(Reuters) - India's top software services exporter Tata Consultancy Services Ltd posted a record profit for the quarter ended Sept 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 79.01 billion rupees in the quarter, compared with 64.46 billion rupees a year earlier, largely in line with analysts average estimate of a consolidated net profit of 79.02 billion rupees, 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 percent to 146.48 billion rupees, 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 percent, while income from operations rose 20.7 percent to 368.54 billion rupees. Shares of TCS ended 3.1 percent lower ahead of the results in a broader Mumbai market that closed down 2.2 percent after a sharp-sell off in Wall Street triggered a surge of global selling.
($1 = 74.0400 Indian rupees)
(Reporting by Krishna V Kurup in Bengaluru; editing by Jason Neely and Elaine Hardcastle)
Disclaimer: No Business Standard Journalist was involved in creation of this content
