Tata Consultancy Services, the country’s largest software exporter on Thursday reported an 8.2 per cent growth in net profit for the December quarter at ₹11,735 crore.
The company said its revenue for the reporting quarter grew 4 per cent to ₹60,583 crore driven by strong double-digit growth in emerging markets, led by India.
The net profit for the period reached ₹11,060 crore, showing a nearly two per cent year-on-year rise, albeit impacted by legal settlement. T
The results surpassed most analyst expectations, with the British business showing an 8.1 per cent increase, offsetting a three per cent decline in North American market revenue.
“Our strong performance in a seasonally weak quarter buffeted by macroeconomic headwinds demonstrates the strength of our business model,” chief executive K. Krithivasan said in a statement.
“We are seeing strong deal momentum across markets resulting in a solid order book providing visibility into our long-term growth.”
ALSO READ- Infosys Q3 results: Profit misses view on weak demand, narrows sales forecast
Meanwhile second-ranked Infosys missed third-quarter profit estimates. Smaller rivals Wipro and HCLTech are set to report their earnings on Friday.
TCS said it was hard to predict a recovery in demand for IT services in the next two quarters as persistent inflation and recession fears pressure client spending in the company’s key markets – the U.S. and Europe.
“From our perspective, the (macro) situation hasn’t changed much,” Krithivasan said.