MUMBAI Jan 16 Tata Consultancy Services Ltd
said quarterly consolidated net profit surged 49.6
percent, its fastest pace of increase in at least two-and-half
years, helped by increasing demand for outsourcing services in
the United States and Europe.
Consolidated net profit rose to 53.14 billion rupees
($863.29 million) for the quarter ended December from 35.52
billion rupees a year earlier, TCS said on Thursday. The profit
beat the average estimate of 51.3 billion rupees, according to a
Thomson Reuters poll of 23 analysts.
Shares of Tata Consultancy, the leader in India's
export-driven $108 billion IT outsourcing industry, have risen
nearly 76 percent over the last 12 months, compared with a 6.4
percent rise for the main index.
The stock closed down 0.14 percent ahead of the earnings
announcement at 2,350.30 rupees.
($1 = 61.5550 Indian rupees)
(Reporting by Aradhana Aravindan; Additional reporting by
Tripti Kalro; Editing by Miral Fahmy and Sunil Nair)