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TCS Q3 results: Revenue beats expectations, yet profit falls short of estimates


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.

TCS Q3 results(Bloomberg)

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.

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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.”

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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.

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