By Sethuraman N R
BENGALURU (Reuters) -India’s No.1 IT services exporter Tata Consultancy Services Ltd reported a second-quarter profit on Wednesday that just about beat estimates, helped by large order wins.
The company also approved share buyback worth 170 billion Indian rupees ($2.04 billion).
Net profit rose 8.7% to 113.42 billion Indian rupees ($1.36 billion) in the three months ended Sept. 30 from 104.31 billion rupees a year earlier.
Analysts, on average, had expected a profit of 113.17 billion rupees, according to LSEG data.
TCS said its order book for the July-September period stood at $11.2 billion – higher than the $8.1 billion worth of deals it signed a year ago.
The company is the first among its peers to report quarterly results, setting the tone for an industry worth $245 billion that is staring at an uncertain demand environment in the U.S. and Europe, its key markets.
($1 = 83.1600 Indian rupees)
(Reporting by Sethuraman NR in Bengaluru; Editing by Janane Venkatraman)
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