Tata Consultancy Services 2Q Net Profit Rose

By Adria Calatayud

Tata Consultancy Services said second-quarter net profit rose, helped by growth in its banking, financial services and insurance segments.

The Indian information-technology-services provider said Wednesday that net profit increased to 113.42 billion Indian rupees ($1.36 billion) for the quarter ended Sept. 30 from INR104.31 billion a year earlier. That compared with an estimate of INR113.50 billion from a poll of analysts by FactSet.

Profit from its banking, financial services and insurance segment climbed 7.4% and was the largest contributor, while profit from its manufacturing segment rose 17%.

Second-quarter revenue increased to INR596.92 billion from INR553.09 billion a year earlier, with growth across all the company's segments.

Write to Adria Calatayud at adria.calatayud@dowjones.com

(END) Dow Jones Newswires

October 11, 2023 08:08 ET (12:08 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.