TCS exceeds benefit estimates on pandemic demand for digitization

India Tata Consultancy Services topped quarterly profit estimates on Friday, boosted by growth in its key banking and financial services segment and strong demand for digital services during the COVID-19 pandemic.

The country’s largest information technology exporter is the first among its peers to report second-quarter earnings, with investors looking at the indicator to assess the outlook for the sector which has performed well over the past year. year.

Consolidated net profit of the Mumbai-based company rose 29% to 96.24 billion rupees ($ 1.28 billion) in the three months to September 30, from 74.75 billion rupees a year more early. Analysts on average expected a profit of 96.01 billion rupees, according to data from Refinitiv.

Consolidated operations revenue jumped 16.8% to Rs 468.67 billion, with the company’s banking and finance-focused unit growing 14.3% year-on-year former.

TCS and its competitors Infosys, Wipro and HCL Technologies have won major contracts over the past year from companies investing in services such as cloud computing, digital payment infrastructure, crypto platforms and cybersecurity.

TCS said it added five more customers in the more than $ 100 million range in the quarter from a year earlier, bringing the total to 54.

The company also reappointed Rajesh Gopinathan as Managing Director and Managing Director for five years.

© Thomson Reuters 2021

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