Tata Consultancy Services Ltd on Wednesday reported a bigger-than-expected rise in fourth-quarter profit as India’s top IT exporter saw firm demand for digital services despite a challenging macroeconomic backdrop.
The company’s net profit rose 14.8 per cent to ₹11,392 crore ($1.39 billion) in the three months ended March 31, from ₹9,926 crore a year earlier.
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Analysts on average had expected a profit of ₹11,013 core, according to Refinitiv IBES data.
TCS is the first among its peers to report quarterly earnings, setting the tone for an industry that is staring at a recession in its major markets, the U.S. and Europe, and turmoil in the U.S. banking sector.
The company is also seeing a CEO transition – it named K Krithivasan as the CEO-designate in place of Rajesh Gopinathan, who resigned in March.
The revenue from operations rose about 17 per cent to ₹59,162 crore.
Published on April 12, 2023
