India's Tata Consultancy beats estimates with profit leap
MUMBAI, July 17
MUMBAI, July 17 (Reuters) - Tata Consultancy Services , India's biggest software services exporter, posted a 26.9 percent increase in quarterly net profit after winning new outsourcing contracts from overseas clients.
Consolidated net profit for the three months to June 30, its financial first quarter, rose to 50.58 billion indian rupees ($840.5 million) from 39.87 billion rupees a year ago, the Mumbai-based company said on Thursday.
That compares with analyst estimates of 48.86 billion rupees, according to Thomson Reuters data.
Shares in Tata Consultancy, a unit of India's diversified Tata conglomerate, ended 0.8 percent lower at 2,381.95 rupees before the announcement. The main Mumbai market index was up 0.2 percent. ($1 = 60.1800 Indian Rupees) (Reporting by Nivedita Bhattacharjee in Mumbai; Editing by Miral Fahmy and David Goodman)