India’s top software services exporter, Tata Consultancy Services Ltd, posted a record quarterly net profit in the June quarter, driven by robust growth in its Banking, Financial Services and Insurance (BFSI) division.
TCS, whose first-quarter profit beat analysts’ expectations, had said in April it expected a rebound in spending by its key BFSI clients in North America, its biggest market, in the financial year to 2019.
Revenue from its BFSI business, the company’s biggest revenue stream, rose to Rs134.64bn ($1.96bn) from Rs117.89bn, the company said in a statement yesterday. 
“Our banking vertical recovered very nicely this quarter, while other industry verticals maintained their momentum,” chief executive Rajesh Gopinathan said, adding the revenue growth this quarter was the fastest in the last 15 quarters.
TCS, India’s only technology company with a market capitalisation of more than $100bn, is the first software services exporter to report for the quarter and will set the tone for India’s $154bn IT sector.
The Mumbai-headquartered company posted a net profit of Rs73.40bn in the quarter ended June 30, compared with Rs59.45bn a year earlier, versus an analysts’ estimate of Rs69.83bn, according to Thomson Reuters data.
Revenue from digital services such as cloud, analytics and big data grew about 44.8% from a year earlier, while income from operations jumped about 16% to Rs342.61bn.