MUMBAI, Oct 13 (Reuters) - Tata Consultancy Services Ltd (TCS), India’s biggest software services firm, posted a rise in quarterly profit beating estimates but its outlook remains subdued due to uncertainty surrounding the U.S. elections and Britain’s decision to leave the European Union.
Net profit rose 8.4 percent to 65.86 billion rupees ($989 million) in the three months to end September, compared with a profit of 60.73 billion rupees in the same period a year earlier.
That compares with a consensus estimate of 62.93 billion rupees drawn from 23 analysts polled by Thomson Reuters I/B/E/S.
TCS warned in September that its financial sector clients were holding back on discretionary spending. The United States is the biggest market for India’s more than $150 billion software outsourcing sector, followed by Europe. ($1 = 66.5919 Indian rupees) (Reporting by Sankalp Phartiyal; Editing by Keith Weir)