Indian IT giant TCS’s profits soar 24 pct

MUMBAI: India’s largest IT services firm Tata Consultancy Services ( TCS) reported on Tuesday a 24 per cent rise in quarterly earnings thanks to strong growth in its banking and financial services division.

TCS, a subsidiary of the Tata Group conglomerate, gets more than 80 per cent of its revenue from the United States and Europe.

Net profit for the three months ending June rose to 73.40 billion rupees ( US$ 1.07 billion) from 59.5 billion rupees for the same period last year, the software giant said in its statement.

“We are starting the new financial year on a strong note, with the growth engine firing on all cylinders,” chief executive Rajesh Gopinathan said.

“With a good set of wins during the quarter, a robust deal pipeline and accelerating digital demand, we are positioned well for the future.” — AFP

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