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TCS, HCL surprise in smart Q3 start for IT
Mint Chennai
|January 13, 2026
Revenues beat estimates, but new wage norms push up costs
India's top information technology (IT) services firms kicked off the earnings season on a stronger-than expected note, even as new wage norms pushed up costs and raised concerns over profitability.
Both Tata Consultancy Services (TCS) and HCL Technologies beat analyst revenue estimates in the December quarter. TCS reported $7.51 billion in revenue, down 0.4% year-on-year (yo-y) and up 0.6% from the previous quarter. A Bloomberg poll of 32 analysts had estimated $7.43 billion.
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