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Higher demand boosts Tata Consultancy's revenue; earnings miss expectations

Tata Consultancy Services Ltd. reported a 22.6% year-over-year increase in net income for the second quarter of its fiscal year 2019 but earnings came in slightly below expectations.

The company said net income came in at 79.01 billion Indian rupees, or 20.66 rupees per share, for the quarter that ended Sept. 30, up from 64.46 billion rupees, or 16.84 rupees per share, in the same quarter of last year. The S&P Market Intelligence normalized EPS estimate for the quarter was 20.83 rupees.

Revenue increased 20.7% year over year to 368.54 billion rupees from 305.41 billion rupees due to year-over-year revenue growth in all the company's segments. Digital revenue increased 59.8% year over year.

"Revenue growth was driven by expanding demand for digital transformation across verticals, and continued acceleration in [Banking, Financial Services and Insurance] and Retail," said CEO Rajesh Goplnathan.

The company reported operating income of 97.71 billion rupees for the quarter, up from 76.60 billion rupees in the year-ago period.

As of Oct. 11, US$1 was equivalent to 73.915 Indian rupees.