Mumbai: Tata Consultancy Services Ltd, India's top software services provider, matched estimates with a 22 per cent rise in quarterly profit and said it expects to grow revenue faster than a key industry-wide forecast for the year starting this month.
Net profit for the fiscal fourth quarter ended March 31 rose to 35.97 billion rupees from 29.46 billion rupees in the year-earlier period, as it won orders from customers including Nokia and BNP Paribas.
That was roughly in line with an average earnings estimate of 36.2 billion rupees among 20 analysts polled by Reuters. It also said it expects revenue in the current fiscal year to grow in excess of the National Association of Software and Services Companies (Nasscom) forecast of 12-14 per cent export growth for the sector, in constant currency terms.
By comparison, No 2 player Infosys Ltd on Friday forecast dollar revenue growth of 6-10 per cent for the new fiscal year, which was lower-than-expected, disappointing investors and sending its shares down 21 per cent....
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India's no.3 software services provider Wipro Ltd's less-than-perfect score on its quarterly earnings report card threw a measure of doubt over the sector's near-term outlook, with new projects and contracts still elusive. Since a week ago, better-than-expected results from Infosys Ltd, Tata Consultancy Services Ltd and HCL Technologies Ltd sparked a 13 per cent rally in the sector subindex that grinded to a halt on January 18. ...
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