MUMBAI : India’s biggest software services firm, Tata Consultancy Services Ltd (TCS), expects growth in its banking, financial services and insurance (BFSI) unit to remain strong in the next one to two years as it posted a record net profit, helped by a rebound in the key division.
TCS, headquartered in India’s financial capital of Mumbai, beat street estimates on Tuesday as it reported a net profit of 73.40 billion rupees ($1.07 billion) in the quarter to June 30, compared with 59.45 billion rupees a year earlier.
Analysts, on average, had estimated the company would make a profit of 69.83 billion rupees, according to Thomson Reuters data.
“We are quite enthused by the demand that we see (from BFSI clients),” Chief Executive Rajesh Gopinathan told a news conference.
“We’d called it early in terms of the green shoots that we spoke about and they are developing nicely. Where we see, the medium-term outlook (for BFSI) continues to be positive,” he said.
