India's Tata Consultancy Services posts record quarterly profit

(Reuters) – Tata Consultancy Services Ltd (TCS.NS), India’s biggest listed company by market capitalization, reported a record quarterly net profit, helped by gains in Banking, Financial services and Insurance (BFSI) segment. In a seasonally weak quarter for Indian IT firms due to year-end holidays, TCS posted a profit of 81.05 billion rupees ($1.15 billion) for the Oct-Dec period, up from 65.31 billion rupees a year earlier. That missed an average estimate of 82.19 billion rupees from 25 analysts, Refinitiv data shows. TCS, one of the flagship companies of the salt-to-software behemoth Tata Group, said its income from operations grew 20.8 percent while revenue from the BFSI segment surged 23 percent. Sequential revenue growth was led by the U.K. and Europe, which rose 25.1 percent and 17.6 percent, respectively, TCS said in a statement here The Mumbai-based company kicks off the December-quarter corporate earnings period for Indian businesses with rival Infosys Ltd (INFY.NS) scheduled to report on Friday. TCS shares closed fractionally higher compared with the broader Mumbai market which ended down 0.31 percent.

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