AIRLINK 189.36 Increased By ▲ 1.33 (0.71%)
BOP 11.10 Decreased By ▼ -0.76 (-6.41%)
CNERGY 7.28 Decreased By ▼ -0.26 (-3.45%)
FCCL 36.65 Decreased By ▼ -1.14 (-3.02%)
FFL 14.95 Decreased By ▼ -0.29 (-1.9%)
FLYNG 26.19 Increased By ▲ 0.66 (2.59%)
HUBC 130.89 Increased By ▲ 0.74 (0.57%)
HUMNL 13.47 Decreased By ▼ -0.14 (-1.03%)
KEL 4.28 Decreased By ▼ -0.07 (-1.61%)
KOSM 6.08 Decreased By ▼ -0.09 (-1.46%)
MLCF 45.94 Increased By ▲ 0.26 (0.57%)
OGDC 201.86 Decreased By ▼ -4.57 (-2.21%)
PACE 6.12 Decreased By ▼ -0.26 (-4.08%)
PAEL 38.36 Decreased By ▼ -1.95 (-4.84%)
PIAHCLA 16.73 Decreased By ▼ -0.22 (-1.3%)
PIBTL 7.94 Decreased By ▼ -0.09 (-1.12%)
POWER 9.86 Decreased By ▼ -0.17 (-1.69%)
PPL 173.46 Decreased By ▼ -5.38 (-3.01%)
PRL 34.73 Decreased By ▼ -1.63 (-4.48%)
PTC 23.95 Decreased By ▼ -0.44 (-1.8%)
SEARL 101.74 Decreased By ▼ -1.42 (-1.38%)
SILK 1.07 No Change ▼ 0.00 (0%)
SSGC 32.70 Decreased By ▼ -3.54 (-9.77%)
SYM 17.93 Decreased By ▼ -0.30 (-1.65%)
TELE 8.14 Decreased By ▼ -0.24 (-2.86%)
TPLP 12.02 Decreased By ▼ -0.14 (-1.15%)
TRG 67.40 Increased By ▲ 0.07 (0.1%)
WAVESAPP 11.80 Decreased By ▼ -0.21 (-1.75%)
WTL 1.52 Decreased By ▼ -0.05 (-3.18%)
YOUW 3.90 Increased By ▲ 0.01 (0.26%)
BR100 11,819 Decreased By -87.9 (-0.74%)
BR30 35,000 Decreased By -554.1 (-1.56%)
KSE100 112,085 Decreased By -478.8 (-0.43%)
KSE30 34,946 Decreased By -148 (-0.42%)

India's biggest IT services exporter Tata Consultancy Services on Thursday reported record quarterly earnings, buoyed by growth in its banking and financial services division and increased demand in Western markets. Mumbai-based TCS posted a 24.1 percent rise in net profit to 81.04 billion rupees ($1.15 billion) for the quarter ended December 31, up from 65.31 billion a year earlier, the company said in a statement.
The conglomerate, which has faced lawsuits in the US over its hiring practices, said profits were boosted by client additions and "stellar growth" in Britain and Europe, which climbed 25.1 percent and 17.6 percent, respectively.
"We are wrapping up 2018 with a strong revenue growth of 12.1 percent in the December quarter, which is the highest in 14 quarters, with continued growth acceleration in key verticals and across all geographies," TCS chief executive Rajesh Gopinathan said in a statement.
The weakness of India's rupee, Asia's worst-performing currency in 2018 falling 14 percent against the dollar, is helping outsourcing giants such as TCS book profits. A falling rupee helps the services exporter as it bills clients in dollars thereby boosting its profits.
"Despite headwinds from the rupee volatility against various currencies, and the higher cost of doing business in some major markets, our operating margins have been resilient," TCS financial officer V. Ramakrishnan said. TCS gets more than 80 percent of its revenues from Western markets including the United States and Europe.
India's $150 billion IT sector has long been one of its flagship industries but is facing upheaval in the face of automation, a failure to keep up with new technologies and visa restrictions. In November 2018, TCS was cleared of anti-American bias by a Californian court after former staffers, mostly Americans, had accused the IT giant of hiring predominantly Indians and firing locals.

Copyright Agence France-Presse, 2019

Comments

Comments are closed.