Tata Consultancy Services reports record quarterly net profit

(Reuters) – Tata Consultancy Services Ltd, India’s biggest listed company by market capitalisation, reported a record quarterly net profit, helped by gains in Banking, Financial services and Insurance (BFSI) segment. That missed an average estimate of 82.19 billion rupees from 25 analysts, Refinitiv data shows. 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. The Mumbai-based company kicks off the December-quarter corporate earnings period for Indian businesses with rival Infosys Ltd scheduled to report on Friday. 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.

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