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TCS Q1 profit rises nearly 11% to Rs 8,131 cr; revenue at Rs 38,172 cr

Reuters/ 09 Jul 19 | 05:30 PM

Tata Consultancy Services Ltd , India's biggest software services company, said on Tuesday its first-quarter profit beat estimates, helped by a strong performance from its key banking, financial services and insurance (BFSI) segment.

TCS is the country's second-most valuable company and its earnings are seen as a marker of the $150 billion IT services sector's health.

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The Mumbai-headquartered company said it earned 11.2% more in revenue from its BFSI clients compared to a year earlier.

That helped boost its net profit for the quarter ended June 30 to Rs 8,131 crore ($1.19 billion) from 7,340 crore a year earlier. Revenue rose 11.4% to Rs 38,172 crore.

Analysts on average had expected the company to post a profit of Rs 7,824 crore, according to Refinitiv data.

"Our margins this quarter fully reflect the annual increments that we effected across the board in April," TCS Chief Financial Officer V Ramakrishnan company said in a statement.

The company's biggest rival, Infosys Ltd, will report its first-quarter earnings on Friday.

TCS shares closed down 1.9% on Tuesday in a flat Mumbai market.

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