Bengaluru, July 9 -- Tata Consultancy Services Ltd (TCS) rang in the information technology (IT) industry's earnings season with a report card that barely moved from the preceding quarter.

Muted growth, weaker profitability, a shrinking order book, and an unchanged warning on client spending from India's biggest IT services company reinforced concerns that the country's $300-billion IT services industry is headed for another lacklustre year.

The Mumbai-based company reported first-quarter consolidated revenue of $7.62 billion, up 0.04% sequentially and 2.7% on a yearly basis. Analysts had predicted even lower numbers-$7.52 billion by at least 34 analysts polled by Bloomberg.

Most of the increase came from financial institutions, which ...