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TCS net profit rises 8.8% in Q2

tcs, Tata Consultancy Services

MUMBAI:  Tata Consultancy Services Ltd, India's biggest software services firm, posted a rise in quarterly profit beating estimates but its outlook remains subdued due to uncertainty surrounding the U.S. elections and Britain's decision to leave the European Union.

It has reported an 8.8 per cent rise in net profit at Rs. 6,586 crore for the July—September quarter againstRs. 6,073 crore in the same period the previous year. Quarter on quarter, the increase in net profit was 4.3 per cent.

In the first quarter of the current fiscal, strong growth across core markets and increasing adoption of cloud computing had helped India’s largest software exporter TCS beat market expectations and report a 9.9 per cent rise in profit to ₹6,317 crore

Revenues for the quarter under review rose 7.8 per cent to Rs. 29,284 crore.

TCS warned in September that its financial sector clients were holding back on discretionary spending. The United States is the biggest market for India's more than $150 billion software outsourcing sector, followed by Europe.

On the BSE, TCS shares ended down 2.17 per cent or Rs. 51.60 at Rs. 2,328.50 on Thursday.

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