Tata Consultancy Services, India's largest IT services company, said its fourth-quarter revenue rose 1.5%, marginally beating analyst expectations for the first time in seven quarters.
For the full-year, TCS reported revenue of $16.5 billion, up 11.9% in constant currency terms. Nasscom had estimated that the industry grew 12.3% in constant currency in FY16.
TCS' performance comes at the time when Bangalore-based Infosys returning to fast growth. On Friday, Infy said its FY16 revenue grew 13.3% in constant currency. This is the first time since 2012 that Infosys has beaten TCS in terms of annual growth.
Infosys also forecasted FY17 growth of 11.5-13.5% in constant currency. Nasscom expects the industry to grow 10-12% in that same period. TCS does not give guidance.
TCS' fourth-quarter revenue grew to $4.21 billion. The company reported a net profit of $938 million for the same period.
The Mumbai-headquartered company said its margin contracted 4 basis points sequentially to 22.3%. In the company's margin had taken a hit in the third quarter as it booked costs related to the Chennai floods in December.