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Tata Consultancy posts record quarterly profit as financial firms boost outsourcing

Company reiterates double-digit revenue growth forecast for fiscal year

Most of the new deals at TCS marked a shift in the company's revenue to new consumer-facing technologies such as cloud computing and artificial intelligence.   © Reuters

MUMBAI (NewsRise) -- Tata Consultancy Services, India's largest software exporter, posted a record quarterly profit, helped by a revival in outsourcing demand among financial services clients and a sustained surge in deal flows.

The Tata Group flagship said consolidated net profit in the quarter ended in December increased more than 24% to 81.05 billion rupees ($1.2 billion) from a year-earlier period. Revenue grew about 21% to 373.38 billion rupees. The profit marginally missed analysts' expectation of 82.19 billion rupees compiled by Refinitiv.

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