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TCS, HCL beat earnings estimates

By Reuters

  • 16 Jan 2014
TCS, HCL beat earnings estimates

Tata Consultancy Services Ltd said quarterly consolidated net profit surged 49.6 per cent, its fastest pace of increase in at least two-and-half years, helped by increasing demand for outsourcing services in the United States and Europe.

Consolidated net profit rose to 53.14 billion rupees ($863.29 million) for the quarter ended December from 35.52 billion rupees a year earlier, TCS said on Thursday. The profit beat the average estimate of 51.3 billion rupees, according to a Thomson Reuters poll of 23 analysts.

Shares of Tata Consultancy, the leader in India's export-driven $108 billion IT outsourcing industry, have risen nearly 76 per cent over the last 12 months, compared with a 6.4 per cent rise for the main index.

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The stock closed down 0.14 per cent ahead of the earnings announcement at 2,350.30 rupees.

Shares in HCL Technologies Ltd rose as much as 3.5 per cent to a record high of 1,377 rupees after the company reported December-quarter consolidated net profit rose more than expected.

HCL Technologies said earlier in the day its consolidated net profit for October-December rose by 58.4 per cent to 14.96 billion rupees, compared with the average estimate of 14.22 billion rupees by 24 analysts, according to Thomson Reuters I/B/E/S.

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Shares in HCL Technologies ended up 4.5 per cent.

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