India's TCS profits up 22.6 percent

India's largest IT services firm Tata Consultancy Services (TCS) reported on Thursday a 22.6 percent rise in quarterly earnings due to the rupee's fall and growth in its banking and financial services division. The Mumbai-headquartered conglomerate said its profits were boosted by client additions in the United Kingdom and Europe. A falling rupee helps the services exporter as it bills these companies in dollars thereby boosting its profits.
TCS, India's biggest software services exporter, reported a net profit for the three months to September of 79.01 billion rupees ($1.07 billion)from 64.46 billion a year earlier, the company said. TCS gets over 80 percent of its revenues from western markets. Growth was driven by continued acceleration in banking, financial services, insurance and retail,TCS' Chief Executive Rajesh Gopinathan said in a statement.