India`s TCS beats Q4 profit view as deal momentum intact

Tata Consultancy Services Ltd on Wednesday reported a bigger-than-expected rise in fourth-quarter profit as India's top IT exporter saw firm demand for digital services despite a challenging macroeconomic backdrop.

The company's net profit rose 14.8% to 113.92 billion rupees ($1.39 billion) in the three months ended March 31, from 99.26 billion rupees a year earlier.

Analysts on average had expected a profit of 110.13 billion rupees, according to Refinitiv IBES data.

TCS is the first among its peers to report quarterly earnings, setting the tone for an industry that is staring at a recession in its major markets, the U.S. and Europe, and turmoil in the U.S. banking sector.

The company is also seeing a CEO transition – it named K Krithivasan as the CEO-designate in place of Rajesh Gopinathan, who resigned in March.

Revenue from operations rose about 17% to 591.62 billion rupees.