After 23 years, India has a new numero uno when it comes to net profit. Information technology major Tata Consultancy Services (TCS) posted a net profit of Rs 5,328 crore for the quarter ended December, overtaking long-standing champion Reliance Industries Ltd. The oil to telecom behemoth saw its profit dip to Rs 5,256 crore — its first decline in nine quarters — as falling crude prices hurt its core business.
Though these figures are only for one quarter, it is still a significant moment in Indian business history as it's the first time that an IT company has topped the profit charts. Reliance itself had overtaken the previous leader, Tata Steel, on the back of India's economic reforms.
"Being the best growth company in an industry with huge growth potential, the performance of TCS is one that is sustainable in the long-run," Shashi Bhusan, senior research analyst at Prabhudas Lilladher Private Limited said.
TCS ends RIL's 23-year run as most profitable firm - The Times of India
Though these figures are only for one quarter, it is still a significant moment in Indian business history as it's the first time that an IT company has topped the profit charts. Reliance itself had overtaken the previous leader, Tata Steel, on the back of India's economic reforms.
"Being the best growth company in an industry with huge growth potential, the performance of TCS is one that is sustainable in the long-run," Shashi Bhusan, senior research analyst at Prabhudas Lilladher Private Limited said.
TCS ends RIL's 23-year run as most profitable firm - The Times of India
