India’s TCS misses quarterly profit estimates

Mumbai: India’s largest software exporter Tata Consultancy Services (TCS) reported weak quarterly earnings, missing profit estimates as demand for its key banking and financial sector services shrank.
The Mumbai-headquartered firm posted a 1.8 per cent rise in consolidated net profit to 80.41 billion rupees ($1.13 billion) for the quarter ended September, up from 79.01 billion a year earlier, the company said.
The downbeat figures come as India’s economy endures a prolonged slowdown — with the software giant’s revenues seen as an indicator of the health of the country’s IT export sector.
“We ended the quarter with steady growth despite increased volatility in the financial services and retail verticals,” TCS chief executive Rajesh Gopinathan said in a statement.
“We remain confident as the medium and longer term demand for our services continues to be very strong, as evidenced by our Q2 order book — the highest in the last six quarters.” — AFP