New Delhi: Tata Consultancy Services Ltd (TCS), India’s largest software exporter, today reported a 23.50% rise in Q1 profit mainly due to a turnaround in the Banking, Financial Services and Insurance (BFSI) business. The BFSI business grew by YoY 4.1% during the quarter. Its net profit in the June quarter rose to Rs. 7,340 crore from Rs. 5,945 crore in the year-ago period while revenue rose to Rs.34,261 crore, up 15.8% year-on-year and 6.8% quarter-on-quarter. The company also announced an interim dividend of Rs. 4 per equity share of the company. During the quarter TCS added 2 new clients in the $100M+ band, 13 clients added in the $5M+ band.
“We are starting the new fiscal year on a strong note, with the growth engine firing on all cylinders. Our Banking vertical recovered very nicely this quarter, while other industry verticals maintained their momentum. With a good set of wins during the quarter, a robust deal pipeline and accelerating digital demand, we are positioned well for the future” CEO and MO, Rajesh Gopinathan said.