Bengaluru, Jan. 13 -- India's top IT services firms kicked off the earnings season of the October-December quarter 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. TCS reported $7.51 billion in revenue for the quarter, down 0.4% year-on-year (y-o-y) and up 0.6% from the previous quarter. A Bloomberg poll of 32 analysts had expected revenue of $7.43 billion.

HCLTech reported $3.79 billion in revenue in Q3, beating Bloomberg's estimate of $3.7 billion, and marking growth of 7.4% y-o-y and 4.1% quarter-on-quarter.







More than half of TCS's incremental revenue came from European clien...