The country's largest information technology exporter is the
first among peers to report earnings for the second quarter, with investors
looking at the bellwether to gauge the outlook for the sector that has had a
stellar run in the past one year.
The Mumbai-based company's consolidated net profit rose 29
percent to 96.24 billion rupees ($1.28 billion) in the three months to
September 30, from 74.75 billion rupees a year earlier. Analysts on average had
expected a profit of 96.01 billion rupees, according to Refinitiv data.
Consolidated revenue from operations jumped 16.8 percent to
468.67 billion rupees, with the company's banking and finance
industries-focused unit posting a 14.3 percent rise compared with a year
earlier.
TCS and rivals Infosys, Wipro, and HCL Technologies have won
large contracts over the last one year from businesses investing in services
including cloud-computing, digital payment infrastructure, crypto platforms and
cybersecurity.
TCS said it added five more customers in the $100
million-plus range in the quarter compared with a year earlier, bringing the
total to 54.
The company also reappointed Rajesh Gopinathan as its chief
executive officer and managing director for five years. - Reuters