TCS Profits Rise To Rs 6317 Crores; Beats Analysts Estimates

Business

oi-Sunil Fernandes

By Sunil Fernandes

Published: Thursday, July 14, 2016, 18:24 [IST]

Tata Consultancy Services has reported a 9.9 per cent rise in consolidated net profit to Rs 6,317 crore (Rs 63.17 billion) for the first quarter ended June 30, 2016-17.

The company had posted net profit of Rs 5,747 crore (Rs 57.47 billion) in the April- June period of the 2015-16 fiscal, the company said.

The company's consolidated revenue jumped 14.2 per cent to Rs 29,305 crore (Rs 293.05 billion) for the first quarter of the current fiscal, as against Rs 25,668 crore in the year-ago period. The results for the quarter has beaten analysts estimates, though margins were subdued.

TCS CEO and Managing Director, N Chandrasekaran said strong execution and accelerating customer adoption of cloud, big data and analytics has driven broad-based growth across key markets and industries, PTI has reported.

"Our investments in platforms are gaining significant traction as customers look to boost business agility and enhance their time-to-market to gain a competitive edge," he said.

The shares of Tata Consultancy Services last ended at Rs 2521 On the BSE, up 1.2 per cent.Analysts expect the stock to react positively in trade on Friday. Another bigwig Infosys is set to also report its results later on Friday in early morning, though it has warned on margins.

Goodreturns.in