Infosys logo

INFY - Infosys News Story

$18.38 -0.2  -1.2%

Last Trade - 07/05/21

Sector
Technology
Size
Large Cap
Market Cap £56.10bn
Enterprise Value £54.07bn
Revenue £9.82bn
Position in Universe 164th / 6858

UPDATE 1-India's TCS reports 15% jump in profit on cloud services demand

Mon 12th April, 2021 2:39pm
(Adds background, unit performance, CFO appointment)
    BENGALURU, April 12 (Reuters) - Tata Consultancy Services
Ltd  TCS.NS  reported a 14.9% rise in March-quarter profit on
Monday, as India's top IT services firm benefited from an uptick
in cloud services demand during the COVID-19 crisis.
    The results kick off India's corporate earnings season for
the final quarter of the financial year, with analysts expecting
another period of growth for IT firms as businesses spend on
cloud-computing and cyber-security to aid their shift to remote
work. 
    Indian IT services companies such as TCS, Wipro  WIPR.NS 
and Infosys  INFY.NS , which offer services ranging from
back-office work for banks to social media content moderation
and more traditional technical support, have continued winning
contracts and expanding over the past few months. 
    TCS said revenue from its banking, financial services and
insurance business rose 15.5%, the most among its units. The
business was also the biggest contributor to the company's
consolidated revenue, which jumped 9.4%. 
    The Mumbai-based company declared a final dividend of 15
rupees per share, compared with 6 rupees per share a year
earlier.
    Consolidated net profit rose to 92.46 billion rupees, while
analysts had expected a figure of 93.63 billion rupees,
according to Refinitiv data.  
    The company appointed Samir Seksaria as its chief financial
officer, replacing Ramakrishnan V who is set to retire later
this month.      
    
($1 = 75.0190 Indian rupees)

 (Reporting by Soumyajit Saha in Bengaluru; Editing by Aditya
Soni)
 ((Soumyajit.Saha@thomsonreuters.com;))
© Stockopedia 2021, Refinitiv, Share Data Services.
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.