TCS Q1 Profit Grows 23.5% To Rs 7,340 Crore
Tata Consultancy Services (TCS) today kicked off the June quarter corporate earnings season. TCS, the country's largest IT services exporter, reported a 23.5 per cent year-on-year (YoY) growth in consolidated profit for June quarter at Rs 7,340 crore, helped by strong growth in its banking, financial services and insurance division. Mumbai-headquartered TCS, which celebrated its 50th anniversary this year, beat the Street's expectations. The company had posted Rs 5,945 crore profit for the corresponding quarter a year ago. On a sequential basis, the profit grew 6.31 per cent. Tata Consultancy Services. "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," CEO and managing director Rajesh Gopinathan said.
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