TCS Q1 net up 28 p.c. at Rs 2,380 cr

MUMBAI, INDIA: Tata Consultancy Services (TCS), India's largest software services exporter, posted a 28 per cent rise in quarterly net profit and beat analysts' forecasts amid increased demand from western clients.

TCS, a unit of the salt-to-steel conglomerate Tata Group , said fiscal first-quarter net profit rose to Rs. 2,380 crore ($535 million) in accordance with international financial reporting standards.

The company reported its results as per IFRS rules for the first time, moving away from U.S. accounting standards.

This compares with a Reuters poll forecast for net profit of 22.9 billion rupees under the U.S. accounting standards for TCS, whose major clients include Citigroup , General Electric, British Airways and Sony Corp .

Shares in TCS, valued at about $50 billion, closed down 2.2 percent at 1,123.70 rupees ahead of the earnings announcement, in a positive Mumbai market.