TCS misses Q1 estimates, but says on track for double-digit growth

Mumbai: India’s top software services exporter Tata Consultancy Services (TCSNSE -1.54 %) reported first-quarter revenue that missed Street estimates, as spending in the key banking and financial services segment slowed. The company said performance in the ongoing quarter will be key to meeting its target of double-digit growth for the full year.

The Mumbai-based company, which reported results after market hours on Tuesday, said revenue grew 11.4 per cent year-on-year to Rs 38,172 crore, or $5.48 billion, which was 10.6 per cent higher in constant currency terms.