Tata Consultancy Services Posts Higher Quarterly Profit -- Update

By Kosaku Narioka

Tata Consultancy Services reported a rise in first-quarter net profit, thanks partly to stronger earnings from the financial-services industry.

The Indian information-technology services provider said Thursday that net profit rose 8.7% from a year earlier to 120.40 billion rupees ($1.44 billion) for the three months ended June.

That beat the estimate of INR120.18 billion in a poll of analysts by data provider FactSet.

Revenue increased 5.4% to INR626.13 billion.

Profit from its banking, financial services and insurance segment climbed 10% to INR60.11 billion.

The company's workforce rose to 606,998 from 601,546 at the end of March, reversing its recent decline.

Tata Consultancy Services announced an interim dividend of INR10 a share.

Write to Kosaku Narioka at [e-mail]

(END) Dow Jones Newswires

07-11-24 0714ET