Tata Consultancy profit beats estimates

Source : REUTERS
Last Updated: Wed, Apr 16, 2014 12:06 hrs

Tata Consultancy Services Ltd , India's largest IT services exporter, posted a 51.5 percent rise in quarterly net profit, beating expectations, as it won more contracts in Europe and some emerging markets.

Net profit for the fourth quarter ended March 31 rose to 52.97 billion rupees ($879 million) from 34.97 billion rupees a year earlier, TCS said in a statement on Wednesday. The company is part of the salt-to-software Tata conglomerate.

That compares with the 51.98 billion rupee average of 23 analyst estimates, according to Thomson Reuters.

Shares of TCS closed at 2,196.30 rupees on Wednesday. The results were released after market close.

($1 = 60.2400 Indian Rupees)

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