market that closed down 2.2 per cent after a sharp-sell off in Wall Street triggered a surge of global selling.