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Tata Consultancy fiscal Q3 profit rises 24% YOY

India-based Tata Consultancy Services Ltd.'s net income rose 24.1% year over year in the third fiscal quarter but missed analysts' expectations.

Net profit attributable to the shareholders of the company stood at 81.05 billion Indian rupees, or 21.60 rupees per share, in the quarter that ended Dec. 31, 2018, up from 65.31 billion rupees, or 17.06 rupees per share, in the same period a year prior.

The S&P Global Market Intelligence normalized EPS estimate was 21.81 rupees for the third fiscal quarter.

Revenue totaled 373.38 billion rupees, up 20.8% from 309.04 billion rupees in the prior-year quarter as revenue from all segments, including banking, financial services and insurance, grew year over year. The company provides information technology and IT-enabled services.

Operating income increased to 95.64 billion rupees in the quarter from 77.81 billion rupees in the prior-year quarter.

As of Jan. 9, US$1 was equivalent to 70.45 Indian rupees.