Home Business TCS Reports Net Profit Of Rs. 7,340 Crore In June Quarter, Beats Analysts’ Estimates

TCS Reports Net Profit Of Rs. 7,340 Crore In June Quarter, Beats Analysts’ Estimates

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Kicking off the corporate earnings season, TCS or Tata Consultancy Services on Tuesday reported a net profit of Rs. 7,340 crore in the April-June quarter, above analysts’ estimates. Net profit grew at about 24 per cent on a year-on-year basis compared to the June quarter last year, helped by strong growth in its banking, financial services and insurance division. Analysts, on average, had expected a consolidated net profit of Rs. 6,983 crore, according to Thomson Reuters data. TCS said its total income from operations stood at Rs. 34,261 crore. That marked a sequential (quarter-on-quarter) growth of 6.8 per cent and annual (year-on-year) growth of 15.8 per cent.
“We are starting the new fiscal year on a strong note, with the growth engine firing on all cylinders. Our Banking vertical recovered very nicely this quarter, while other industry verticals maintained their momentum. With a good set of wins during the quarter, a robust deal pipeline and accelerating digital demand, we are positioned well for the future,” CEO and MD Rajesh Gopinathan said.

Tata Consultancy Services’ growth in the North America business was the highest in 12 quarters, the IT major said in a regulatory filing.

In the previous quarter, TCS had reported a net profit of Rs. 6,904 crore over net income from operations of Rs. 32,075 crore.

TCS shares closed 0.6 per cent lower at Rs. 1,877 on the BSE earlier today.

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