BANGALORE, Oct 15 (Reuters) - Tata Consultancy Services , India’s largest provider of information technology services, said quarterly profit rose 34 percent, beating analyst estimates, as the industry benefited from a record haul of new contracts.
TCS and rivals such as Infosys Ltd and International Business Machines Corp won $6 billion of contracts, according to Information Services Group - the most ever for a quarter - as companies spent more on IT in the United States and outsourced more to cut costs in continental Europe.
TCS, part of the salt-to-autos Tata conglomerate, said on Tuesday after the stock market close that consolidated net profit for the three months to Sept. 30 rose to 47.02 billion rupees ($760 mln) from 35.12 billion rupees in the same period a year earlier.
That compares with the 44.7 billion rupee average of 27 analyst estimates, according to Thomson Reuters I/B/E/S.
Shares of TCS, India’s largest company by market value, which rose to a record on Monday on heightened expectations, ended up 0.1 percent at 2215.40 rupees on Tuesday.