Tata Consultancy Services' First-Quarter Net Profit Rose 17% on Year
By Kosaku Narioka
Tata Consultancy Services said Wednesday that its first-quarter net profit rose 17% from a year earlier thanks to earnings growth in various client segments.
The Indian information-technology-services provider said net profit for the quarter ended June 30 rose to 110.74 billion Indian rupees ($1.34 billion) from INR94.78 billion a year earlier. That beat the estimate of INR109.63 billion from a FactSet poll of analysts.
Tata Consultancy Services reported earnings growth in all major client segments. Profit from the banking, financial services and insurance industry rose 5.6% to INR54.57 billion.
First-quarter revenue increased 13% to INR593.81 billion.
Write to Kosaku Narioka at kosaku.narioka@wsj.com
(END) Dow Jones Newswires
July 12, 2023 07:02 ET (11:02 GMT)
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