India’s No.1 IT services exporter Tata Consultancy Services Ltd reported a second-quarter profit on Wednesday that slightly exceeded estimates, thanks to significant order wins. The company also announced a share buyback program worth 170 billion Indian rupees ($2.04 billion).
In the three months ended September 30, Tata Consultancy Services recorded a net profit of 113.42 billion Indian rupees ($1.36 billion), marking an 8.7% increase compared to the same period last year when the net profit was 104.31 billion rupees.
According to data from LSEG, analysts had anticipated a profit of 113.17 billion rupees. The company’s order book for the July-September period stood at $11.2 billion, surpassing the $8.1 billion worth of deals signed a year ago.
TCS’s quarterly results serve as a benchmark for the industry, which is valued at $245 billion. The company’s performance indicates the overall demand environment in key markets, the U.S. and Europe, which at the moment faces uncertainty.
With the completion of this quarter, TCS becomes the first among its competitors to announce its financial results. The expectations set by these results will shape the overall sentiment within the industry.
The conversion rate for Indian rupees to the U.S. dollar has been stated as $1 = 83.1600 Indian rupees.
Reporting from Bengaluru, Sethuraman NR; Editing by Janane Venkatraman
Credit: The Star : Tech Feed
