Tata Consultancy Services second-quarter profit rises 34 percent

Reuters

BANGALORE, Oct 15 (Reuters) - Tata Consultancy Services, India's largest provider of information technologyservices, said quarterly profit rose 34 percent, beating analystestimates, as the industry benefited from a record haul of newcontracts.

TCS and rivals such as Infosys Ltd andInternational Business Machines Corp won $6 billion ofcontracts, according to Information Services Group - the mostever for a quarter - as companies spent more on IT in the UnitedStates and outsourced more to cut costs in continental Europe.

TCS, part of the salt-to-autos Tata conglomerate, said onTuesday after the stock market close that consolidated netprofit for the three months to Sept. 30 rose to 47.02 billionrupees ($760 mln) from 35.12 billion rupees in the same period ayear earlier.

That compares with the 44.7 billion rupee average of 27analyst estimates, according to Thomson Reuters I/B/E/S.

Shares of TCS, India's largest company by market value,which rose to a record on Monday on heightened expectations,ended up 0.1 percent at 2215.40 rupees on Tuesday.

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